Consumption Is King

By Li Xiaoyang

Tapestry， the U.S. luxury fashion company famous for its brands including Coach and Stuart Weitzman， received much attention at the First China International Consumer Products Expo （Hainan Expo） in Haikou， capital of Hainan Province， on May 7-10. It presented new products made from recyclable materials， which were designed specially for the event.

“The expo is an innovative platform bringing together high-quality products and services from all over the world. It brings an important opportunity to showcase our brand concepts， expand market channels and innovate consumer trends，” Yann Bozec， President of Tapestry Asia Pacific， said. “The constant upgrading of Chinese consumer demands and rising standards have generated new trends and market opportunities， becoming a powerful driving force for the global market.”

Starting to tap into the market in Hainan in 2014， the company has built retail and duty-free stores in Haikou and Wanning， one of the famous ancient cities in the province and a prime tourist destination. According to Bozec， the company plans to open more than 10 such stores in Hainan and improve their sales to over 1.2 billion yuan （$186 million） by 2025.

The Hainan Expo， the first international expo in the tropical island province， attracted around 1，500 foreign enterprises from 70 countries and regions， showcasing over 2，600 brands. In addition， more than 800 China enterprises with around 1，200 brands participated. The exhibits ranged from food to jewelry and health products. More than 230，000 visitors from home and abroad attended the event.

“The appeal of the expo shows the advantages of the Hainan Free Trade Port （FTP） created by its geographical location， and Chinas consumption potential and opening-up measures，” Han Shengjian， Director of the Hainan Bureau of International Economic Development， told a press conference on May 10.

Hainan was demarcated a free trade zone in 2018 and last year， the Central Government announced the plan to develop the island into a globally influential and high-level FTP by 2025. This April， preferential policies for the FTP were introduced.

The Hainan Expo fully utilized the provinces advantages， such as the policies for boosting its trade in goods and services， according to Zhao Jinping， a researcher with the Development Research Center of the State Council. The expo helped meet upgraded domestic demands and injected impetus into global economic recovery amid the COVID-19 pandemic， Zhao told Beijing Review.