New trends in consumption stimulate new vitality

In 2024, the Chinese economy is on the whole stable and making steady progress, of which domestic consumption has contributed a lot, showing the huge potential of the domestic market. In particular, with the continuous emergence of new consumption trends such as new Chinese style and trade-in, the consumer market has been positively stimulated and radiates new vitality.

From the perspective of the overall development of the consumer market, in November, the total retail sales of consumer goods in China reached 4.38 trillion yuan, an increase of 3.0%. This data shows that despite the huge pressure, but with the support of national policies, China's consumer market has maintained strong resilience, and consumer confidence has steadily recovered. Especially in the recent period, policies to expand domestic demand and promote consumption, such as replacing old consumer goods with new ones, have been further effective, and market sales growth has accelerated, upgraded goods have grown rapidly, online consumption has become more vibrant, and 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 leapfrog development of digital economy are also rapidly shaping a new consumption environment. Data show that from January to November, online retail sales of physical goods accounted for 26.7% of the total retail sales of social consumer goods, accounting for 0.8 percentage points higher than January to October. With the rapid development of e-commerce, online shopping has gradually become the mainstream consumption model, and consumers have realized the upgrade from "seeing the world" to "buying the world" without leaving home. In this development process, many new consumption hotspots have emerged, such as Guizhou matcha, Xinjiang salmon, Ya 'an caviar and other "hidden local specialties" have entered the public's vision through the Internet, and even become Internet celebrity products; The rapid rise of various social circles has driven the "circle" peripheral products to continue to sell well.

It is not only consumption patterns that have changed, but also public consumption attitudes. On the one hand, while rational consumption, 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 is becoming clearer, and the consumption concepts such as green, smart, and health are gradually gaining popularity. These new trends reflect the changes of consumers in purchasing behavior and consumption patterns, and businesses need to pay close attention to these trends to better meet consumer demand and achieve better development.

Resource: 经济日报