Understanding new consumer trends through keywords

2024-12-19

As the end of the year approaches, various consumer markets around the world are filled with festive atmosphere, such as enjoying debut performances, watching exciting exhibitions, purchasing global delicacies, and tasting seasonal delicacies. Consumption is connected to both the macroeconomic situation and the beautiful life of thousands of households. In the first 11 months of this year, the total retail sales of consumer goods in China exceeded 44 trillion yuan, a year-on-year increase of 3.5%. The Chinese consumer market is not only huge in size, but also presents many new highlights and changes with the vigorous development of new technologies, new models, and new formats. The recently held Central Economic Work Conference proposed to "vigorously boost consumption" when deploying next year's work. Let's take a look at the new trends in Chinese consumption through "keywords" together. Keywords: trade in for new energy vehicles, purchase smart green home appliances, upgrade electronic products... Since the beginning of this year, taking advantage of the favorable policy of trade in for consumer goods, many consumers have purchased "new large items" and enjoyed the real benefits of money and silver. According to data from the Ministry of Commerce, since the beginning of this year, the policy of exchanging old for new consumer goods has driven overall sales of related products exceeding 1 trillion yuan. As of midnight on December 13th, the sales volume of passenger cars driven by the trade in of old cars exceeded 5.2 million units; The trade in of household appliances has driven sales of over 49 million units across 8 major categories of products; The revitalization of home decoration, kitchen and bathroom has driven sales of over 51 million related products; The trade in of electric bicycles has driven nearly 900000 new car sales. Swapping old for new not only means exchanging quantity. According to a trend report released by Suning.com and OvCloud, with the help of the trade in policy, multi category home appliance consumption has experienced explosive growth since the third quarter. When users choose products, they pay more attention to high-performance, green, intelligent, and healthy products, presenting a comprehensive transition from "upgrading" to "upgrading". Smarter - From smart coffee machines in the morning to smart home systems at night, smart appliances provide users with a more efficient, healthy, comfortable, and personalized lifestyle. Greener - With policy support, first level energy-efficient household appliances are rapidly entering millions of households, and sales of products represented by first level energy efficiency, water efficiency, and thermal efficiency have surged. Trade in the old for the new, and what is exchanged is a better life. Keywords: First store debut, international brand Chanel held its global debut show by the West Lake in Hangzhou; Shanghai Zhangyuan has attracted nearly a hundred international brands to open their first stores in Asia and China; A batch of flagship stores and innovative concept stores continue to enrich the commercial landscape of Beijing. Nowadays, the first round economy has become an important driving force for regional commercial development. New consumption scenarios such as regional and national first stores attract people to check-in for entertainment, leisure, and relaxation, highlighting the charm of urban commerce and becoming the "traffic code" for the operation of urban commercial districts. Over the past year, the two-way competition between cities and brands has continued to unfold in the Chinese market. Taking Shanghai as an example, from January to July this year, there were 770 new first stores added, an increase of 16.5% compared to the same period last year, including 5 global first stores, 4 Asian first stores, and over 100 domestic first stores. Every year, Shanghai carries out the "First Shanghai" series of activities, attracting high-quality domestic and foreign brands to open nationwide and Asian stores with extensive regional influence in Shanghai through one-time rewards and other means. According to data from the Beijing Municipal Bureau of Commerce, in the first three quarters of this year, the city opened 717 brand first stores, flagship stores, and innovative concept stores, an increase of 40% compared to the same period last year. Among them, THE BOX A, located in Chaoyang District, Beijing, has introduced over 40 first stores and attracted more than 15 million foot traffic. In the future, more innovative brand products, service formats, and store models will continue to enrich the consumer experience. Keywords: cultural and tourism popularity, go skiing in Northeast China, come for an ice and snow tour; Go to a concert in another city and have a performance tour; Or follow the TV series and game IP to check in the filming location. Since the beginning of this year, the cultural and tourism market has continued to heat up. On the one hand, inbound tourism is booming. The 144 hour visa free