UTAR Institute of Management and Leadership Development (IMLD) organised a webinar titled Microtrends in China’s Economic Development since 2020 via Microsoft Teams on 31 March 2022. Invited to speak was Deputy Director of Yunnan Academy of Social Science Prof Dr Zhao Shulan.

Prof Zhao began her presentation by explaining the changes in China’s economic development since 2020 based on her observation.

According to Prof Zhao, there have been five micro trend changes in China since the year 2020. As a result of China’s changing business landscape, there has been an increase in the number of small brands. Her example was Michelle Ice City, which began in a small town and eventually rolled out across China in other small towns simultaneously.

Furthermore, she highlighted the changes in live streaming, linking rural products to the market, which allow dispersed individuals to band together and form compacts. “As a result, none of us expected live streaming to transform China’s loose, unorganised small-scale farming economy, which has existed for over 2000 years.

The third trend included incorporating emotional values into branding for business. She provided an example, “Linabell is a cartoon character whose storyline is heavily influenced by real-life scenarios. It is an unconscious emotional need from customers.”

Furthermore, marketing innovations for traditional products, such as bao shops have been upgraded to the level of fast-food chains, and Chinese commercial films such as Detective Chinatown 1 and Detective Chinatown 2 have become successful.

After a Q&A and a group photo session, the webinar came to a close.