CIIE 2023: Muji, Canada Goose, L’Oreal bet on rising Chinese consumer spending with expansion and investment plans
- Muji plans to open 50 new mainland outlets per year for the next three to five years and will soon have more in China than in Japan
- The optimism aligns with Premier Li Qiang’s statement at CIIE 2023 that consumer vigour on the mainland could boost the global economy
Japanese retailer Muji plans to expand its physical presence in mainland China, joining Canada Goose and L’Oreal in a bullish stance towards Chinese consumer spending.
Aiming to set up 50 new mainland outlets annually over the next three to five years, the retailer is on track to have more outlets in China than in Japan by the end of 2023, Winnie Shao, chief marketing officer of Muji China, said on Thursday.
Muji, which currently has 380 mainland China shops and 400 in Japan, firmly believes in the resilience and potential of the Chinese consumer market, Shao said.
“China is not only a sizeable market with great potential,” she told reporters on the sidelines of the China International Import Expo (CIIE) in Shanghai. “China provides a [retail] brand a sound business climate from head to toe.”
On Thursday Beijing reported that consumer prices fell 0.2 per cent in October from the same period a year ago, which fuelled worries about a deflationary spiral that could drag down the country’s economic growth.
However, the International Monetary Fund (IMF) on Tuesday revised upwards its forecast for mainland China’s gross domestic product, saying it would expand 5.4 per cent year on year in 2023, up from its earlier estimate of 5 per cent.