Every reporter: Zhang Rui Every editor: Chen Xing
On January 11, the 2024 Consumer Trend Conference hosted by Zhimeng Consulting was held in Beijing, at which the "2024 China Consumer Trend Report" (hereinafter referred to as the "Report") was released.
The report proposes ten consumer trends for 2024: prudence and shrewdness, spiritual self-please, outward exploration, fireworks narrative, quality first, convenience and enjoyment, essence of health, value reconstruction, ageless experience and sustainable branding.
Xiao Mingchao, founder and CEO of Zhimeng Consulting Agency, said in an exclusive interview with the reporter of "Daily Economic News" (hereinafter referred to as NBD) that these trends are actually a relatively complete presentation of the consumption concept, consumer demand and consumption expectations of today's Chinese consumers.
Xiao Mingchao, founder and CEO of Zhimeng Consulting Agency, interprets the "Report" taken by reporter Zhang Rui
NBD: The Central Economic Work Conference mentioned that in order to stimulate potential consumption, how do you understand "potential consumption"? What suggestions do you have for stimulating potential consumption?
Xiao Mingchao: From our observations, China's consumption is now experiencing a turning point in the consumption structure, that is, self-hedonistic consumption, development-oriented consumption, and experiential consumption are actually growing. In addition, the consumption structure of physical goods is also different for different levels of the market and different groups of people. Therefore, for consumers, this is a process of restructuring the consumption structure and reconstructing the desire to consume.
In order to stimulate potential consumption, from the perspective of the supply side, it is necessary to look for opportunities in the direction of cultivating new quality productivity. What is the new quality of productivity? Now we see that in many consumer goods, homogenization is very serious. In the past, we relied on traffic and various eye-catching marketing to constantly inspire consumers to buy. But now the consumer is starting to be cautious and savvy, the factors he values and his consumption mentality have changed a lot, and he has begun to re-examine the meaning of consumption and re-evaluate what is important to them, which is a very important change.
How to stimulate more new consumer demand must consider how to bring consumers a certain choice and more convenient happiness. For example, the "fireworks narrative" we talked about, now the purpose of tourism trumps the destination, consumers are more obvious to the "experiential pursuit of new fireworks atmosphere", and are more willing to pay for the content that "can constitute a special experience in my life", urban fireworks with cultural heritage, and the current texture that returns to the true nature of life.
For example, experiential spiritual and cultural consumption. The concert in 2023 is very popular, because the spiritual satisfaction it brings to consumers is different, so the new consumption demand must be a combination of spiritual consumption, cultural consumption, and experience consumption.
Xiao Mingchao, founder and CEO of Zhimeng Consulting Agency, courtesy of the interviewee
Another example is intelligent consumption, fast, convenient, intelligent, and immediately enjoyed products and services, which is a powerful tool for consumers to get a calm and slow life in the fast era. Intelligence can "liberate" consumers' time, and in the future, AI or smart products can solve consumers' problems through new technologies.
If we can bring consumers a new experience through technological innovation, process innovation, and service innovation, we can stimulate new consumption, which is to use new quality productivity to create new quality consumer experience and product experience, so as to stimulate consumption potential.
In addition, from the perspective of demographic structure, middle-aged and elderly people will become a very important group in the future, and it is likely that the group of the elderly will become as important as the group of young people in the future. At the same time, we also need to see the changes in the family structure, the miniaturization of the family, the increase in the number of single groups, how to meet the needs of a person to enjoy an exclusive life, and the exclusive life may give birth to many new product forms.
Therefore, if we find something from these needs that can be adapted to innovation, then I believe that we will be able to find products or services that stimulate consumption vitality and consumption potential, and can resonate with consumers.
China's final consumption rate
NBD: How much do you think these new types of consumption will play a role in driving economic growth?
Xiao Mingchao: I think that traditional consumption and new consumption are not opposites in themselves, they are integrated, just like a person has both online and offline consumption scenes, and there will definitely be offline irreplaceable experience scenes. The future must be the integration of online and offline, how to integrate some concepts or hot spots online, and how to create a perceptible experience in online business, which is the key point that can truly bring greater value to consumers.
Similarly, new consumption and traditional consumption should also be integrated, new consumption is to some extent in the discovery of demand, from 0 to 1, although in the past there are many new consumer brands in the experience of capital bubbles, traffic dividends after the fall, but it also opens a window for the innovation of traditional brands.
National Business Daily