transit policy was introduced, which was later extended to 240 hours; Expanding the scope of visa free countries... Since the beginning of this year, China's opening-up policy has continued to intensify, not only boosting inbound tourism, but also increasing the heat of international exchange and cooperation, making "China Travel" a hot topic on social media both domestically and internationally. In the first three quarters of this year, there were approximately 95 million inbound tourists from China, a year-on-year increase of nearly 80%. The Great Wall and the Forbidden City in Beijing, the Terra Cotta Warriors and the Big Wild Goose Pagoda in Xi'an, the Zhongshan Mausoleum and the Confucius Temple in Nanjing... After visiting many places of interest, some foreign tourists began to look for unique routes for small crowds to pick tea, experience intangible cultural heritage and discover the beauty of China. On the other hand, domestic tourism is full of vitality. The organic integration of cultural, commercial, and sports formats has deepened, accelerating the development of "traveling with sports events and performances" and "traveling with taste buds". According to Meituan data, since November, the search volume for ice and snow tourism such as skiing and skating has more than doubled compared to the previous month. From Xi'an Datang Sleepless City Pedestrian Street to Chongqing Monument to the people's Liberation Pedestrian Street, there are many different ways to play the business district in many places, which not only excavate the historical and cultural characteristics, but also combine the business trends and fashion trends to build the business district into a comprehensive service place integrating consumption, experience, leisure and social interaction, injecting vitality into urban consumption. Keywords: County economy. Embark on a "reverse journey" and explore the surrounding "treasure towns". Since the beginning of this year, with more and more consumers venturing into the county, a number of county hotels have seen an increasing market volume. With the increase in consumer heat and market volume, the pace of investment is accelerating. From local hotel brands to international hotel groups, they are all increasing their layout in lower tier markets such as county towns. The sinking market has great growth potential, "several chain hotel brand leaders publicly stated. The changes in county hotels highlight the vitality of the county economy. Nowadays, there are over 2800 county-level administrative regions in China, accounting for nearly 40% of the country's total economic output and covering a population of hundreds of millions. The market potential and space are considerable. In the field of consumption, many well-known chain brands have opened stores in county-level areas, driving the upgrading of the county-level consumer market. According to Meituan data, in 2024, the number of coffee delivery orders for multiple brands such as Starbucks, Luckin Coffee, and Kudi in county towns increased by 97% year-on-year, and the number of delivery merchants increased by 159% year-on-year. At the same time, counties have also become important consumer destinations. Since the beginning of this year, "county tourism" has continued to be popular, driving the growth of local consumption for "eating, drinking, sightseeing, entertainment, and shopping". More residents of third tier and below cities are also leaving the country. On Qunar platform, during the National Day holiday, the number of outbound travel orders from residents in third tier and below cities increased nearly three times year-on-year, demonstrating huge potential for county-level economy. Keywords: Silver hair market. Unlike traditional thinking that is eager to get rid of the "mom brand" label, some makeup brands focus on the skincare needs of women over 50 years old in their new product development, and clearly label the packaging with the words "50 years old". Compared to the past, these women have undergone significant changes in economic ability, physiology, and mentality, and this market will continue to grow in the future The person in charge of the brand said. On social media platforms, middle-aged and elderly "grass planting" bloggers are constantly emerging, and the beauty categories they promote are becoming increasingly diverse, demonstrating the popularity and demand of this niche market. With the development of the silver economy, the consumption potential of the "new elderly" group with strong economic strength and diverse concepts has attracted attention. In China, the base of young silver haired population is relatively large, and their consumption is expanding towards multiple fields such as fitness, makeup, health care, and tourism, with a clear trend towards diversification, youthfulness, and fashion. According to the "2024 Silver Hair Consumption Report" released by JD.com, the transaction volume of elderly friendly products such as convenient sitting and bathing chairs and multi-functional electric beds increased by 202% and 152% year-on-year, respectively. By