Emotional sustenance gave birth to the "pet economy". The market is on the eve of the outbreak. The rise of the pet economy is related to the popular "single economy", young people living alone, and the increasing population aging in recent years. On the one hand, in recent years, my country's population aging has continued to aggravate, and the number of related empty-nest elderly people has also increased. According to the results of the seventh census, the proportion of aging in my country reached 18.4%. Some experts said that among the entire elderly population, empty-nest families may account for 90% of the proportion in the next few years.
mentioned in an article "Titan Media", "In this case, many elderly people choose to keep pets to enrich their lives and alleviate the loneliness of unaccompanied people. Relevant data shows that people over 45 years old in my country account for 8% of the total population."
On the other hand, the increase in young people living alone hopes to have emotional sustenance to reduce their sense of loneliness and emptiness. According to the "2021 Pet Food Industry Consumption Insight Report", the number of single adults in my country will be close to 100 million in 2021, and the number of pets will reach 62.94 million. At the same time, as of the end of 2021, the number of single people in my country has exceeded 240 million, which has also given rise to the outbreak of the pet economy to a certain extent.
In the context of the outbreak of the pet economy, it has also received favor and attention from many forces. According to incomplete statistics from Yilan Commercial, a total of 42 financings occurred in the domestic pet industry in 2021, with the disclosed financing amount exceeding 3.1 billion yuan. Among them, 9 cases have raised more than 100 million yuan. According to iResearch Consulting, my country's pet economy scale has reached nearly 300 billion yuan in 2020, and will maintain an annual compound growth rate of about 14.2% in the next three years.
is similar to other new business economies. Behind the booming pet economy, it has also driven the rapid growth of a series of related industrial chains. From the initial pet medical care, pet food, pet supplies and other fields, it expanded to surrounding industries such as pet photography, pet insurance, and cute pet experience halls.
According to incomplete statistics from Yilan Commercial, there were 13 financing incidents in the field of pet supplies (including pet intelligence) in 2021, with a cumulative financing amount of nearly 300 million yuan, making it the second largest market segment with financing times only after pet food. Against this backdrop of market attention and capital optimism, many related companies in the pet industry have impacted listing.
In June 2021, Fubei Pet started its listing. If Fubei Pet goes public successfully, it will become another pet food OEM company in China, beyond Zhongpeng Co., Ltd., Petty Co., Ltd. and Yiyi Co., Ltd.
In the future, with the improvement of income level and living conditions, pets will become an important carrier of family companionship, and this emotional need will further promote the development of the pet economy. Fang Kai, chief strategy officer of Boqi Pet, said, "The pet industry is on the eve of its upcoming outbreak."
is popular in the "national trend economy", and the market and users are "going in both directions"
From China Li Ning to the New York Fashion Week, to the popularity of lipsticks in the Forbidden City, to the popularity of domestic brands such as Perfect Diary, Yuanqi Forest, Naixue's Tea, Bosideng and other domestic brands have become popular, and waves of national trend consumption boom continue to heat up.
According to the report "Baidu 2021 National Trend Pride Search Big Data" jointly released by Baidu and People's Daily Research Institute, the attention of "national trend" has increased by 528% in the past decade. Nowadays, with the continued rise of the national trend, the national trend economy has shown strong market potential.
The outbreak of the "national trend economy" is largely due to the continuous improvement of the country's comprehensive strength and the continuous strengthening of national identity among domestic consumers. According to Ipsos' report on "2021 New Trends - New Scenario Sharing", in the survey on which domestic brands are better, domestic people agree more with domestic brands, and the user group that believes that "domestic brands are better than foreign brands" has reached 57%.
In addition, the pattern of Generation Z becoming the main consumer body has gradually formed, and it has a natural favorable impression of products with national culture, which has promoted the explosion of the national trend economy. According to the latest China Youth Daily's "Survey on National Pride between Different Generations", the national pride of the Z generation group represented by the post-90s and post-00s is higher than that of the post-60s, 70s and 80s.
