From the perspective of the development trend of my country's economy, the lasting pull effect of consumption on the economy is very obvious, and the role of "ballast stone" and "stabilizer" are very important. In 2021, the per capita consumption expenditure of residents nationwide was 24,100 yuan, an increase of 12,046 yuan from 12,054 yuan in 2012. The per capita consumption expenditure increased by 99.9%, with an average annual nominal growth of 8.0%. After deducting price factors, the cumulative actual growth was 67.4%, and the average annual actual growth was 5.9%. At present, my country's consumption generally shows a significant recovery trend. As the effectiveness of efficient coordination of epidemic prevention and control and economic and social development continues to emerge, a series of measures to stabilize growth and promote consumption policies and measures to implement in detail, consumer demand continues to recover and develop overall. In the first half of this year, final consumption expenditure drove economic growth by 0.8 percentage points. Among them, the contribution rate of final consumption to my country's GDP in the first quarter was 64.9%. In the second quarter, affected by the impact of the epidemic, final consumption expenditure pulled down the economy in the quarter by 0.9 percentage points. Consumption gradually resumed growth in the second half of the year.
History holiday and holiday promotions have always been one of the important means to drive my country's consumption growth. As soon as the National Day holiday in 2022 is over, local business departments will begin to announce the amount of residents' consumption during the holiday. For example, the full amount of online and offline consumption in Shanghai was 66.25 billion yuan, of which the city's offline consumption was 40.77 billion yuan, and the online consumption was about 25.48 billion yuan. The Beijing Municipal Bureau of Commerce focuses on monitoring department stores, supermarkets, professional stores, catering and e-commerce, and hundreds of enterprises achieved sales of 7.84 billion yuan, while increased by 45.4% year-on-year.
In the past 10 years, with the development of my country's Internet economy and the popularization of mobile terminals, e-commerce platforms have been continuously emerging and improved, and express logistics has become increasingly convenient, and the contribution of the online economy to consumption has been increasing. When observing China's characteristics of strong resilience and sufficient potential for consumption and the development trend of continuous upgrading, the online shopping festival initiated by e-commerce platforms has become an important weather vane. Among them, the most influential ones are the National Online Shopping Carnival, which was upgraded from Taobao's "Double 11" promotional activities in 2009, and the "6˙18" Online Shopping Festival, which evolved from the JD store celebration in 2013.
Internet consumption growth momentum is amazing. Tmall Mall's "Double 11" performance has increased by 10,000 times in 13 years. In the past six years, the increase in JD.com's "6˙18" shopping festival has reached nearly 300%.
Whether it is "Double 11" or "6˙18", with the release of residents' consumption potential, it no longer represents just one day, and there is no need to stay in front of the computer to prepare to start grabbing orders at 12 o'clock in the night. The online shopping carnival has changed from one day to another. For example, Taobao and Tmall's "Double 11" will be from October 24 to November 11. The "6˙18" counted by JD.com refers to June 1 to 18. Before the 2022 "Double 11" is about to begin, Alibaba , a digital marketing platform under Alibaba , estimates that during this year's online shopping festival, more than 1 billion consumers around the world will participate.
We can take advantage of the data in 2021 to see the influence of my country's online super shopping festival. In 2021, the global online retail transaction volume was US$4.938 trillion, of which China's online sales reached US$2.56 trillion, accounting for 51.9% of the world. In 2021, my country's online retail sales reached 13.09 trillion yuan, and the online retail sales of physical goods reached 10.8 trillion yuan, accounting for 24.5% of the total retail sales of consumer goods. From November 1 to 11, 2021, postal and express delivery companies across the country processed a total of 4.776 billion express parcels, an increase of more than 20% year-on-year. Among them, a total of 696 million express parcels were processed on November 11. In addition to the growth of scale and quantity,
In terms of consumption trends, the consumption level of residents in my country has also been continuously improving. On October 11 this year, the National Bureau of Statistics issued a report stating that the consumption level of urban and rural residents in my country continues to improve and the consumption structure is optimized and upgraded. Development-oriented, enjoyment-oriented consumption is increasing day by day. The report analyzed that with the improvement of residents' income level and the continuous expansion of consumption areas, the residents' consumption structure continues to be optimized and upgraded, consumption such as transportation, children's education, and medical services has grown rapidly, and the proportion of service consumption expenditure has gradually increased.In 2021, the national per capita transportation and communication expenditure was 3,156 yuan, an increase of 117.5% over 2012 and an average annual growth of 9.0%, which was 1.0 percentage points faster than the national per capita consumption expenditure, and accounted for 13.1% of per capita consumption expenditure, an increase of 1.1 percentage points from 2012. In 2021, the per capita education, culture and entertainment expenditure of residents nationwide was 2,599 yuan, an increase of 106.0% over 2012, with an average annual growth of 8.4%, which was 0.4 percentage points faster than the average annual growth rate of per capita consumption expenditure of residents nationwide, and accounted for 10.8% of per capita consumption expenditure, an increase of 0.3 percentage points from 2012. In 2021, the national per capita medical and health care expenditure was 2,115 yuan, an increase of 152.3% over 2012 and an average annual growth of 10.8%, which was 2.8 percentage points faster than the national per capita consumption expenditure, and accounted for 8.8% of per capita consumption expenditure, an increase of 1.8 percentage points from 2012. In 2021, the proportion of per capita service consumption expenditure of residents in the country was 44.2%, an increase of 4.5 percentage points from 2013.
