27 April 2015
Worth over Rmb750 billion annually, a major share of the Chinese mainland gift market is taken by wearable tech.
The Chinese mainland's gift economy has an annual turnover of Rmb768.4 billion, representing two per cent of China's GDP, according to the latest figures from the National Bureau of Statistics. This figure includes individual gift spending worth Rmb505.5 billion, along with corporate demand, including organisations and work units, worth Rmb262.9 billion.
The Central Government austerity measures, aimed at curbing excessive spending by public officials, has inevitably led to a spending decline in the corporate gifts sector. As compensation however, there are signs of an increased spend in terms of individual gift-giving. For personal gifts, the most popular items are cigarettes, alcohol and nutritional supplements, as well as books and handicrafts. Digital products, notably mobile phones and computers, are also in-demand gift choices. Increasingly, gift items are chosen both for their practicality and appeal to contemporary tastes and fashions.
Read the complete article in Hong Kong Means Business.