There is no unified definition of the definition of national trend in the market, but it refers more to the integration of traditional Chinese culture and modern trend elements, such as combining fashion design styles and diversified marketing methods to establish a brand IP. An obvious example is that Li Ning, divesting his own brand and establishing "China Li Ning" will allow himself to step into the threshold of high-end and national trends.
Now with the development of national trends, national trends have entered the 3.0 era. The definition of national trends is more broad, and it is no longer limited to combining them with domestic national traditional culture, but rather to products and brands that are more inclined to identify specific ethnic groups such as domestic brands and domestic products. In July 2021, during the heavy rain in Zhengzhou, Hongxing Erke donated 50 million supplies, and his products were subsequently bought by GF netizens. In fact, it is a manifestation of a "national tide economy", and more of this "national tide economy" is reflected in patriotism.
With the support of capital, domestic brands still have broad market space, and the advantages of national trends will be further reflected. As of 2021, multiple investment institutions including Sequoia China, Economic and Technological Information China, IDG Capital, and Hillhouse Capital have extended olive branches to domestic brands such as Heytea, Wang Xiaolu, Cainiao and Formulators, and Guyu Skin Care.
In the future, under the changes in consumption trends, according to market data, the market size of the "national trend economy" will reach more than one trillion yuan. But it is undeniable that many industry chaos have also been breeding. In an article in "Financial Foreign Consulting", it was mentioned that "at present, the "national trend economy" still has problems such as excessive marketing, frequent follow-up phenomena, eagerness to achieve success, and uneven quality, which plague current domestic players."
male users "love beauty and love trend", and celebrity capital continues to pour into
As the main labor force in domestic society, since ancient times, the male group has not had a great demand for consumption.
Mituan's Wang Xing once mentioned a conclusion on market consumption value in Fanfu: girls, children, young women, elderly, dogs, men, men, "adhering to the right" and their consumption value is even lower than that of the people of Wang Xing.
This is a long-term market awareness of men's consumption power. The consumption labels given to men by society and the market have always been high-end products such as clothes, cars, houses, watches, and antiques.
Various statistics and analysis data show that diet, content management, 3C digital and clothing trendy shoes are the categories that male consumers spend the most money on daily life.Data released by JD.com in 2012 showed that among the 80 million registered users, men accounted for more than 60%.
However, with the upgrading of personal demand, the improvement of male economic ability, the increase in the proportion of male population, especially the rise of young male consumer groups, consumption discussions about the men's economy have frequently come into the market's eyes. In addition to the traditional field labels, the male consumer market in the fields of beauty, entertainment, beauty and makeup is also opening up. The "appearance fever" has made many men pay more attention to their own appearance.
Since 2018, the men's makeup market has grown very rapidly. Industrial and commercial data show that in 2020 alone, there were 3,141 registered companies related to men's cosmetics/skin care products, and many emerging brands entered the men's rational beauty market, such as Dear Boyfriend, Manshi, Blue Series, JACB, "UP", etc., all of which were favored by capital.
Not long ago, the Blue Series, a private protection brand for the Guoteng Men, completed a round A financing of 10 million yuan, led by Meihua Venture Capital, followed by Jiuchuang Capital and Jinhuifeng Capital. It is reported that this is the third round of financing that the Blue Series has received more than a year since it was launched.
Not only that, the improvement of male users' concept of "pleasing themselves" to become beautiful is no longer a woman's patent. More and more men are willing to become "beautiful" through medical beauty, which has also driven more sub-sectors such as the medical beauty market and hair transplant market. "According to iResearch data, in 2020, about 10% of the medical beauty consumers were male consumers.
In addition to love beauty, male users are also more in love with fashion, especially the Z-generation male group, such as Zhongai figures, trendy shoes, trendy clothes, RAP and other trendy items. Taobao data shows that in 2018, the search volume with "trendy brands" exceeded 300 million.
can be clear that men's "love trend" has only exploded in China for only three years, and the overall market is still in its early stages of explosion. Moreover, this force is driving not only the consumption trend, but also the higher consumer unit price.
