Fosun Expo Marks China's Return To Business
The CICPE shows that a new round of consumption recovery may have already arrived, and new consumer trends have also emerged. Fosun is leveraging its strengths to ride on the momentum.
Fosun, a Chinese conglomerate with a focus on household consumption, is leveraging the momentum of China's consumption recovery by participating in the third China International Consumer Products Expo (CICPE).
The expo is a major international exhibition that is taking place in Haikou, China, and has attracted more than 3,100 well-known brands from more than 60 countries and regions. With more than 20 brands from its tourism, fashion, jewelry, cosmetics, liquor and spirits, sports and entertainment sectors, Fosun is showcasing its core businesses at the CICPE.
Click here to Read our look back on Musk's Twitter TakeoverFosun has been accelerating its focus on its core businesses in the household consumption sector, driven by the two core growth engines of global operations and innovation. The CICPE shows that a new round of consumption recovery may have already arrived, and new consumer trends have also emerged. Fosun is leveraging its strengths to ride on the momentum.
Fosun Expo: Fashion Lifestyle
At Fosun's booth in Hall 5 of the fashion lifestyle exhibition area of the expo, the two international resort brands under Fosun Tourism Group (FTG), Club Med and Atlantis Sanya, are attracting many visitors. Club Med is a global leader in premium "all-inclusive" holidays with a history of more than 70 years. It currently operates nearly 70 resorts on six continents around the world. After nearly eight years of profound operations by Fosun, Club Med has achieved considerable development in the global market, especially in China and the Asia-Pacific region, with customers from more than 35 countries and regions.
Atlantis Sanya, as a phenomenal tourism destination, has become the benchmark for Hainan Tourism 3.0 upgrade. Since its opening in 2018, the resort has received more than 20 million visitors in the past five years. The constantly launch of new IP activities makes it a must-visit holiday destination for many families every year.
The results announcement released by FTG last month showed that Club Med and Atlantis Sanya both ushered in auspicious starts in the first two months of this year, reflecting the "retaliatory rebound" of tourism consumption demand in the post-pandemic era. The seven-night occupancy rate of Club Med resorts in China continued to rise during the Spring Festival holiday, and the occupancy rate of many resorts exceeded 90%, the total business volume doubled compared with the same period in 2022, and surpassed the same period in 2019 by about 30%. Atlantis Sanya recorded a business volume of RMB400 million in the first two months of 2023, with an average room occupancy rate of 96%, and the business recovery continues to improve.
Fosun Big Brands Expo
In the fashion consumption segment, Fosun is bringing brands including Lanvin, a French couture house with more than 130 years of heritage, St. John, a California-based classic women knitwear brand, Wolford, a luxury hosiery and lingerie brand, and Tom Dixon, a British furniture and lighting design brand. Fosun is capitalizing on the rapid growth of fashion consumption, which is returning in tandem with tourism and vacation consumption.
The pandemic has had a certain impact on the domestic economy, but the general trend of consumption upgrading has not been reversed. The key to consumption upgrading lies in the improvement of quality and style. According to the recently released Kantar China Consumer Attitudes Report for the first quarter of 2023, consumer's demand for product quality have not decreased with budget savings, and the proportion of consumers who prioritize quality has increased significantly. Among them, vacation has become a category that domestic consumers are willing to spend more on.
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