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China¡¯s Convenience-Store Market is Booming Business

China¡¯s Convenience-Store Market is Booming Business
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China’s convenience-store market is prosperous with rapid sales growth and rapid network expansion ahead. Sales through Chinese convenience stores gotten to US$19.78 billion last year, representing a compound annual growth rate (CAGR) of 24 percent over the past five years, according to new research from Mintel.
Sales are predicted to grow to $22.75 billion this year and Mintel says there will be much more than 117,000 convenience stores in China by 2024 – a great boost from the 75,000 last year.
“The convenience store sector has experienced double-digit growth, even at this challenging time for brick-and-mortar retail in China. This is due, in part, to consumers’ continuous pursuit of time efficiency, availability and instant fulfillment,” said Chih-yuan Wang, category research director, retail at Mintel Reports – China.
She said to fulfill customers’ continual demand, convenience stores in China have to reinforce their social function and create more types of the shopping experience, such as launching themed stores and exclusive products by collaborating with a variety of manufacturers and brands.
The survey indicates that around 61 percent of urban Chinese customers shop at convenience stores many times a week while more than 50 percent of respondents like to window-shop and eat inside convenience stores. Young and female purchasers are more open to themed convenience stores, according to Mintel. More than half (54 percent) of urban Chinese respondents enjoy convenience stores decorated in different themes.
In the meantime, 56 percent of Chinese respondents say that they like to try new products in convenience stores, skewed towards post-90s (62 percent) and female consumers (60 percent).

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