In the trendy APPs such as Dewu, Shihu, and Hupu, the prices of trendy and scarce products will be higher. At present, the trendy series among the Nike Dunk series products has far exceeded the brand premium, and there are even many products that cost up to tens of thousands of yuan.
"his economy" this trillion-level market may show greater potential. For capital and the market, we should focus on this group of young users with more obvious consumer personality.
10 trillion-scale "her economy", the market is showing a multi-point explosion
With the transformation of social industries, the third service industry has gradually entered a driving mode. Under this model, the status of women has been significantly improved and dominated, giving birth to the upgrade of aesthetics and consumption, and tending toward "female values".
In other words, people will be more willing to pay higher prices for pleasing the eyes, and women's consumption concept has also shifted from "dedicated consumption" to "self-pleasing consumption".
In the context of this change of ideas and liberation, the "her economy" oriented towards women's consumption has developed rapidly. According to CBNData data, 97% of Chinese women were the main force of "buy, buy, buy" at home in 2020. In 2020, China's women's consumption market exceeded 10 trillion yuan, with a wider direction and more categories.
At present, more and more women have consumer demand, and the age group of women's consumer demand is also distributed, but it is mainly concentrated in young women. According to iResearch Consulting data, young women aged 20-25 have become the main consumer of medical beauty, with an average consumption of 7,700 yuan. Among them, non-surgical medical beauty projects are becoming increasingly popular among young consumers.
Moreover, the consumer market of the "female economy" is obviously more wider than the "men's economy". Celebrities, beauty, maternal and infant, health, photography, medical beauty, etc. have become popular areas of the "female economy". According to QuestMobile's "2021 "She Economics" report, female users aged 24 and under are more concerned about star chasing and beauty makeup; women of the pregnant age group are more concerned about mothers and babies.
Nowadays, the development trend of the "women's economy" is becoming increasingly popular, becoming the focus that all industries cannot avoid. In addition, with the advent of the era of national health, many tonic brands have seized the new trend and are more and more tonic products specially designed for female consumers. Among them, Zhihao Bird's Nest, Dong'e Ejiao, etc. are more typical representatives.
According to data, from 2015 to 2019, the compound growth rate of online bird's nest exceeded 50%, and the compound growth rate of instant bird's nest exceeded 100%. Among the consumer groups, pregnant women are the main force in bird's nest consumption, and the proportion of pregnant women in bird's nest consumption increased by 19% in 2020. Driven by the "women's economy" and "national health", the bird's nest market will also usher in a new wave of opportunities for explosion.
"Female Economy" has become an existence that cannot be ignored in the new business economy.
"Single Economy" drives related industrial chains, and players may face the opportunity to overtake
In recent years, it can be clearly felt that the market focuses on "one person" and "single person" and other aspects of services and products continue to emerge, such as "one person food" and "mini home appliances".
"Single Economy" is also called "one-person consumption". The core reason for the gradual rise of this new economic format is that the current single group in China is gradually increasing, and the single group has a very high marginal consumption tendency. As of the end of 2021, the number of single people in my country has exceeded 240 million, and nearly half of the single people are concentrated in the ages of 20-29. Among the "unmarried and single" groups, young groups such as post-90s, generation Z, and white-collar workers account for the main proportion, which has accelerated the outbreak of the "single economy".
According to the "2021 China Single Group Consumption Behavior Survey and Single Economic Trend Analysis Report" released by iMedia Consulting, the increase in single population and single population has given birth to a market of one living, one eating, one traveling and one person having fun, providing excellent development opportunities for the "single economy". Market data shows that the scale of the "single economy" consumer market is expected to reach more than 13 trillion yuan.
