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Products starting from RMB2,000 to RMB5,000 make up one other major class, accounting for 28% of sales. Compared to 2022, we will see that client desire is shifting to cheaper products. The share of products with unit-total costs beneath RMB2,000 jumped from 18% in 2022 to this year’s 35%, while the contribution from more expensive ones fell. Many retailers told us that sales fell off a cliff after the International Women’s Day in March.

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