- June 28, 2021
- Posted by: Stratford Team
- Category: Business
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- Backlash against foreign brands among factors driving demand
- Chinese consumer firms raise $11 bln in first 5 months – Cygnus
- Up to 200 brands are seeking new capital – bankers, investors
- China brands sell more vs global brands in JD.com shopping festival
BEIJING/HONG KONG, June 28 (Reuters) – He Shuang, a student at a U.S. university stranded in her home city of Chongqing in southwest China during the pandemic, has added more than 300 domestic brands to her list of favourites on Alibaba’s (9988.HK) Taobao online mall.
Like with He, Chinese brands are hot with most shoppers and have spurred billions of dollars in investment, as consumers increasingly make patriotic choices amid a growing backlash against foreign brands in the country.
A surge in online shopping after people were forced indoors due to COVID-19 last year, a recovery in the market since then, and infrastructure that allows vendors to scale up swiftly have also propelled demand for local brands.
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