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Economic Watch: New consumption trends mirror vitality, potential of Chinese market
BEIJING,July 22(Xinhua)--With up-to-date business formats emerging and new shopping trends taking shape,China\'s constantly changing consumption market offers a telling example of the vitality,resilience,and potential of the economy.
From quickening online-offline integration to tapping growth potential in the less-developed areas,China is making every effort to stimulate domestic demand to underpin broader growth.
GOING ONLINE
In the first half of the year,China\'s online retail sales edged up 3.1 percent year on year despite a 0.7-percent decrease in overall retail sales.
Online sales of physical goods climbed 5.6 percent to account for 25.9 percent of total retail sales,data from the National Bureau of Statistics showed.
Jumping on the bandwagon,many brick-and-mortar stores are blazing a trail online.
The shoe brand Onemix launched customized products on JD.com during the"618"shopping bonanza.To catch young customers,the firm has used big data to find users\'needs and design product styles and colors based on the findings.
Supported by the resilience of supply chains provided by the e-commerce platform,the company could regulate production and reorder in a targeted manner,effectively easing inventory risk that is common for clothing brands.
The integration of online and offline consumption in the retail sector can mobilize resources and bring out better effects,said Pei Liang,head of the China Chain Store and Franchise Association.
GUOCHAO CRAZE
Guochao,a consumer trend meaning"China-chic"that features products designed with traditional Chinese aesthetics,has swept through the nation\'s younger generations.
The number of products with domestic brands on Douyin e-commerce platform surged 508 percent year on year between April 2021 and March 2022.Among top-selling items,93 percent are home-grown products,data from the platform showed.
"Young consumers are highly enthusiastic about Guochao products,"said an official of the e-commerce platform,adding that youngsters are more willing to pay for items that pique their interests and things that bring out their characters.
For the next step,the platform will continue to buttress Chinese brands,especially small and medium-sized businesses,to help more home-grown products become household names,the official said.
BROADER MARKET
While sales in big cities gain steam,consumption in small-town and rural markets is also unleashing great potential with improved logistics and optimized commercial layouts.
From January to June,sales of integrated stoves,dryers,air fryers,and other upgraded home appliances on Suning retail cloud,an intelligent retail platform tailored for county and township markets,soared 81 percent,129 percent,and 305 percent year on year,respectively.
The consumption in towns and villages takes up 38 percent of the country\'s total,said Shu Jueting,spokesperson for the Ministry of Commerce.
Shu added that the ministry will encourage enterprises to provide better services for rural markets through direct sales,centralized procurement,and joint distribution,and make quality goods accessible to both urban and rural residents.
Source：xinhua
Release Time：2022-07-23 08:33:50
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