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China’s Market for Perfumes and Fragrances

2022-09-29
In 2020, perfume sales in China earned approximately RMB 12.53 billion (US$1.76 million) in revenue, accounting for only 2.5 percent of the worldwide market. Nonetheless, China’s perfume business had grown by more than 20% year-on-year between 2016 and 2020, and it is likely to rise further as Gen-Z establish themselves as the primary drivers of national consumption. To achieve economic success in the high-opportunity Chinese perfume market, firms must first identify their own distinct advantages and build a strong brand perfume culture, while thoroughly comprehending the emotions and cultural resonance of Chinese customers.

Featured Business News

ASEAN Briefing

Updates to Employment Permits for Professional Foreign Workers in Singapore

09/29/2022

Singapore’s Ministry of Manpower (MOM) provides a range of employment permits for professional expatriates planning to work in the country. Each employment permit differs across various categories of employees and is based on their professional skills and monthly salaries. In this article, we discuss the type of employment permits for professional foreign workers and the requirements to obtain them.

India Briefing

India’s Northeast Region: Scope for Investment in Fast-Developing States

09/29/2022

India’s Northeast Region (NER) is among the poorer and less developed parts of the nation but provides investors with a strategic landscape and various greenfield opportunities. A key appeal of the states in this region is the abundance of raw materials, cheaper labor costs, and access to Southeast Asian markets. In this article, we take a closer look at investment opportunities in the NER and how the region is transitioning from a primarily agrarian economy.

Middle East Briefing

Opportunities for Saudi Exporters in Indonesia

09/29/2022

Saudi Arabia is Indonesia’s largest trade partner in the Middle East with bilateral trade reaching some US$5.5 billion in 2021, an increase of 40% from the previous year. The trade balance is heavily in favor of Saudi Arabia with the main export being oil and its products, which amounted to over US$3 billion in 2021. However, other market opportunities exist as Indonesia’s RCEP and ASEAN memberships can help Saudi exporters reach 500 million Islamic consumers.

India Briefing

India’s National Logistics Policy: Key Targets and Implementation Plan

09/28/2022

India’s National Logistics Policy is expected to give a massive boost to the country’s US$200 billion logistics sector. Through increased digitization, streamlining how different ministries operate, and cross-sector initiatives, the policy aims to reduce the cost of logistics and enhance efficiency. Industry stakeholders have welcomed the National Logistics Policy, which can place India among the top 25 logistics ecosystems in the world. The policy will be implemented in conjunction with the PM GatiShakti National Master Plan to ensure efficiencies in India’s massive infrastructure and connectivity development programs.

China Briefing

China’s Technology Innovation Tax Incentives – New Updates

09/28/2022

As China endeavors to shift from being a low-end mass manufacturer to a high-end producer, the government has doubled down on encouraging targeted investments in research and development (R&D) and technological innovation. The ongoing technology confrontation with the US is another factor at play, impacting a wide range of segments from access to chips and other key input technologies and products. This has resulted in China labeling its technology sector as a strategic one and for which government support has increased. We provide the very latest incentive updates.

Vietnam Briefing

Vietnam’s Business Integrity Index: Enhancing Accountability and Enterprise Conduct

09/28/2022

The Vietnam Chamber of Commerce and Industry (VCCI) has launched the Vietnam Business Integrity Index. The project, created in collaboration with the UNDP and funded by the British government, provides a toolkit for assessing the integrity and conduct of Vietnamese business. By doing this, the program’s developers hope to attract more investment and enhance the progression of Vietnamese enterprise.

The Bigger Picture

Silk Road Briefing

China & Russia Deploy Mutual Satellite Navigation Systems

09/28/2022

China and Russia have signed contracts for the deployment of China’s Beidou system stations in Russia, and Russia’s GLONASS stations in China, Russia’s state corporation Roscosmos has stated. The cooperation paves the way for strategic cooperation in satellite navigation projects. The Chinese stations will be based in Obninsk, Irkutsk and Petropavlovsk-Kamchatsky, while Russia’s GLONASS stations will be located in Urumqi, Changchun and Shanghai.

Russia Briefing

St. Petersburg Develops Trade Ties With Turkmenistan

09/29/2022

Another result in the trend of Russia’s regional Governments taking the initiative to expand international trade ties has arisen with the Governor of St. Petersburg, Alexander Beglov, holding trade and investment discussions with the President of Turkmenistan Serdar Berdimuhamedov. Among the main areas of discussion were energy, transport and communications, construction, road transport infrastructure and shipbuilding, investment and digitalization. At the same time, interaction in the construction of smart cities is of particular importance.

Silk Road Briefing

China And Turkiye Focus On Developing The Middle Corridor

09/27/2022

The 3rd China-Türkiye Communication Forum was held on September 26, 2022. The forum, jointly sponsored by China International Communications Group (CICG), and Turkuvaz Media Group concentrated on the development of deeper bilateral strategic cooperation in politics, economy and trade, culture, education, and science and technology. Alignment between the BRI and Caspian corridors has been made a priority. We explore the outcomes of these discussions.

Middle East Briefing

Iran To Launch International Stock Exchange At Kish Island Free Trade Zone

09/28/2022

Iran is preparing to launch an international stock exchange at the Kish Island Free Zone by the year end, according to Mehdi Keshavarz, the Managing Director of the Kish Free Zone Organization. Owing to its free trade zone status, has an estimated population of almost 40,000 residents and about 1 million visitors annually, making it the third most visited trade and tourism destination in the Gulf. It can be expected to evolve into a financial services centre highlighting Iranian and other regional businesses and trade.

Our firm Dezan Shira & Associates provides legal, tax and operational advisory across Asia.
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