New consumption trends inspire new vitality.
Data source: JD.COM Institute of Consumption and Industrial Development.
In 2024, China’s economic operation was generally stable, steady and progressing, in which domestic consumption contributed a lot, showing the great potential of the domestic demand market. Especially with the emergence of new consumption trends such as new Chinese style and trade-in, the consumer market has been positively stimulated and given new vitality.
From the overall development of the consumer market, in November, the total retail sales of consumer goods in China reached 4.38 trillion yuan, a year-on-year increase of 3.0%. This data shows that despite the enormous pressure, with the support of national policies, China’s consumer market has maintained strong resilience and consumer confidence has steadily rebounded. Especially in the recent period, the policies of expanding domestic demand and promoting consumption, such as trade-in of consumer goods, have been further effective, the market sales growth has been accelerated, the upgraded goods have grown rapidly, the online consumption vitality has been enhanced, and the service consumption has grown steadily. These positive factors have provided strong support for the development of various enterprises.
The popularization and application of Internet technology and the leap-forward development of digital economy are also rapidly shaping a new consumption environment. The data shows that from January to November, the online retail sales of physical goods accounted for 26.7% of the total retail sales of consumer goods, an increase of 0.8 percentage points compared with January to October. With the rapid development of e-commerce, online shopping has gradually become the mainstream consumption mode, and consumers have upgraded from "watching the world" to "buying the world" without leaving home. In this development process, many new consumption hotspots have emerged. For example, Guizhou Matcha, Xinjiang Salmon, Ya ‘an Caviar and other "hidden local products" have entered the public’s field of vision through the Internet and even become online celebrity products; The rapid rise of various social circles has driven the products around the "circle" to continue to sell well.
It is not only the consumption pattern that has changed, but also the concept of mass consumption. On the one hand, while rationally consuming, consumers began to seek more personalized and functional upgraded products, which brought more development opportunities to the consumer market; On the other hand, the path of diversification and upgrading of consumption has become clearer, and consumption concepts such as green, intelligence and health have gradually taken root in people’s hearts. These new trends reflect the changes of consumers’ purchasing behavior and consumption patterns, and businesses need to pay close attention to these trends to better meet consumers’ needs and achieve better development. (This issue comments on Li Wei Source: Economic Daily)
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Source: Economic Daily
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