As one of the important events of the 4th China International Consumer Goods Expo (referred to as "Consumer Expo"), the 2024 China (Hainan) High end Consumer Goods Conference was held on April 14th at the Hainan International Convention and Exhibition Center. At the meeting, Sun Gefei, Vice President of Vipshop, pointed out that as consumers become more rational and pragmatic, the discount retail market has opened up new growth opportunities. Vipshop will leverage international exhibitions such as the Consumer Expo to strengthen international brand cooperation.
When it comes to his views on the domestic consumer market, Sun Gefei said that with rational consumption becoming the mainstream trend, discount retail better meets the demand of consumers for both quality and cost-effectiveness. Whether it is Outlets, discount supermarkets, or Vipshop, which focuses on brand specials, they have all welcomed varying degrees of consumer frenzy.
Taking Outlet as an example, industry data shows that the overall scale of China's Outlet industry is expected to exceed 160 billion yuan in 2023, with nearly 50 outlets (excluding Hong Kong, Macao, and Taiwan) breaking the 1 billion yuan mark, setting a new historical high. Guotai Junan predicts that the market size of the domestic discount retail industry is expected to reach 4.58 trillion yuan by 2030, with a compound annual growth rate of approximately 12.7% from 2023 to 30.
She further gave an example, "In 2023, the sales of international high-end brands on our platform increased by 24% year-on-year, especially with the popularity of wearable products. This means that users are increasingly fond of purchasing high-end brands through special sales channels, spending less investment and getting better quality."
According to the 2024 Vipshop Spring/Summer Trend White Paper, among the consumer group, the growth rate of the "high-quality", "outdoor sports", and "trendy fashion" groups is significant, with strong consumption power. Users pay more attention to the quality and durability of their products, and are more willing to purchase high-end brands that can be used for a long time. Trendy brands that are in line with fashion are also popular.
"In order to meet the growing demand for high-quality and diversified consumption from users, our buyer team introduced over 1500 new brands to the platform last year, including many trendy and international brands, continuously expanding the richness of platform brands and products.".
It is understood that this year Vipshop will participate in the Consumer Expo as both an exhibitor and a purchaser for the first time, and will release the V-Global Global Global Investment Plan. Sun Gefei said, "We will actively seek potential partners through international exhibitions, hoping to attract more high-quality global brands to settle in Vipshop and work together to explore development opportunities in the brand special sales market."