Chinese People Open Their Wallets More in the Evening Than During the Day

Thriving 3rd Wave Service Industry Between 7 PM and 6 AM Next Day

[Asia Economy Reporter Hwang Yoon-joo] As the "night economy" in China, which takes place from 7 p.m. to 6 a.m. the next day, becomes more active, there is a claim that Korean companies should pay attention to this market.

According to the "Trends and Implications of China's Night Economy Market" released on the 28th by the Korea International Trade Association Chengdu Branch, China has recently begun to focus on the night economy as a new model for consumption-driven economic development. This is because the night economy accounts for 60% of daily consumption in Chinese cities, making it a large market.

As the Chinese government implements policies to promote a consumption-driven economy and activate nighttime commerce and markets, more than 40 cities including Beijing and Shanghai are actively promoting the night economy, focusing on culture, tourism, and the arts.

Chongqing and Chengdu have started building nighttime consumption districts centered around night view attractions and unique streets such as Jiujie Street, while Beijing and Shanghai promote the night economy through nighttime openings of museums, art galleries, and bookstores. Guangzhou encourages the night economy by hosting nighttime sports events such as soccer and table tennis. In particular, Shanghai has appointed a chief executive for nightlife and has experts in place.

The report categorized the online night economy into four types: shopping, entertainment, late-night snacks, and travel. First- and second-tier large cities showed active online night economic activities in almost all categories, especially online shopping, web surfing, call taxis, and the use of social networking services (SNS). In contrast, third-tier and lower small cities focused mainly on entertainment such as video watching and music streaming.

Go Beom-seo, head of the Chengdu branch, emphasized, "China's night economy is expected to continue developing both online and offline, supported by high mobile internet usage rates and local government policies. Companies considering entering the Chinese market should explore opportunities in areas such as establishing night tourism infrastructure and producing cultural content for nighttime performances."

This content was produced with the assistance of AI translation services.