Consolidate and improve the upward trend of consumption recovery

2024-03-08

Sort out this year's government work report, focusing on promoting stable consumption growth, with a focus on cultivating and expanding new types of consumption, stabilizing and expanding traditional consumption, and optimizing the consumption environment. From market research and observation, it can be seen that the current consumer market is operating steadily and improving quality, which is a good start for further expanding potential consumption. There are four specific characteristics: firstly, residents are more pursuing consumption quality, the upgrading of consumption structure is accelerating, and the proportion of cultural, entertainment, tourism, sports and leisure consumption in residents' Spring Festival holiday consumption expenditure is further increasing. From the perspective of quality pursuit, we prefer green and healthy, low sugar and low-fat foods and health products, as well as low-carbon packaging that simplifies complexity. Second, residents' consumption is more personalized and diversified, highlighting China-Chic's cultural characteristics. Taking the Spring Festival cultural and tourism market as an example, going north for skiing, going south to see flowers, and taking a stroll in the city, each enjoying their own pleasures; The cultural and performing arts markets and film markets in major cities are active, ranging from large theaters to small theaters, providing a diverse range of choices for various groups of different ages and income levels. From the perspective of clothing consumption, the China-Chic has swept the streets, and the new Chinese clothes, jewelry, horse face skirts, etc. with "dragon" elements have set off a new round of consumption tide. The third is to provide intelligent services for a better life. Thanks to the integration and innovation of technologies such as 5G, the Internet of Things, and artificial intelligence, the popularity of smart home equipment such as smart door locks and sweeping robots, as well as smart wearable products such as smartwatches and wireless headphones, is increasing. At the same time, every family is enjoying a colorful "cloud life" in different ways, some are happy with cloud shopping and fitness, and some have embarked on a journey to digital museums. Fourthly, there is a significant recovery in cross-border consumption and tourism. Since the beginning of this year, thanks to the implementation of the two-way visa free policy, the resumption of inbound and outbound routes and passenger flow has accelerated, and new models such as cross-border e-commerce and duty-free economy have continuously strengthened their driving force for consumption. Consumption is a barometer for observing the economy, as well as a stabilizer and ballast for supporting economic operation. Therefore, it is necessary to fully leverage the fundamental role of consumption in economic development and enhance its support and driving force for the national economy. Looking at the annual trend of consumption this spring, with the continuous optimization of the promotion mechanism for a virtuous cycle of employment, income distribution, and consumption throughout the entire chain, the consumption ability and willingness of residents are expected to further enhance. Cultivating new consumption growth points and innovating more new scenarios are conducive to accelerating the release of consumption potential and continuously enhancing the momentum of expanding domestic demand. Accelerating the construction of a unified national market has provided more positive factors and favorable conditions for this year's consumer market to move towards innovation. The scale of the consumer market will be further expanded, the form and structure will be more optimized, the quality and efficiency will continue to improve, the institutional rules will be more perfect, and the linkage efficiency between the domestic market and the international market is expected to be enhanced. Especially with the acceleration of the expansion of household consumption from physical goods to service consumption, the proportion of per capita service consumption expenditure to household consumption expenditure will steadily increase. However, objectively speaking, there are still some bottlenecks in the current consumer market. For example, compared to service retail, the retail growth of durable consumer goods has slowed down in recent years. In order to consolidate and improve the upward momentum of the consumer market, many aspects of work need to be done, and the key is to work together on both sides of supply and demand, continuously increasing quality

Edit:Luo yu    Responsible editor:Wang er dong

Source:ECONOMIC DAILY

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