In 2023, China's digital commerce arena, led by Douyin (TikTok's China version), displayed extraordinary growth, with its GMV expanding by a staggering 277%.
This surge signifies a pivotal shift in the digital commerce landscape, challenging established e-commerce players like JD.com and Pinduoduo.
The top 10 brands on Douyin, including Duck Duck (8 billion yuan), Apple (6 bn), and Huawei (5 bn), each garnered sales surpassing 3 billion yuan, highlighting a robust consumer base and high per-customer spending, according to iHeima.
The Renaissance of Traditional Chinese Brands
Traditional Chinese brands, having once lagged behind global counterparts, are now experiencing a resurgence.
Brands founded in the 1970s like YaYa, Yalu, and Romon, previously eclipsed in the 90s, are now regaining popularity.
This revival reflects China's evolving economic model focusing on domestic and international dual circulation and a consumer shift towards rational spending and value for money...
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