In the first seven months, the total amount of social zero increased by 8.3 year on year, and the potential of consumption was tapped frequently.

Release time:

2019-08-19

According to data released by the National Bureau of Statistics on the 14th, the total retail sales of consumer goods from January to July was 22828.3 billion billion yuan, an increase of 8.3 percent over the same period last year. within this total, retail sales of consumer goods other than motor vehicles increased by 9.2 to $20613.6 billion billion. The industry believes that as consumers are more willing to increase spending on items related to quality of life, the market will follow the general trend to launch more diversified, more integrated, and more experiential goods and services.

Peng Yanyan, head of consumer goods industry research at UBS Greater China, said that a recent survey of 3000 consumers in China's first-to fifth-tier cities showed that consumer confidence has improved compared with 2018. consumers' confidence in their income growth, wealth appreciation and financial security is stronger than last year's survey results.

"Brands or retailers that can better integrate online and offline will become bigger and bigger in the future competitive landscape and gain more market share." Peng Yanyan said. The research report from Bain believes that three major trends will lead the future of China's fast-moving consumer goods market-new retail, high-end, and small brands.

National Bureau of Statistics data show that from January to July, the national online retail sales of 5597.2 billion billion yuan, an increase of 16.8. Among them, the online retail sales of physical goods were 4423.3 billion billion yuan, an increase of 20.9 per cent, accounting for 19.4 per cent of the total retail sales of consumer goods; among the online retail sales of physical goods, food, clothing and consumer goods increased by 29.9 per cent, 20.4 per cent and 20.2 per cent respectively.

The time-honored brand Huili shoe industry has experienced rapid sales growth in recent years after innovative changes such as diversified collaboration, breakthrough technology, and brand co-branding, and has entered a new era of development.

In the first seven months of March, the total amount of social zero increased by 8.3 year-on-year, and the potential of consumption was tapped frequently. jpg

"We have used a lot of market research to explore the trendy models that young people like, such as a joint shoe with the Hulu Brothers. After the launch, the sales performance is very good." Zhang Yuming, deputy general manager of Shanghai Huili Footwear Co., Ltd., said that the company is also actively embracing the Internet, and current online sales account for about 70% of total sales.

In addition, many time-honored restaurants located in Shanghai's Yuyuan Garden have developed a series of "net red" season-limited new products while inheriting Shanghai style characteristics. For example, Nanxiang Steamed Bread Shop has wrapped summer spicy crayfish and cold melons into small steamed buns, and Shanghai's old hotel has combined pear cream dew with fresh fruits to produce a new Chinese dessert pear cream dew jelly. Some non-genetic inheritors of time-honored brands also teach on-site, allowing children to experience "fingertip art" in an immersive manner ".

Not only domestic enterprises actively tap the new potential of consumption, foreign enterprises are also constantly trying new ways to play. Recently, the global high-end membership-based retail brand Sam's member stores announced the opening of China's 26th store in Qingpu, Shanghai. Shan Mu launched the "New Product Incubation Pilot Area" in Qingpu Store, in which Shan Mu's Hearing Aid Center and Shan Mu's Cloud Home became the first in the country, aiming at testing innovative goods, services and shopping methods. When the business is continuously adjusted to be finalized, it will be selectively extended to other stores in the country.

As one of the "troika" driving economic growth, consumption contributed 60.1 percent to economic growth in the first half of this year, continuing to be the first driving force for economic growth. Deng Min, a global partner at Bain, said that as Chinese consumers become more mature, the channels they can use become more and more advanced. For enterprises, it is necessary to understand and integrate new retail models, while focusing on consumer-centric, to provide consumers with more and better products.

(Source: Xinhua)

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