A members-only platform offering goods and services in lower-tier cities, Blackfish gained 400,000 subscribers and raised RMB 1.3bn just nine months after launch.
Why
Smaller cities' spending power
People in China's lower-tier cities are earning more money and are eager to spend.
Outdated retail model
With diverse needs, Chinese consumers now prefer personalized shopping experiences.
Millennials need loans
Chinese millennials save less than older generations and require more loans to support their spending.
Market
$6.9tn
Estimated consumption in lower-tier Chinese cities by 2030, up from US$2.3tn in 2017.
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