"October" holiday has always been the highlight of the Chinese consumer market. The Ministry of Commerce of China stated that compared with previous years, consumption on National Day this year will highlight four major trends: First, local consumption, peripheral consumption, and home consumption will become new hotspots; second, green consumption, smart consumption, and health consumption will become more popular ; Third, the demand for individualization and quality has increased, and the enthusiasm for mid-to-high-end consumption continues; fourth, the integration of online and offline is accelerated, and the demand for experiential and scenario-based consumption will continue to increase.
The Chinese government's efforts to promote National Day consumption are not unrelated to the recent performance of the consumer market.
In August, the retail sales of consumer goods were unexpected. According to data from the National Bureau of Statistics of China, the total retail sales of consumer goods in August was 3439.5 billion yuan, an increase of only 2.5% year-on-year, a sharp drop of 6 percentage points from the previous month. In terms of category, the decline in catering consumption is more obvious. Data show that in August, catering revenue fell 4.5% year-on-year, a decrease of 18.8 percentage points from July.
UBS Greater China Consumer Industry Supervisor Peng Yanyan . , But from many endogenous factors .For example, business conditions affect individual income, especially in the service industry.
Since the beginning of this year, the Chinese government has vigorously rectified the Internet, intermediaries, developers, etc. These measures may affect practitioners' expectations for the future of the industry, thereby affecting consumer confidence and consumption. Director Regional Economic Cooperation Research Center
Chinese Ministry of Commerce
Jianping
In addition, real estate wealth effect brought is gradually disappearing. After the Chinese government implemented guidelines for second-hand housing prices, the housing market in many core and key cities has experienced substantial declines, and houses in third- and fourth-tier cities have even seen price cuts for sale.
According to research, the decline in housing prices has restrained consumption to a certain extent. First of all, once housing prices fall and real estate values depreciate, household wealth will be directly damaged, thereby inhibiting consumption. Secondly, what directly squeezes people's spending power is high debt, because many years of real estate mortgage repayment will not change because of falling house prices. At the same time, falling house prices may impact the surrounding industries, and consumer demand for furniture, household appliances, construction and decoration will be hit hard, thereby inhibiting the expansion of consumption scale.
China International Economic and Exchange Center chief researcher Zhang Yansheng
for Chinese families, consumer worries , as well as A common issue is medical care, pension and education.
The Chinese government has been committed to solving the chronic problems of residents’ lives. For example, the large-scale centralized procurement of medicines and medical devices has alleviated the problem of expensive medical care for residents; There is no longer "education anxiety", thereby reducing the burden on residents, eliminating consumption worries, and so on.
In the future, we will continue to increase financial support and policy guarantees in terms of pre-school education, childcare, unemployment and pensions, so as to reduce residents’ concerns about future uncertainty and boost domestic demand. However, the implementation effects of many policies still need to be observed, and reducing the pressure of life cannot be achieved overnight.
Director of the National Economic Research Center of Peking University Su Jian 0spThe Ministry of Commerce of China recently stated that is expected to reach 44 trillion yuan in total for the whole year, an increase of approximately 12.5% over 2020 and an increase of approximately 8% over 2019. The Ministry of Commerce also pointed out several major measures to promote the steady recovery of consumption.
The first is to stabilize bulk consumption and key consumption. Automobiles, home appliances, furniture, and catering are the pillars of the consumer market, accounting for about 1/4 of the total retail sales. In order to realize the recovery of the automobile industry, the Ministry of Commerce stated that it will deepen the reform of deregulation and service in the automobile circulation field. Related reforms mainly include: accelerating the transformation of automobile purchase management to use management, in-depth development of new energy vehicles going to the countryside, and promoting new car consumption; promoting cross-provincial registration of second-hand car transactions, and promoting the implementation of the removal of second-hand car restrictions and expansion Second-hand car consumption.
The Ministry of Commerce also stated that it will speed up the improvement of the recycling and treatment system of used appliances and encourage the implementation of replacement of old appliances and furniture, and promote the consumption of appliances and furniture. Encourage catering companies to enrich and upgrade dishes, improve service levels, and innovate business models to boost catering consumption.
Minister of Commerce of China Wang Wentao
In addition, New type of consumption is an important growth point in China's consumer market, and it is also an important point to promote the recovery of consumption growth.
Social consumer goods retail sales data show that from January to August, the national online retail sales reached 8122.7 billion yuan, an increase of 19.7% year-on-year. Among them, the online retail sales of physical goods increased by 15.9% year-on-year, an acceleration of 0.1 percentage point over the same period of the previous year. It accounted for 23.6% of the total retail sales of consumer goods, the same as from January to July.
Offline, new consumption is more manifested in traditional commercial enterprises accelerating digital and intelligent transformation, developing smart stores, contactless distribution and other new business models and new models. The transformation of traditional commercial places and idle factories into new types of consumption carriers to create immersive, experiential and interactive consumption scenes is also sought after by consumers.
Wang Lin, founder of Shanghai Jing’an Temple Random Selection Settlement, is a long-term measure to enhance the international consumption engine city. At present, the five pilot cities of Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing are striving to build the commanding heights of the global consumer market and the gathering place of consumer resources, playing a demonstrative and leading role.
Beijing recently released the "Beijing Cultivation and Construction of an International Consumption Center City Implementation Plan",The plan includes ten special actions such as creating new consumer landmarks, cultivating a consumer brand matrix, and leading digital consumer innovation.
All walks of life generally believe that the construction of an international consumption center city will create more and better consumption scenarios, attract the population with the ability to pay, gather popularity, form an active market, and bring more consumer demand.
Editor: Liu Jing
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