Consumption-related businesses in recent years have increasingly favored China, given its large population and market potential. Despite the impact of COVID-19, many are hopeful of a recovery in consumption and are ready to expand.

Some welcomed the detailed approaches laid out in a recent guideline focused on boosting consumption, as the policy indications are in line with their development.

Andre Maestrini, executive vice-president for international business at Lululemon, the Canadian athletic apparel retailer, said the Chinese market is "the first source of growth for the Canadian company's overseas business".

"We are looking to triple stores in the country to 220 in 2026 from the current 71," he said. "This would feature a combination of flagship stores with full lineups and community-based stores featuring core products. The approach would unfold by building up a presence across relatively affluent first-tier cities, such as Beijing and Shanghai, before penetrating second-tier cities."

The guideline includes a number of incentives to bolster e-commerce as China embraces consumption innovation. Maestrini said that e-commerce is another powerful tool for Lululemon's expansion.

"We are on track to partner with China's e-commerce giant JD on top of its existing Tmall store and further tap into social e-commerce via WeChat mini programs," he said. "The company will also launch products tailored to the Asian market, and create collection capsules to resonate with occasions."

Zhou Mi, a researcher from the Chinese Academy of International Trade and Economic Cooperation in Beijing, said he strongly believes in China's consumption potential.

"The impact of COVID-19 on consumption is real, but in fighting the epidemic over the past three years, we have also accumulated considerable experience, and I expect to see a recovery in consumption in the future," he said. "I think the current dampened momentum is only temporary, and it's mainly due to COVID-19 related restrictions. I expect that consumption will see a vigorous rebound when these containment measures are removed."

Zhou said that policy-wise, he anticipates the government will offer more incentives to help increase household incomes, and more measures will be rolled out to support consumption.

"Efforts will be made to generate market and household consumption in the future, and as a result, business development overall will improve," he said.

In fact, some businesses have noticed that consumer expectations have changed, or more precisely, have been refined. In response, they are selling higher-quality goods and expect to benefit significantly.

"Chinese consumers are now more receptive to advanced innovation than almost any consumer in the world, and lead the world in the upgrading of consumption. Effectively, this means that the shift toward higher-quality, smarter and healthier products is happening first in China and will consequently spread to other parts of the world," said Alexander Dony, president of BSH Home Appliances Corp, a German consumer goods manufacturer. "Our company is uniquely positioned to benefit from this, given our strong R&D and manufacturing footprint in China and our strong presence throughout the world."