TikTok Returns to App Stores, Aims for Aggressive E-Commerce Growth in 2025

According to CNBC, TikTok is once again available for download on the Apple App Store and Google Play Store in the U.S. as of the evening of February 13.

Despite generating over $40 billion in e-commerce sales in 2024 and gaining traction in Southeast Asia, TikTok’s performance in the U.S. market fell short of expectations. In response, TikTok’s e-commerce team has set ambitious targets for 2025, aiming for nearly 100% growth, with the U.S. market alone expected to grow at a pace of almost 200%.

In addition to driving growth in its existing markets, TikTok plans to launch e-commerce operations in Italy, Germany, and France this year, while also expanding into Brazil and Japan.

JD.com Enters Food Delivery Market, Offering Zero Commission Fees to Attract Merchants

On February 11, 2025, JD.com made a bold move into the highly competitive food delivery sector, officially launching a new service aimed at recruiting “quality dine-in restaurants”. To attract merchants, JD is offering a significant incentive: zero commission fees for those who sign up before May 1. This move directly challenges industry leaders like Meituan, Ele.me, and other rising platforms such as Douyin and Pinduoduo.

JD’s expansion into food delivery comes amid increasing competition from Alibaba’s Taobao, Meituan, and newer players such as Douyin (China’s version of TikTok). With slowing consumer spending and ongoing price wars in the sector, JD is looking to leverage its expansive self-run logistics network for growth beyond its traditional retail business.

The Chinese food delivery market remains dominated by Meituan and Ele.me, which together controlled 98% of the market in 2024. Despite this dominance, the industry continues to grow, with more than 10 million delivery riders fulfilling an average of 80 million orders daily for 545 million users. The market is valued at CNY 1.2 trillion (approximately $168 billion USD), with consumers spending nearly CNY 3.3 billion per day on food delivery.

JD’s strategic entry could reshape the competitive landscape, with the company focusing on “quality dine-in restaurants” rather than competing in the budget sector. By offering attractive terms to merchants, JD seeks to bypass price wars with Meituan and Ele.me, while offering consumers more diverse and higher-quality options. This could potentially lead to a better service experience for customers while providing more favorable conditions for restaurant partners.

MIXUE Ice Cream & Tea Set to List on Hong Kong Stock Exchange Following Robust Growth and Global Expansion

On February 14, MIXUE Ice Cream & Tea, the world’s largest freshly-made beverage company, announced that it has successfully passed the listing hearing on the Hong Kong Stock Exchange, signaling its imminent IPO.

As of December 31, 2024, the company boasts a network of 46,479 stores, with a strong presence in lower-tier cities. Over 57.2% of its locations are located in third-tier cities and below, covering more than 300 prefecture-level cities, 1,700 counties, and 4,900 townships. In 2024, the company’s store network served approximately 9 billion cups of beverages, a 21.9% year-on-year increase. Between 2022 and 2024, Mixue’s retail revenue surged from CNY 30.7 billion yuan (approximately $4.3 billion USD) to CNY 58.3 billion (approximately $8.0 billion USD). In the first nine months of 2024, the company reported revenue of CNY 18.7 billion (approximately $2.6 billion USD) and a net profit of CNY 3.5 billion (approximately $480 million USD) , up 21.2% and 42.3%, respectively, with a gross margin of 32.4%. Mixue holds 11.3% of China’s beverage retail market and 32.7% of beverage sales volume, ranking first in the industry.

From 2021 to the first three quarters of 2024, Mixue’s operating cash flow increased from CNY 1.7 billion (approximately $230 million USD) to CNY 5.1 billion (approximately $700 million USD), reflecting strong financial health. By comparison, its competitor Goodme reported lower cash flow figures, indicating a more robust cash generation capacity for Mixue.

The company has also built its own factory and supply chain network, enabling a full closed-loop from R&D, production, logistics, to sales. By leveraging scale procurement and intensive production, Mixue has been able to lower raw material costs, boosting its profit margins while maintaining competitive pricing in the lower-tier markets, ensuring product quality and taste.

As of September 30, 2024, Mixue operates over 4,800 stores across 11 countries, including Indonesia, Singapore, Thailand, South Korea, Japan, and Australia, with a focus on the Southeast Asian market. Its distribution network now covers more than 560 cities in four overseas countries.

Mixue has stated its commitment to continuing its overseas expansion, particularly by strengthening its position in Southeast Asia and exploring new potential markets for further growth.

Gold Jewellery Sales Soar in China Amid Rising Prices and Shifting Consumer Trends

The price of gold jewellery has surged to record highs in China in recent months, driven by strong consumer demand and rising gold prices. Ahead of Valentine’s Day, sales of gold jewellery skyrocketed, with gold replacing designer handbags and expensive cosmetics as this year’s must-have luxury gift among Chinese consumers.

Trendy designs, particularly small gold ornaments shaped like bouquets of roses, proved especially popular, with sales soaring 445% year-on-year, according to data from jewellery stores and online retailers cited by domestic media. At a jewellery store in Guangzhou, a saleswoman revealed that the most popular designs for this Valentine’s Day were rose-shaped gold pieces weighing around 1-2 grams (less than one-tenth of an ounce), retailing for CNY 1,000-2,000 (approximately $$137$$274 USD).

The surge in demand comes as gold jewellery prices at major Chinese retailers have increased by about 12% so far in 2025, reaching over CNY 890 per gram (approximately USD 3882.48 per ounce) earlier this week. According to the China Gold Association, China’s total gold consumption during the Lunar New Year holiday in 2025 increased by 13% year-on-year, with young buyers driving much of the growth.

The strong demand for gold is also being fueled by rising international gold prices and recent uncertainties in the stock market, according to a report by research firm Baiguan. In addition, young Chinese consumers are increasingly drawn to traditional Chinese styles, while jewellery brands have succeeded in creating innovative designs to cater to this market.

China’s Marriage and Divorce Statistics Reflect Changing Social Dynamics and Economic Pressures

In its Fourth Quarter 2024 Civil Affairs Statistics, the Ministry of Civil Affairs of China reported that 6.106 million couples registered for marriage in 2024, a sharp decline of 20.5% compared to 2023. Meanwhile, 2.621 million couples filed for divorce, reflecting a slight increase of 1.1%, or 28,000 more divorces.

This trend is influenced by several social, economic, and policy-driven factors, with young people increasingly prioritizing education, career development, and personal freedom over traditional marriage. Factors such as rising property prices, high living costs, and the societal expectation of purchasing a home before marriage have created financial barriers for younger generations. Additionally, in some regions, exorbitant bride prices further exacerbate these challenges, making marriage less affordable for many.

The shrinking pool of young people entering the marriage market is also contributing to these trends, driven by declining birth rates and the aftereffects of the One-Child Policy, along with a growing gender imbalance. This is accelerating China’s demographic shift toward an aging society, which, combined with a lower urban worker pension replacement rate (standing at just 43.6% in 2021), is placing a strain on pension systems and increasing the dependency ratio.

This demographic change is also impacting sectors traditionally tied to marriage, including real estate, wedding services, home appliances, and childcare products—all of which are experiencing a decline in demand. Fewer marriages lead to lower demand for first-home purchases, potentially affecting property developers and mortgage markets. However, industries catering to a growing single population, such as rental housing, solo travel, and premium personal services, may see increased demand.

The government has begun exploring solutions to address these issues, including expanding cross-provincial marriage registrations, discouraging excessive bride prices, and introducing simplified collective weddings to ease financial burdens on couples. However, the effectiveness of these measures in reversing the downward trend in marriage rates remains uncertain.