Tag #Experience Economy

How are Chinese department stores adapting to declining sales and evolving consumer preferences?

Chinese department stores are adapting to changing consumer preferences by transforming into recreational spaces, offering diverse services and experiences beyond shopping. In 2024, total retail sales of consumer goods in China reached \$6.79 trillion USD, a 3.5% increase year-on-year, despite a decline in department store sales. Many stores are now incorporating entertainment, such as art exhibitions and outdoor concerts, to attract customers.