the end of 2023, the elderly population aged 60 and above in China has reached 297 million, accounting for 21.1% of the total population. From elderly meal assistance, home-based elderly care, elderly care, elderly cultural and sports, rural elderly care and other livelihood elderly care services, to smart and healthy elderly care, rehabilitation aids, anti-aging, elderly care finance, tourism, aging adaptation and other elderly care industries, there is enormous potential. Key words: Guofeng China-Chic buys China-Chic cultural and creative works, "explodes" Chinese clothing, experiences intangible cultural heritage skills, and visits ancient cities and towns. This year, the Chinese style Guochao goes deeper into people's lives and becomes a beautiful landscape in the consumption field. Even the drinks on the shelves are quietly changing. Red bean and coix seed water, longan water, tangerine peel water, red date and wolfberry water... Since this summer, various Chinese tea drinks have occupied the shelves of large and small supermarkets, becoming a new track for brands to compete for and a new choice for many young people. The "Insight Report on the Development Trends of China's Chinese style Health Water Industry in 2024" released by the Forward Industry Research Institute shows that the market size of Chinese style health water has reached 450 million yuan. There are also more options for travel. In many traditional festivals such as the Spring Festival, Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival), Dragon Boat Festival and Mid Autumn Festival, more and more consumers choose "new Chinese style" tours, such as visiting cultural museums, participating in traditional cultural activities, viewing intangible cultural heritage skills, and purchasing China-Chic cultural and creative products. From the stunning display of Fengguan refrigerator stickers to the rising trend of "ancient architecture tourism", "new Chinese style" is becoming a popular code. According to the report, as the influence of traditional culture on consumption fashion continues to increase, concepts such as "national style", "China-Chic" and "new Chinese style" are spread across many consumption fields and consumption scenarios such as catering, entertainment, cultural tourism, beauty, clothing, etc. These ancient cultural elements are being integrated into contemporary life in a more fashionable and vibrant form, becoming an important way for the public to express themselves and showcase their personalities. Keywords: emotional consumption, viewing banana fire with "no banana green" card hanging; Online products such as "exam fuel packs" and "wake-up calls to soothe sleep" are highly sought after by young people; Others are willing to buy a bottle of "good luck spray" and place an order for "tree hole listening"... More and more consumers are paying for "emotion". The Annual Report on the Protection of Consumer Rights and Interests in China (2023) released by the China Consumers Association points out that in addition to pursuing cost-effectiveness, emotional release has become an important factor affecting the decision-making of the younger generation of consumers. A report on the consumption behavior of Generation Z also shows that "happy consumption, consumption for emotional value/interest" is the most popular voting option among young people. Consumers purchase not only the product itself, but also the emotional resonance, emotional response, and spiritual satisfaction that come with it. These products are "adjustment products" for consumers and new opportunities for businesses. For healing products that focus on emotional health and relieve psychological stress, Meituan data shows that since 2024, the search volume for the keyword "healing" has increased by 280% year-on-year. Merchants are also seizing business opportunities to increase supply. Currently, on average, more than 1000 new products are launched on Meituan every month. While emotional consumption stimulates market vitality, there are also voices calling for the healthy development of the industry and rational consumption by consumers to jointly create a good environment. Keywords: Cross border mix and match supermarket. If you're hungry, you can have lunch on the spot. Walking into the newly opened cafeteria of a supermarket in Zhongguancun, Haidian District, Beijing, many customers are holding plates to choose lunch. During peak hours, this place can accommodate more than 100 people dining at the same time. At present, many brand supermarkets such as Yonghui, Wumart, and Hualian have opened convenient canteens, and "supermarket+canteen" has become a new business model explored by many operating entities. Supermarkets already have supply chain advantages for vegetables, meat and other ingredients, and opening canteens can further amplify these advantages while attracting foot traffic, "said the store manager. Currently, more than 60% of customers in supermarkets and canteens overlap,

Edit:Luo yu    Responsible editor:Zhou shu

Source:people.cn

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