There are three "abnormal" phenomena in the consumer market in 2023, which have shocked the whole society. First of all, Western luxury goods are becoming less and less appreciated. Surprisingly, gold giant Chow Tai Fook surpassed luxury brands such as Hermès and Rolex to top the sales charts. The exposure of this news has undoubtedly brought a huge shock to people, and it has also set off thinking about the change of consumption concepts of Chinese young people.
Behind these "anomalies" is a clear signal: the consumption concept of young people in China is changing dramatically. From the younger consumer group of young people towards gold, to the fact that they no longer blindly celebrate Western festivals, to the replacement of imported consumer goods such as cars and mobile phones with domestic production, these changes all highlight a common denominator - young people have begun to shift from face-saving consumption to pragmatic consumption, from the pursuit of imports to embrace domestic production, from the pursuit of Western culture to the embrace of traditional culture.
The reason for this is, on the one hand, with the development of society and the improvement of people's income levels, young people's consumption concepts have gradually changed. No longer indulging in luxury goods of brands and appearances, young people pay more attention to practicality and quality. They realize that consumption is not just a symbol of status and status, but the pursuit of quality life and personal value.
On the other hand, improvements in domestic product quality and design are the catalyst for these phenomena. In the past, there was a certain gap between domestic products and foreign products in terms of quality and technology, so young people preferred to buy imported products. However, with the development and innovation of the domestic manufacturing industry, domestic products have caught up with or even surpassed imported products. Young people are beginning to re-realize the value and practicality of domestic brands, and they are more interested in domestic manufactured products.
In addition, the diversity and openness of society also provide the soil for young people's consumption concept to change. Nowadays, young people have more opportunities to be exposed to different cultures and consumption concepts, and are no longer limited to Western culture, but have begun to re-examine and understand the charm of traditional culture. This has also paved the way for the rise of traditional culture in the consumer market, with sales of traditional handicrafts and Chinese furniture gradually rising. Young people begin to pursue inner spiritual enjoyment and cultural connotation, and no longer blindly pursue external vanity and entertainment.
The emergence of these consumption phenomena marks a self-awakening of Chinese young people in the field of consumption. They have gradually realized that consumption is not just to show off and satisfy material desires, but more importantly, to pursue quality life and the realization of personal values. They choose consumer goods with a more rational vision, pay attention to the practicality and cost performance of products, and pursue the lifestyle that their hearts really desire.
However, we also need to think about the issues behind these phenomena. With the change of young people's consumption concept, whether we can provide more practical and high-quality products, whether we have the ability to promote the competitiveness of domestic brands in the international market? These are all questions that we need to think about and work hard to solve.
In general, the consumption concept of young people in China is undergoing profound changes. They have returned to their true nature from the pursuit of luxury goods, focusing on practicality and quality, from blindly pursuing imported products to embracing domestic production, and from chasing Western culture to attaching importance to the value of traditional culture. This shift in consumption perception reflects the attitude of Chinese young people to return to self-confidence and rationalize consumption, and at the same time provides us with opportunities to improve and think. With the development of society and the growth of young people, we hope that their consumption concepts can be more rational and sustainable, and bring more positive energy to our society.
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