The surging vitality of the consumer market reflects the surging momentum of the Chinese economy

2024-01-18

"Grass planting consumption" combines online socializing with daily consumption, instant consumption meets consumers' immediate needs through the combination of online platforms and offline stores, and live streaming e-commerce brings consumers a new on-site experience... The new type of consumption uses big data as a new production factor and adopts a new business model that integrates online and offline, bringing personalized and customized consumption experiences to consumers, becoming a new driving force for economic growth. The annual "Double 11" window once again witnesses the vigorous vitality of the Chinese consumer market. According to the 2023 China Internet Development Report released during the Wuzhen Summit of the World Internet Conference, as of June 2023, the number of online shopping users in China has reached 884 million, accounting for 82% of the total number of internet users. The new forms and models of online retail in our country are showing vitality, and the real-time retail business is rapidly increasing, with a continuous expansion of coverage industries and product categories. China's e-commerce market has maintained its position as the world's largest online retail market for 10 consecutive years. With the continuous recovery of the consumer market, online retail has become an important force driving consumer expansion. According to monitoring data from the National Postal Administration, from November 1st to 11th, postal and express delivery enterprises across the country collected a total of 5.264 billion parcels, a year-on-year increase of 23.22%, with a daily average business volume 1.4 times that of normal business volume. The consumption promotion activities of the "Double 11" e-commerce shopping festival have a significant effect on driving consumption growth, and the new formats and models brought by new consumption continue to expand consumption space. The scale of users and merchants has significantly increased, and live streaming has ushered in a new round of ecological prosperity. The development of e-commerce is upgrading from high-speed development to high-quality development. As of midnight on November 11, 2023, a total of 402 brands on Tmall's "Double 11" have achieved transactions exceeding 100 million yuan, of which 243 are domestic brands, and 38000 brands have seen a year-on-year increase of over 100% in transactions. While online consumption has steadily increased during the Double 11 shopping festival this year, there have also been some new trends in consumption. Consumers have higher demands for brand power, pricing power, and product power, and consumption is becoming more diversified and personalized. Vertical segmentation fields are facing more opportunities. The 2023 "Double 11" Consumer Insights Report (hereinafter referred to as the "Report"), jointly written by the China News Network Research Institute, China International E-commerce Center Research Institute, and Inspur Zhuosu Research Team, shows that during this year's "Double 11" period, high-quality, experiential, intelligent, and interest oriented have become the new favorite of consumers. Various new types of consumption led by "interest" are constantly emerging, and intelligence has become an important demand for consumption. The sales growth rate of open headphones, track sockets, and 4K projectors has all exceeded 20%; The sales of smart mattresses and electric lifting tables both exceeded 50% year-on-year. "People's consumption needs are gradually upgrading from imitation, homogenization, and singularity to differentiation, personalization, and diversification, reflecting the growing need for a better life and providing impetus and support for high-quality economic development." said Hong Yong, Associate Researcher at the E-commerce Research Institute of the Ministry of Commerce Research Institute. With the improvement of living standards and the transformation of consumption concepts, the consumption content of residents has gradually expanded from traditional clothing, food, housing, and transportation to emerging fields such as entertainment, smart devices, and fitness. Consumer concepts are constantly upgrading

Edit:Hou Wenzhe    Responsible editor:WeiZe

Source:people.cn

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