The Spring Festival in the year of the tiger has a strong flavor, and the festival economy is also booming. Especially this year’s spring festival meets the Winter Olympic Games, which has boosted ice and snow consumption.
In recent years, the huge market space and consumption upgrading potential have made domestic demand the first engine driving China’s economic growth. The national development and Reform Commission has made it clear that there are many uncertain factors in the first quarter of this year, and it is necessary to move the policy force forward appropriately. We will promptly introduce a series of policies and measures to implement the strategy of expanding domestic demand, and strive to release consumer demand.
there are many holiday consumption highlights
On February 6, the last day of the long Spring Festival holiday, many home appliance manufacturers released Spring Festival consumption reports one after another. According to the Spring Festival consumption data released by jd.com, as of February 5, the turnover during the Spring Festival in 2022 has increased by more than 50% year-on-year, with Henan, Jiangxi, Tibet, Hunan and Anhui leading the growth rate, and the turnover has increased by 87%, 86%, 75%, 64% and 61% year-on-year respectively. The demand for service consumption is strong. The turnover of life services, local entertainment, car services, game / video services and maintenance increased by 287%, 206%, 148%, 109% and 77% respectively year-on-year.
Baidu big data shows that social entertainment, catering and mobile digital are the three major consumption during the Spring Festival holiday in the year of the tiger. In terms of specific consumer focus groups, the post-80s and post-90s are still the main consumption force, and generation Z represented by the post-00s has also joined the consumption force.
The consumption trend report of the Spring Festival in the year of the tiger released by Alibaba pointed out that the Spring Festival met with the Winter Olympic Games, which not only boosted the consumption of ice and snow, but also promoted the development of the ice and snow industry. Chinese ice and snow brands ushered in a new opportunity to accelerate the development in both domestic and foreign markets.
The consumption of ice and snow projects continues to rise. During the holidays, the passenger flow of ice rinks, snow rinks and ice and snow theme parks around the country has increased significantly. The popularity of ice and snow sports in northern regions such as Beijing, Liaoning, Jilin and Xinjiang has not decreased, and the year-on-year growth of ice and snow consumption in Guangxi, Anhui, Yunnan, Hubei and Hunan has exceeded four times.
According to the “2022 Spring Festival Tourism summary report” released by Ctrip, the Spring Festival of the year of the tiger coincides with the successful holding of the Beijing Winter Olympic Games. Skating and skiing during the day and staying in a hotel and soaking in hot springs at night have become a hot spot in the tourism consumption of this year’s Spring Festival. As of February 5, during the Spring Festival, the booking volume of ski theme hotels increased by 54% year-on-year, and the ticket orders of ice, snow and ski scenic spots increased by nearly 40% year-on-year. In the context of “local Chinese New Year”, special hotels such as e-sports, script killing and video and audio further enriched the accommodation experience of tourists. During the Spring Festival, the order volume of E-sports rooms increased by more than 80% year-on-year.
In terms of films, as of 18:06 on February 6, the box office of China Film Co.Ltd(600977) in the Spring Festival of the year of the tiger had exceeded 5.9 billion yuan. At present, the top three at the box office are “shuimen bridge of Changjin Lake” with 2.481 billion yuan, the killer is not too calm with 1.348 billion yuan and “miracle stupid child” with 667 million yuan.
a new round of consumption promotion policies
In recent years, the huge market space and consumption upgrading potential have made domestic demand the first engine driving China’s economic growth. In 2021, China’s total retail sales of social consumer goods exceeded 44 trillion yuan, returning to the threshold of 40 trillion yuan, an increase of 12.5% over the previous year and an average increase of 3.9% in the two years. From the perspective of residents’ consumption level, the per capita consumption expenditure of urban and rural residents in 2021 increased by 11.8% compared with 2019, and the average nominal growth in the two years was 5.7%, effectively reversing the decline in 2020.
In terms of consumption structure, the proportion of per capita service consumption expenditure of urban and rural residents in the total consumption expenditure of residents in China rebounded by 1.6 percentage points in 2021 compared with 2020. This shows that the consumption structure of residents impacted by covid-19 pneumonia is gradually repairing.
However, at present, China still faces great pressure to release its consumption potential and stabilize consumption. In December 2021, the total retail sales of social consumer goods increased by only 1.7% year-on-year and decreased by 0.18% month on month; In terms of service consumption, the proportion of service consumption in 2021 is still 1.7 percentage points lower than that in 2019, and has not yet returned to the level before the outbreak.
How to expand domestic demand, give better play to the role of consumption in stimulating economic growth and stabilize the overall economic market has become the focus of attention from all walks of life. Yao Jingyuan, a special researcher at the Counselor’s office of the State Council, said that consumption plays a fundamental role in economic growth. The biggest production space for China’s economic growth in the future is consumption. On the one hand, consumption is related to economic growth, on the other hand, it is related to the realization of a better life for the people. Therefore, to grasp consumption is to grasp the core issue.
With the arrival of the peak consumption season at the end of the year and the beginning of the year, recently, the central and local governments have intensively deployed to seize the peak Festival season, vigorously promote consumption, and clarify the key areas and directions to promote the recovery of the consumer market this year.
The national development and Reform Commission recently made it clear to guide enterprises to launch more customized, intelligent and green commodities. We will implement policies and measures to boost large-scale consumption of automobiles, household appliances and other products. We will improve the service quality of rural tourism, health care for the elderly and characteristic home stay, and enrich the supply of peripheral tourism, suburban tourism and ice and snow tourism products. Promote the combination of commodity consumption and service consumption, and expand new consumption such as information consumption and green consumption. Accelerate the penetration of the county’s rural e-commerce system and express logistics distribution system.
The national development and Reform Commission also issued the notice on doing a good job in promoting consumption in the near future, proposing 10 work measures, including creating an upgraded version of online festival consumption, taking advantage of the trend to expand residents’ ice and snow consumption, further stimulate the new vitality of smart retail, actively develop green consumption, and promote the healthy development of housing consumption.
Wang Jun, chief economist of Zhongyuan bank, said in an interview with the first financial reporter that a series of government consumption promotion policies have been introduced and gradually implemented, which is expected to further stimulate the consumption potential, and the current high preventive savings rate is expected to decline.
Wang Jun said that the cross cycle adjustment policies of short-term steady growth, promoting employment and supporting the development of small and medium-sized enterprises will significantly improve the labor market, residents’ income status, consumption confidence and consumption behavior, return the per capita disposable income to the potential upward track, and enhance the driving force of consumption recovery; The introduction of the action plan for medium – and long-term common prosperity will also help promote balanced economic development, support the growth of income, especially labor income, alleviate the polarization between the rich and the poor, and boost residents’ propensity to consume, so as to promote and support medium – and long-term consumption.
