The three-year epidemic has brought about three major changes in Chinese people's consumption behavior. Each of them is related to the fundamentals of consumption and determines China's consumption trends in the next ten or even decades.
The first major change: domestic products are becoming more and more self-reliant.
In the consumer market before the epidemic, the status of domestic products was not very prominent, and it was definitely not as good as foreign brands. In the past, foreign brands had no worries about selling, and the profit margins were huge. Many domestic consumers only followed foreign brands and were willing to pay a higher premium for and . After the epidemic, this situation may undergo fundamental changes. More and more people, especially young people in the new century, have begun to actively embrace domestic products and take pride in consuming domestic products.
In the past three years, the sales of domestic brands such as Anta, Hongxing Erke , and Bosideng have achieved substantial growth. On the other hand, the sales of foreign brands such as Adidas and Nike ended in dismal results in China. Domestic products are no less popular than foreign brands.
The second major change: more and more consumers are beginning to make horizontal comparisons and shop around.
After three years of the epidemic, everyone’s consumption behavior has become more and more rigorous, and young people in the new century have also begun to shop around. Maybe the epidemic has caused everyone to spend more time at home, and after all, idle time is idle, so I chose the same product to conduct horizontal comparisons among different merchants. I accidentally discovered that different platforms are completely different in terms of price, efficiency, service, etc. Therefore, in order to obtain a better shopping experience, more and more young people are joining the ranks of shopping around.
It is foreseeable that in the future, 2-3 companies in China's e-commerce consumer market will be able to survive in the long term, perhaps JD.com and Tmall, plus 0 or 1 of Pinduoduo and Douyin, but they will definitely not bloom everywhere.
The third major change: consumption becomes more rational and pragmatic.
In the past three years, people's consumption behavior has become more rational. They buy what they should buy and resolutely don't buy what they shouldn't. There is no longer a strong desire and impulse to stock up like before the epidemic. The epidemic has reshaped people's consumption outlook, and people mainly consume daily necessities.
People’s consumption behavior is more pragmatic, and more and more consumers are beginning to embrace merchant activities that can save money, such as consumer coupons, trade-in, and subsidies for recycling old items. People's consumption outlook on home appliances is also undergoing subtle changes, and they are more inclined to choose products that are practical, easy to operate, and more helpful to life.
Based on the above analysis, after three years of the epidemic, Chinese people’s consumption behavior has also undergone major changes. At the same time, in line with China’s transformation from high-speed growth to high-quality growth, iterative updates of consumption logic are of course a matter of course.
The three-year epidemic has changed people’s consumption outlook
