1.1 research scope of China’s new consumption development insight Report
The term “new consumption” appeared in the guiding opinions of the State Council on actively playing the leading role of new consumption and accelerating the cultivation of new supply and new power in November 2015, Opinions expressed: “China has entered an important stage of sustained growth in consumer demand, accelerated upgrading of the consumption structure and significantly enhanced the role of consumption in driving the economy. New consumption, with the upgrading of traditional consumption and the vigorous rise of emerging consumption as the main content, and the new investment and new supply in related industrial development, scientific and technological innovation, infrastructure construction and public services, contain huge development potential Potential and space. “
This description defines new consumption as “taking the upgrading of traditional consumption and the vigorous rise of emerging consumption as the main content”. This means that the core of new consumption is “upgrading traditional consumption + emerging consumption”.
On this basis, the development research center of Jilin provincial government pointed out in the rise of “new consumption” to stimulate domestic demand and consumption upgrading in China published in 2019 that the narrow definition of new consumption is a new consumption behavior driven by new technologies such as digital technology, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration and other new business models, as well as new consumption relations based on social networks and new media.
We believe that the key word in this definition is “behavior”, consumption is a kind of behavior, and the core is related to people. In the process of consumer behavior, it is also related to the changes related to consumption scenes and consumption objects.
At present, with China’s gradual entry into an aging society, the continuous decline of the social family population and the growth of generation Z young people, the main consumers are further differentiated, and the elderly, single people and generation Z people have become a new consumption circle. At the same time, since 2020, under the catalysis of the epidemic, new consumption scenes such as home scene and living alone scene have been born. New people combined with new consumption scenes have created the emergence of new consumption needs: such as the demand for convenient and fast food in the scene of living alone; Generation Z young people have an enhanced sense of national honor and an increased willingness to buy domestic goods; The growth of the elderly has increased the emotional demand for “companionship” and so on… The new demand brings new development opportunities – in recent years, new consumer brands aiming at market segments and meeting the needs of consumers in a certain circle have emerged. At the same time, with the help of the rapid development of new channels such as e-commerce live broadcasting, new consumer brands have grown rapidly, and some brands have quickly formed strong competitiveness in subdivided fields. At this time, under the new technology driven Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated development, omni-channel retail has become a standard configuration, and the convenience of purchase has further stimulated the growth of consumption. The growth of consumption will eventually affect the development of new consumer brands. In this way, the new consumption environment in China in 2021 is gradually promoting the development of new consumer brands and traditional consumer brands into a new period.
At this time, we believe that the new consumption behavior of Chinese people has further evolved into the behavior of different circles of consumers such as generation Z, the elderly and single people to buy products with higher quality and higher sex price ratio through online and offline channels in order to meet their own needs for better health and comfort
Around the characteristics of new consumption, new consumer brands came into being. We believe that new consumer brands need to meet the following characteristics:
1) meet the needs of specific groups
2) meet the specific or complex needs of consumers
3) the product has the characteristics of higher cost performance and higher appearance value
4) be able to purchase through multiple channels
120 million euro “Vig compass” new consumer brand strength evaluation model
Around “how to evaluate new consumer brands” “EU billion think tank designed a new consumer brand power evaluation model: starting from the three parts of brand voice, brand core and brand growth, focusing on 21 secondary indicators such as brand external communication, brand basic strength, brand cultural ability, brand market share and brand profitability, including brand history, product competitiveness, partners, digital ability and brand awareness There are 48 three-level indicators in total to make quantitative evaluation for the brand.
