CHONGQING, China, May 31, 2023 /PRNewswire/ -- The 2023 Forbes China Urban Consumption Development Forum took place on May 18-19, captivating participants in the vibrant city of Chongqing's Jiefangbei District, a celebrated national model pedestrian street. As a distinguished sub-forum of the 5th Western China International Fair for Investment and Trade (WCIFIT), this event's return to the city for the second consecutive year signifies its growing prominence and significance.
The 2023 Forbes China Urban Consumption Development Forum
Themed "New Vitality of Consumption, New Opportunities for Chongqing," the 2023 Forbes China Urban Consumption Development Forum was hosted in Chongqing, embracing a dynamic hybrid format that seamlessly blended online and offline experiences. The approach allowed participants from across the globe to engage actively in the event. The forum unveiled the highly anticipated "2023 Forbes China - Consumer Vitality City Cities List," with Beijing, Shanghai, Guangzhou, Chongqing, and Shenzhen garnering the top five positions.
In her inspiring speech, Zhang Guozhi, the Vice Mayor of Chongqing Municipal People's Government, highlighted the distinctive allure of Chongqing as the sole municipality in the central and western regions of China. She articulated the local government's strategic vision to elevate the city to the status of an international consumer center by seamlessly integrating global consumer resources, spearheading innovation in consumption, forging a remarkable international consumer destination, and setting a new global benchmark for an exceptional consumption environment. With resolute determination, Chongqing is steadfastly advancing towards its ambitious goal of becoming a prominent international consumption hub, poised to shape the future of consumerism.
Zhang Qinglian, President of Forbes China Group (FCG), emphasized Chongqing's strides as a pioneering city in fostering an international consumer center. By integrating global consumer resources and stimulating innovation in consumption scenarios, Chongqing has created an interconnected international market.
Mr. Zhang highlighted Chongqing's achievements in expanding openness, introducing international and nurturing local brands, and enhancing the consumption environment. The forum will further propel Chongqing's development of an international consumer center and boost its influence in the global market.
Chen Fengfeng, Managing Editor of Forbes China, delivered an insightful analysis of this year's Consumer Vitality City List, shedding light on the five essential dimensions that contribute to consumer vitality in major cities across China. Additionally, she provided detailed insights into the consumer trends observed in the five cities that earned the top positions on the list.
Representing the listed cities, Zhang Yongwu, Secretary of the Leading Party Group and Director of Chongqing Municipal Commission of Commerce, shared valuable insights into Chongqing's journey towards establishing itself as an international consumer center. Mr. Zhang emphasized the implementation of a comprehensive new consumer plan consisting of eight key initiatives aimed at further stimulating the growth of the local consumer market. Notably, the plan focuses on enhancing the consumption environment and developing renowned shopping areas such as Jiefangbei, Chaotianmen, and Guanyinqiao Pedestrian Street.
Besides, Chongqing aspires to cultivate a welcoming international consumption environment that showcases the city's unique charm. The overarching objective is to accelerate development and establish a distinguished international consumer center in central and western China. This vision involves establishing an open channel that connects global markets while fostering a mutually beneficial consumption environment between Chengdu and Chongqing.
The Signing Ceremony
The agreement signing ceremony between the Government of Yuzhong District, Chongqing and Forbes China Group was held at the Forum, with Deng Guanghuai, Member of the Standing Committee of Yuzhong District Committee and Vice Governor of the District, and Wang Yihui, General Manager of Business Operations at Forbes China Group, representing their respective parties.
In his speech, Deng Guanghuai emphasized the significance of signing of the cooperation agreement as a major milestone for Forbes China Group's expansion in Yuzhong District, Chongqing. He acknowledged Forbes China Group's efforts and underscored the forum's crucial role in driving its impact across four aspects, which include enhancing openness, fostering the development of an international consumer center, creating a hub for industrial clusters through resource integration, and raising Chongqing's stature as a notable city in China.
In his keynote speech titled "Accelerating Digital Empowerment and Igniting Consumer Growth," Xu Hongcai, Deputy Director of the Economic Policy Commission, China Association of Policy Science, emphasized the crucial role of a comprehensive approach and a well-crafted policy mix in harnessing consumption's power to drive economic stability and growth. A key aspect of these efforts involves leveraging digital technologies to unlock the untapped potential of the consumer market.
To achieve this goal, Mr. Xu put forth eight recommendations, including enhancing the quality of digital consumer goods, upgrading digital resources to meet consumer expectations, fostering innovation in consumption scenarios, promoting innovation-driven development for platforms and companies, expediting urban space transformation, stimulating rural consumption, cultivating a hybrid online and offline consumption model, and advancing the improvement of digital consumption governance.
Carrie Lin, Vice President of Marketing Communications at Lincoln China, delivered a keynote speech titled "Lincoln's Path to Breakthroughs: Challenges and Changes Amidst Automotive Industry Reorganization". She astutely recognized the dynamic nature of the market, evolving consumer scenarios and preferences, as well as the growing influence of new media. Ms. Lin emphasized the imperative for Lincoln to embark on an extensive marketing transformation to align with its own advancements and market dynamics. Ms. Lin specifically highlighted the significance of a multichannel marketing approach for digital platforms, emphasizing the need for a precise strategy to effectively target social media audiences. She underscored the importance of a continuous and in-depth commitment to brand content, serving as a powerful means to amplify the brand's impact in this ever-evolving landscape.
