Shanghai has made remarkable progress in the development of new ways of consumption, new products, new business models, new services and new technologies. Over the past three years, the city has emerged as a hub of the “debut economy” in China with more than 4,500 brands launching products and services in the city. In 2024, a total of 979 stores made their debuts, with 16.5% being the first stores in China of influential brands. The city is also implementing strategies to nurture fashion brands. This year, Shanghai Fashion Week has evolved into a renowned fashion gathering, with overseas brands representing more than 50% of the total brands showcased. In 2023, the total retail sales of consumer goods in Shanghai hit CNY1.85 trillion, an increase of 12.5% year-on-year. By integrating business, tourism, cultural activities, sports and exhibitions, Shanghai has unleashed its consumption potential.
In 2024 the city hosted a number of consumption promotion events such as the Double Five Shopping Festival and the Shanghai Summer international consumption season from late April through October. During the events, concerts, music festivals, performances, cultural and art exhibitions and sports activities were held. Some of the most influential activities are the Shanghai Tourism Festival, Rolex Shanghai Masters, and On the top of the Pyramid: the Civilization of Ancient Egypt exhibition.
Baoshan district, the home to Shanghai Wusongkou International Cruise Terminal, is making efforts to promote the integrated development of the cruise industry. The district, one of the key traditional manufacturing bases in Shanghai, has identified the cruise economy as one of its six future industries. The Wusongkou cruise terminal handled 149 trips and served nearly 1.05 million guests in the first nine months of 2024. On January 1, China’s first domestically built cruise ship, the Adora Magic City, departed from the Wusongkou cruise terminal for its first commercial tour.
Over the past 30 years, Chinese women’s fashion has changed dramatically, with Shanghai consistently serving as a benchmark reflecting the latest trends, said Linda Lin, President of Max Mara JV China, during a visit to Max Mara’s new two-story store located at the Shanghai Grand Gateway shopping mall. The new store not only showcases the brand’s iconic product lines, but also offers a high-end shopping experience. Next year, Max Mara plans to open 10 to 15 new stores in China. Max Mara Fashion Group has more than 300 stores in China, with more than 30 located in Shanghai. Its customer base is very broad, ranging in age from 20 to 60 and spanning various industries. Max Mara has been exploring the Chinese market for 25 years, during which it moved its headquarters from Beijing to Shanghai. “Shanghai’s flexibility leads in China and even the world. This strategic move reflects the city’s core position in the high-end retail and fashion consumption industry,” Linda Lin of Max Mara said.
In 2006, ASICS, a Japanese sports gear developer, established its presence in Shanghai by setting up a trading company. In 2019, it launched a research and development (R&D) center in the city with the aim of better serving the needs of local consumers. “From a product design perspective, ASICS has innovated numerous new products by building upon existing footwear models to meet diverse requirements across various settings. The enhancement of the apparel line is underway, blending contemporary sports trends with outdoor settings and introducing products tailored to the preferences of Chinese consumers,” said Calvin Gao, Managing Director of ASICS China. China, along with Europe, North America and Japan, has become one of the group’s four major global markets. China’s consumption trends present a significant growth opportunity, and ASICS is actively responding to them through a combination of market expansion and localization. “Nowadays, consumers are no longer focusing on material abundance and enjoyment but are more inclined to pursue spiritual fulfillment and satisfaction,” said Gao.
In recent years, the hotel industry in Shanghai has experienced a fresh wave of service innovations, with a heightened focus on creativity, culture, social engagement and lifestyle offerings. In September 2023, InterContinental Hotels Group unveiled the Kimpton Qiantan Shanghai. As the first Kimpton-branded hotel in the city, it embraces the emerging trends in Shanghai. Crafted by the architectural company KPF and featuring interior design by Studio Carter, this boutique luxury hotel has 143 guest rooms that seamlessly blend chic Parisian and modern Shanghai elements into its design. This fusion of creativity and modern aesthetics, along with flexible space design, offers an immersive experience. Its close proximity to renowned landmarks such as Qiantan Leisure Park, Taikoo Li and Oriental Sports Center, makes it as the top choice for upscale business events, private gatherings and leisure getaways. Matthew Cooper, General Manager of Kimpton Qiantan Shanghai, said the inspiration for the design and concept of Kimpton Qiantan Shanghai stemmed from various distinctive facets of the city, including the city’s rich history as a crossroads of Eastern and Western cultures, the sophisticated preferences of local patrons for luxury, and their deep appreciation for authenticity and individuality, the China Daily reports.