What is accompanied by consumption upgrades is the continuous replacement of durable consumer goods in the home. The number of major durable consumer goods for urban and rural residents is increasing, and cars, air conditioners, mobile phones, etc. are becoming increasingly popular among residents' families. In 2021, the average household car ownership of urban and rural residents was 50.1 and 30.2, an increase of 132.7% and 358.3% over 2012, respectively; the average air conditioner ownership per 100 households was 161.7 and 89.0, an increase of 27.5% and 250.8% over 2012, respectively; the average mobile phone ownership per 100 households was 253.6 and 266.6, an increase of 19.3% and 34.8% over 2012, respectively. The number of basic living appliances for rural residents has grown rapidly, and the convenience of life has been greatly improved. In 2021, the average number of refrigerators per 100 households in rural residents was 103.5 units, an increase of 53.8% over 2012; the average number of washing machines per 100 households was 96.1 units, an increase of 42.9% over 2012.
However, in the first half of this year, my country encountered widespread impact of the frequent occurrence of the new crown pneumonia epidemic. Although the epidemic prevention and control work has achieved results, its impact on the economy is still obvious. In the first half of 2022, the per capita disposable income of residents in the country, , increased by 3.0% year-on-year, and the per capita consumption expenditure of residents increased by 0.8%, both of which were the lowest levels in previous years. Therefore, rational consumption and rational consumption have become one of the trends of residents' consumption in the next stage. At the same time, with the younger generation of the main consumer groups, trendy consumption driven by new products and new technologies will show more vigorous vitality. At present, the population born after 1980 in my country has accounted for more than 55% of the country's total population. According to data, Taobao and Tmall have an average of 180 million new products online every day. In the past two years, more than 2,100 new physical product leaf categories have been added, resulting in more than 100 new tracks with sales of over 100 million yuan, such as outdoor, camping, pets, trendy toys, pre-made dishes, men's fragrances, etc.
Online shopping has been a new thing since its birth. Now, with the creation of various digital scenarios and the enrichment of new models such as live broadcasts and short videos, online shopping has also become an interesting exchange of "with pictures and truth". "China E-commerce Report (2021)" shows that the growth of e-commerce now relies more on new products, new business forms and new models, such as short videos and live streaming, becoming normal marketing channels, mini programs help enterprises create new digital infrastructure, new consumption and new brands help improve the quality and expansion of online consumption, "national trend" rises rapidly, "intangible cultural heritage" special products become new representatives of national trends, and the brands created by " New Farmers " continue to heat up.
Green and low-carbon is another trend in online shopping. PricewaterhouseCoopers mentioned in the China report of the "2022 Global Consumer Insights Survey" that "refocusing on important brand values" will become the new normal for reshaping the consumer market. PwC said that Chinese consumers are willing to pay premium to buy products with several ideal attributes. 50% of respondents are willing to pay higher average prices to buy traceable and transparent products, 47% are willing to buy custom or customized products, and 45% are willing to buy products made from recyclable, sustainable or environmentally friendly materials.
Starting from the local market and consumer-centered super online shopping festival, the support behind it comes from the huge scale of China's consumer market, the continuous improvement of manufacturing level and the continuous increase in quality consumption demand. As consumption potential continues to be released, China Super Online Shopping Festival can have an impact on the global consumer market. After more than 10 years of development, both global economy and China's economy are facing many uncertainties, but at the same time, we have also ushered in a lot of certainty, such as smarter manufacturing in China, more digital industrial chains, more convenient logistics and distribution, more precise marketing algorithms, and greener and lower-carbon consumption trends. In the super online shopping festival where new products and new categories are constantly emerging, domestic brands are becoming more and more eye-catching and dazzling. The China Super Online Shopping Festival in November 2022 will usher in what categories of sales explosions and which domestic brands will see rapid growth, let us wait and see.
Source: Consumer Guide Magazine
