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China - Four Ways Covid-19 Will Impact Retail

by MiBD wine analytics July 08, 2020

In China, the coronavirus has fast-tracked key consumer trends, which may serve as an indication for businesses across the world*.

Increase in use of digital platforms

Online channels were the only way brands and retailers could maintain a connection with consumers, as such there was a sharp increase in e-commerce transactions. Post coronavirus, a recent study by Mckinsey shows that around 55% of consumers in China are likely to continue purchasing their groceries online, which reflects that buying behaviors have significantly changed.

Decrease in spending on ‘unnecessary goods’

Tofugear’s Digital Consumer in Asia report 2020, which was conducted on consumers across more than 12 countries in Asia, during the time of the outbreak, revealed that mainland China’s consumer confidence remains among the highest in Asia.

We analyzed red wines listed on the online retailers of China.

1. Penfolds
2. Concha y Toro
3. Wolf Blass
4. Casella
5. Domaines Baron de Rothschild

6. Jacob's Creek
7. Chateau Lafite Rothschild
8. Chateau Beychevelle
9. Chateau Cantemerle
10. Chateau d'Aussieres

11. Bodegas Torres
12. Chateau Latour
13. Chateau Haut-Brion
14. Great Wall
15. Los Vascos

Luxury goods in China

Luxury goods in China While many experts predicted a decline in the luxury goods sector, an analysis of past recessions reflects that the luxury sector is likely to rebound faster than most other industries.China still remains one of the most important markets for luxury brands.


 

1. Central Valley
2. Bordeaux
3. South Australia
4. Medoc
5. French Wine Table

6. Bordeaux Superieur
7. California
8. Pays d'Oc IGP
9. Mendoza
10. Rioja

11. Colchagua Valley
12. Maipo Valley
13. Haut-Medoc
14. Barossa Valley
15. Languedoc

Larger focus on health and well-being in China

Over recent years one of the biggest trends of consumer behavior in China has been the growing awareness of the link between nutrition and health. Considering the severity of the outbreak of the Coronavirus, many Chinese consumers have shifted their spending priorities and are now adopting an even greater health-related outlook.

Source: MiBD. Store check program 2019 in the 50 online shops, by traffic / 23,340 offers. Top listed wines 750ml.

Excerpt from Ranking report. To learn more click here

*INS Global