At present, the main market explosion point of the "single economy" is concentrated in two aspects. On the one hand, it focuses on services for single groups, such as entertainment consumption, tourism, pets, etc.; on the other hand, products such as one-person food and mini-type home appliances have exploded, and home appliances such as microwave ovens, rice cookers, washing machines are developing towards miniature development.
Overall, more services for single groups have been derived from "clothing, food, housing, transportation" and entertainment, such as customized tours for one person traveling. On IT Orange, there are as many as 870 related companies for single-person travel; on Ctrip, there are more than 1,300 travel notes related to single-person travel.
In addition, with the continued popularity of the "single economy", "companion economy", "one-person economy" and "social economy" related to the single economy have been derived. These new economic formats meet the needs of the single group in life and psychology.
From the current willingness to marry and the choice of mates for young people, "late marriage and late childbirth" has become the choice of many young people, which also means that for a long time, the "single economy" will still benefit from the trend change under this concept. In an article "Retail Business Review" mentioned, "Now, China has entered the third era of consumption. Single consumption will form a huge "one-person economy" with the current network chain effect, bringing new business opportunities. For merchants, it may be an opportunity to overtake on the curve."
Personalized consumption drives the "night economy", but healthy work and rest has become an obstacle to development
In addition to daytime consumption, many young people in China are more enthusiastic and enjoy the pleasure brought by night consumption. Late night snacks, entertainment, shopping, etc. have become the key to driving the rise of the entire "night economy".
"Night Economy" mainly refers to the modern urban consumption economy between 6 pm and 6 am, mainly in the form of leisure, tourism, shopping, fitness, culture and catering.
Now, many first-tier cities have proposed the concept of "24-hour full economy". In the investment plans of various governments in 2021, the promotion of urban night economy and the creation of cultural tourism and night tourism projects have been put on the agenda. Changsha, Chengdu, Dalian, Fuzhou, Xiamen and other second-tier cities have put forward relevant guidance and construction plans for the night economy.
According to the "2021 China's latest development report on the night economy", since 2016, China's night economy has grown rapidly. As of the end of 2020, China's night economy exceeded 30 trillion yuan, an increase of 5.0% over the same period last year, and is expected to exceed 40 trillion yuan in 2022.
At present, the "night economy" mainly occurs in first- and second-tier cities with high economic prosperity. At the same time, these cities also meet the characteristics of complete and diverse entertainment facilities. For example, Changsha, a city called "the city that never sleeps" by netizens, has a very diverse consumption situation and content.
html Between the age of 120 and 29, the core group of night consumption is the main focus of consumption time. From the perspective of consumption time, it is mainly concentrated between 8:00 and 11:00 pm. 60% of urban consumption occurs at night, and sales from large shopping malls account for more than 50% of sales throughout the day. Overall, the "night economy" has given rise to the development of many business formats, but traditional offline and home-to-store consumption is still the main business formats of the "night economy". However, with the improvement of entertainment methods and life services, some new business models are also showing development potential, such as online entertainment, games, online consumption, shopping, etc., which are becoming the new force of the "night economy".
In addition to grasping the general direction, it is also an opportunity for nighttime personalized consumer categories, such as crayfish, barbecue in the late night market, and snack foods that are essential for making TV shows.
But it can also be seen that as healthy, reasonable work and rest and diet are gradually recognized by young people. In addition, at the national level, the intensity of resource restrictions and power restrictions will be strengthened, the night economy will also be affected by this uncertainty.
Conclusion
It can be seen that under the trend of upgrading consumption structure and changing consumption demand and concepts, many new business economies have gradually emerged. With the support of capital and market, these new economies have developed to varying degrees.
But it is also clear that there is still uncertainty whether special economic formats such as night economy and appearance economy are just a round of "forms" for capital or market to harvest traffic. However, there is one thing in common: these new business economies are all centered around young groups such as Generation Z as core users. Under the trend of new consumption and new economy, young groups will still become the main targets of capital and market competition.
