In 2023, Hangzhou's consumer market sees positive gains. The data indicated that, as of November, the total retail sales of consumer goods in Hangzhou reached 695.1 billion yuan, with a year-on-year growth of 4.8%. Inaugural stores became an important driving force. Hangzhou attracted 252 inaugural stores in 2023, covering various mainstream formats.
Given the 19th Asian Games has enhanced Hangzhou's reputation. The number of inaugural stores has increased significantly in the second half of the year. Hangzhou Center became a gathering place for these inaugural stores, attracting 60 brands.
The catering business has played a dominant role in that more than half of inaugural stores are catering brands. As we can see, Hangzhou's food industry has promising potential. In 2023, the catering value is up to 659.4 billion yuan, seeing year-on-year growth of 15.8%.