'Debut economy' redefining consumption

Holiland, a well-known domestic bakery chain, set a sales record on the opening day of its first store in South China at Shenzhen's COCO Park in December last year. Almost simultaneously, the country's first-ever Debut Economy Development Promotion Center was established in Jinjiang district of Chengdu, capital of Southwestern China's Sichuan province, marking the integration of "first stores, first exhibitions and first shows" into the urban development strategy.

The two developments, though seemingly unrelated, are in fact part of a major shift in China's consumer market. The concept of "debut economy" is moving beyond being a marketing buzzword toward becoming a game-changing business model. The debut economy is about using "first-time" innovations to change how supply and demand operate, how industries collaborate and how cities create more value.

Let's consider what happened with Kaojiang (a restaurant franchise specializing in grilled fish), in Beijing's Heshenghui mall in 2024. Their first store opening triggered a frenzy, with people queuing for up to nine hours to just get a table. Consumers were queuing up not just for a meal, but also the "first store experience".