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E-mail Xinhua, October 9, 2024
SHANGHAI, Oct. 9 (Xinhua) -- At a bustling camera store in Shanghai, young shoppers crowded around the shelves, eager to get their hands on the latest models.
"My favorite influencer uses this camera to film," said 26-year-old Li Yun while trying out a mirrorless model. "But it's hard to get one. You have to enter a lottery and hope you're lucky enough."
Across China, demand for cameras is reviving. Once sidelined by smartphones, cameras are back in style, fueled by the rise of social media, live-streaming and short videos.
From January to August 2024, China accounted for 23.3 percent of global camera shipments, ranking as the second-largest market after the Americas, according to the Camera & Imaging Products Association (CIPA).
The surge in demand is driven by the country's rapidly developing influencer economy, where likes and shares on social media platforms translate into sales.
NEW TRENDS FUEL DEMAND
New economic models and changing consumer habits are transforming cameras from mere technical tools into fashionable items that many use to shoot photos and videos for social media platforms.
Huang Jing, an influencer with more than 500,000 followers on the Chinese lifestyle-sharing platform Xiaohongshu, emphasized the impact of quality cameras on her content. "Using a camera to make vlogs is key for showcasing details of my makeup looks. The clearer the image, the more vibrant my content becomes," said Huang.
Xiaohongshu now boasts over 80 million community sharers, with an impressive 90 percent of its content being user-generated, according to the platform's 2024 trend report.
Moreover, as the tourism industry continues to recover, new "Instagrammable" attractions are emerging across the country, attracting large crowds to capture their memorable experiences.
"In this context, the demand for photographic equipment is steadily increasing," said Wu Feiran of the Shenzhen Soft Science Development Foundation.
The growing demand is also driving the action-camera market, with analysts expecting the global market for such cameras to reach 20.1 billion yuan (about 2.8 billion U.S. dollars) by 2028, with a compound annual growth rate of 6.1 percent.
Chinese brands like DJI and Insta360 are stepping up to meet this demand, making significant success both domestically and internationally.
GLOBAL BRANDS EYE CHINA
Global camera giants like Sony, Canon and Nikon, which now have over 80 percent of the global camera market share, are intensifying their efforts to tap China's booming market.
"We see tremendous opportunities in emerging sectors like live-streaming e-commerce and the influencer-driven economy, where China leads the way," said Takehito Soeda, vice president of Sony (China).
Soeda noted that the younger generations no longer view photography as a niche skill but as a form of emotional expression, thus reviving the camera market.
Hideki Ozawa, president and CEO of Canon (China), highlighted that in 2023, digital camera sales in China surged by 25 percent, positioning it as the fastest-growing market among major regions.
"This trend will continue, with a faster growth rate of 35 percent expected in 2024 within China," Ozawa predicted. In response to local demand, Canon is enhancing its product offerings and collaborating with major Chinese e-commerce platforms.
Similarly, Sony is adjusting its strategies by participating in events like Bilibili World 2024, a popular convention for digital content and creators in China. At this event, Sony showcased its latest products and interacted directly with consumers through live demonstrations.
EMBRACING THE NEW ECONOMY
The influencer economy is essential for optimizing supply chains and meeting evolving consumer needs, according to Lan Jianping, deputy director of Zhejiang Development & Planning Institute.
"This shift is crucial for improving efficiency in today's fast-paced market," Lan said.
To further enhance the global competitiveness of new economic models, China's Ministry of Commerce issued the "Three-Year Action Plan for Digital Commerce (2024-2026)" this year.
This initiative aims to empower economic and social development while contributing to the establishment of a new development pattern. The new industries, new business formats and new business models, dubbed the "three new" economy, demonstrate vibrant growth potential.
In this evolving landscape, the camera industry is well-positioned for growth. "We believe that every moment recorded tells a story, and in this era, everyone can be a storyteller," said Soeda of Sony (China). Enditem
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