Li Zhongmin, Chairman of the Board of Directors of Outlet (China), delivered a keynote speech titled "Proactively Embracing the Digital Economy, Fostering Unique Local Business Culture, and Spearheading Product Innovation in the Domestic Outlet Industry." He emphasized the importance of adapting to the digital economy while nurturing distinctive local business culture and driving product innovation within the outlet industry.
Mr. Li acknowledged the impact of online shopping on the industry and highlighted how outlets have responded by bolstering their online presence and establishing integrated online/offline complexes. Drawing upon the Taiyuan outlet project in Shanxi Province as an illustrative example, he outlined Outlet (China)'s "One Strategy for One City" product roadmap. He emphasized the need for brick-and-mortar retailers to continually introduce innovative concepts and technologies to generate greater value in their offerings.
Tim Standbrook, Deputy Consul General of the British Consulate General Chongqing, gave a keynote speech titled "The development of British consumer brands in Southwest China". "The Southwest region has long been a crucial market for British consumer brands. Most notably, Chongqing, one of China's key trendsetting cities, has attracted numerous international brands by virtue of its innovative and distinctive first-store economy," said Mr. Standbrook. "Despite the decline in the UK's exports to other countries, its exports of retail and consumer goods to China have increased, primarily driven by three sectors: beauty and personal care, fashion, as well as health-related food and beverages."
Roundtable Discussion: Unlocking the Potential of China's New Consumer Economy
Moderated by Guan Zijun, Director of New Media Content at Forbes China, an insightful roundtable discussion titled "Unlocking the Potential of China's New Consumer Economy" took place during the forum. Several distinguished guests participated in the discussion, including Dong Mingliang, General Manager of Parmigiani China, Dr. Mei Ping, Head of Capella Hotel Group's China Portfolio, Xu Dawei, Partner at Harvest Capital, and Jiang Dawei, Senior Advisor of the Institute for Global Private Equity, Tsinghua University and Executive Director of Toplist China.
Dong Mingliang expressed optimism about the prospects of China's high-end consumer market. He explained that compared with the European and American markets, Parmigiani has experienced higher growth in China, a significant market for the brand globally, over the past few years. Building upon this success, the brand is dedicated to delivering a comprehensive shopping experience to Chinese customers that is both convenient and inviting, while respecting their privacy.
Dr. Mei Ping shared insights on Capella Hotel's strategic approach. She emphasized Capella's growing focus on collaborating with local communities, residents, and even the craft industry to invigorate the local consumer market. Dr. Mei emphasized that as Chinese tourists become more discerning, hotels have a unique opportunity to serve as a gateway to local culture and lead the way in creating forward-looking living experiences.
Xu Dawei highlighted the significant role of digital technologies in the transformation of the traditional consumer sector. He emphasized that expanding the industry chain through digital innovation is poised to bring about substantial changes. From an investor's standpoint, Mr. Xu noted that the consumer sector is undergoing a transition from a phase of overheating to a more normalized state. This transition presents investment institutions and companies with increased opportunities to forge meaningful connections and cultivate mutual trust, thereby fostering a more sustainable and prosperous business environment.
Jiang Dawei highlighted the ongoing structural change in Chinese consumers' buying behavior. He emphasized the significant role that emerging technologies, such as artificial intelligence and Web 3.0, can play in enhancing consumption scenarios and unlocking the growth potential of the consumer market. These technologies offer promising avenues for further advancement and improvements.
In addition, Mr. Jiang recommended a focus on strengthening the understanding of young consumers and harnessing their consumption potential. He emphasized the importance of leveraging new media marketing strategies and fostering increased social interactions to tap into the preferences and behaviors of this demographic.
During the awarding ceremony, Zhang Qinglian, President of Forbes China Group, presented plaques to representatives from the cities included in the Consumer Vitality City List. The recognized cities encompass a diverse range, including Chongqing, Changsha, Foshan, Ningbo, Qingdao, Wuxi and Zhengzhou.
The City Investment Matchmaking Session held in the afternoon saw the participation of representatives from diverse districts in Chongqing, each of whom showcased their unique regional business environments. Investors from leading investment institutions, including Harvest Capital and Tiantu Capital, as well as executives from numerous participating companies, took part in the session, sharing their valuable insights and perspectives.
The City Investment Matchmaking Session
This year's forum was co-hosted by Forbes China Group, Chongqing Municipal Commission of Commerce and the People's Government of Yuzhong District, Chongqing. Seamlessly integrated within the 5th Western China International Fair for Investment and Trade, the event provided a remarkable international platform for Chinese cities to bolster their global influence. Moreover, it served as an exceptional opportunity for in-depth exchanges and collaborations between multinational corporations and Chinese businesses, fostering mutually beneficial partnerships and opening avenues for sustained growth in a dynamic global landscape.
