(Yicai Global) Nov. 10 -- There is no sign of China's consumption slowing, according to a number of overseas firms attending the China International Import Expo in Shanghai.

The import of consumer goods from abroad, especially high-end goods and cosmetics, has risen as much as 20 percent since April, Chen Yinhe, head of the marketing department of Shanghai Waigaoqiao International Trading Operation Center, told Yicai Global.

"Our warehouses, for instance, were at one stage filled with make-up from French luxury giant LVMH," Chen said. "On average, one lipstick sold every 2.5 seconds and one skin care product every five seconds," he added. "Rolex watches worth over CNY200,000 (USD30,260) sold out after just one promotion."

Chen has brought Steinway & Sons pianos, Italian jewelry and Azerbaijani pomegranate wine, among other luxury goods, to previous CIIEs. His firm provides bonded warehouses services to the brand owners during the expo and then helps them to sell the products on the Waigaoqiao Free Trade Zone’s perennial exhibition and trading platform after the fair ends.

“Sales of luxury goods in China are booming this year,” Charles Kao, president of South Korean beauty and cosmetics firm Amorepacific Group’s China division, told Yicai Global. The pandemic may have limited their outbound travel, but has not affected their spending power much, he added. The Seoul-based firm’s online sales in China grew 80 percent in the third quarter.

Amorepacific, which has participated in the CIIE for three straight years, doubled its exhibition area this year. It is showcasing nearly 600 products, of which over a third are new.

Norwegian Fish

"China's consumption power is changing Europe, and European businesses are feeling the benefit of China's rapid growth," Yao Kai, marketing director at Norwegian cross-border e-commerce firm Solsone, told Yicai Global.

This is the third expo in which Oslo-based Solsone has taken part. Yao had to endure a long flight, 16 days of isolation and four nucleic acid tests in order to attend the fair.

Although the firm’s China business has slowed this year due to the pandemic, its sales of the Triomar brand of high-quality fish oils that Solsone represents have more than tripled in the last five years. The Hurra brand of children’s health care products that it is also agent for has gained fourfold.

New Zealand Beef

Some companies were not able to attend in person due to the pandemic but instead went to the trouble of commissioning a local firm to represent them. Ge Yan, general manager of Shanghai Oujiao Food, is running a booth for the Auckland Farmers Freezing Company, New Zealand’s fourth largest meat processor.

“Because of the pandemic, Hamilton-based AFFCO was concerned about coming to China so in July they asked us to attend the fair on their behalf,” Ge said.

Demand for New Zealand’s grass-fed beef has risen markedly in the last two years, becoming more popular than steaks from the US, she added. In May and June this year, one container of New Zealand beef would sell out in two months.

Once the product became available for sale on the CIIE’s online site, it sold out quickly, she added. AFFCO have already booked a place in next year’s expo and plan to ‘roll up their sleeves and get busy,’ she said.

US Wine

China has also developed a great thirst for wines from Chile and the US. A wine called Trump, which hails from a vineyard owned by one of US president Donald Trump’s sons, has been selling at a rate of 20,000 bottles a year.

Quality is becoming more and more important to Chinese consumers, said Sun Yan, chairwoman of wine importer Shanghai Kingbond. The company's sales volume has been increasing by 50 percent each year over the last 10 years.

The benefits reaped from taking part in one CIIE are equivalent to participating in more than five international exhibitions, Sun said. This year Kingbond doubled its exhibition area from last year.

Austrian Jewelry

China is Austrian crystal jewelry maker Swarovski’s largest and most important market in the world, Judith Sun, managing director of Swarovski China, told Yicai Global. It is also the biggest engine of the firm’s global business growth.

"Chinese consumers are 10 years younger than rest of the world on average, and this has strengthened our confidence to increase investment and plan for long-term development in the Chinese market," Sun said, who is attending the CIIE for the first time.

“Since July, the firm’s business in China has recovered to almost the same level as last year,” Sun said. We are confident about its continued performance, especially during the Double Eleven online shopping bonanza this month.

Editors: Tang Shihua, Kim Taylor