China’s retail recovery boosted by revenge spending of Chinese consumers has been all over the news, sparking hope for businesses in neighbouring countries, but also raised uncertainty on whether other countries will follow suit.
Last week, Retail in Asia and The Great Room hosted a keynote panel on the topic entitled “China’s Recovery and Revenge Spending” with Janet Pau, Director of The Economist Corporate Network, Hong Kong.
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Janet provided the audience with insights into Chinese market’s recovery as well as a new phase for the China-US Trade War.
The pandemic health and economic crisis is now synchronized around the world and global GDP is not projected to recover to pre-coronavirus until 2022, according to the latest forecast released by The Economist Intelligence Unit.
Asian economies are projected to be the first ones to recover based on the fact that they have started earlier than others to deal with COVID-19 and also because of relatively strong economic growth prior to the pandemic. Janet also discussed the spike in e-commerce sales and its potential, new automated service solutions to be developed in China, and the role of influencers in the equation.
The audience of C-level executives of international brands and retailers gathered at The Great Room in Taikoo Place, Hong Kong, and joined the discussion to share their views on the current situation and raising their concerns given the high level of uncertainty.
The Great Room is coworking inspired by hospitality and offers a network across major cities in the Asia-Pacific region. Each site is strategically located in prime city spots set within a thriving neighbourhood.
The Great Room in Hong Kong is located in Swire’s newly completed One Taikoo Place building in Quarry Bay, and offers Private Offices, Hot Desks, Virtual Offices, Event & Meeting Spaces and Enterprise Solutions.
Each location offers a unique design point of view and is tailored to its setting – while sharing the same enterprise level infrastructure and elevated environment that will enrich the way you work, think and socialise…making life “all work, all play.”
At the end of 2019, Retail in Asia and The Great Room agreed on joining forces to host events aimed at engaging the local communities across The Great Room’s locations in Singapore, Bangkok and Hong Kong.
SEE ALSO : China after COVID-19: how are consumers returning to shopping venues?
Retail in Asia and The Great Room will keep you posted on upcoming events…