The just-concluded National Commercial Work Conference has deployed eight key areas of work for 2024, including the promotion of the continuous expansion of consumption and the improvement of the market and circulation system. With the "Year of Consumption Promotion" as the main line, we will organise various kinds of activities to promote consumption. Stimulate consumption potential, cultivate and grow new types of consumption, stabilise and expand traditional consumption, and promote the quality and upgrade of service consumption.
According to retail fair, from the year of consumption boost in 2023 to the year of consumption promotion this year, escorting the heating up of consumption has always been the focus of China's economic work. 2023, China's consumption showed a structural recovery trajectory, and in the warming up, from the upstream consumption to the downstream of the retail real estate "change" is quietly occurring. For 2024, what are the new trends and movements in the field of retail consumption, and how can we understand the business channels and judge the industry opportunities from the changes in consumer behaviour? In response to these questions, Jones Lang LaSalle recently released a report entitled "Top 10 Trends in China's Retail Consumption in 2024", which comprehends many perspectives, such as consumer behaviour, branding, industry incubation, asset operation and urban consumption, and shows the trends from the perspective of consumer behaviour, branding, industry incubation, asset operation and urban consumption.
Huge demand for the best price/performance ratio
In terms of changes in consumer behaviour, the rise and fall of consumption in 2023 has been the focus of debate in the industry. According to retail fair, in the long run, the people's pursuit of a better life is unchanged, so consumer demand can evolve through cycles and show an upgrading trend. However, short-term cyclical fluctuations in the economy will inevitably affect the income and expectations of residents, which will lead to demand for short-term consumption downgrading, the current stage of short-term fluctuations are mainly reflected in the "two drops and one reduction", that is, to reduce the frequency, reduce the price per unit / to find the pingtai, reduce the category.
Spiritual consumption demand is more rigid
In terms of changes in consumption structure, the report believes that in 2024 China's consumption will continue the recovery trend of 2023, and the recovery data will better reflect the real situation of China's economic development, while the structural characteristics of the consumption recovery brings both challenges and opportunities to the market.
Prepared dishes become the standard for chain restaurants
From the perspective of consumption patterns and categories, the report mainly focuses on live e-commerce and prepared dishes, which are the two key concerns of the industry.
From the perspective of the traditional product sales model, goods start from the factory, then to the brand, then to the shop, and finally delivered to the consumer, the consumer's preference for goods more or less from the brand recognition and trust. The rise of e-commerce allows shops to move from offline entities to online virtual, but the essence is still the brand through online or offline shops to sell goods to consumers. Supply chain "push" and "pull" although there is a difference, but the impact is only the shop's inventory pressure, does not affect the fundamental logic of the flow of goods.
The era of non-standard business is coming
The Central Economic Work Conference held at the end of 2023 proposed to stimulate consumption with potential, expand investment with benefits, and form a virtuous cycle of mutual promotion of consumption and investment.
Jones Lang LaSalle believes that after the epidemic, Chinese consumers' demand for outdoor consumption scenarios has significantly increased. From the perspective of commercial operations, on the one hand, "non-standard" neighbourhood commercial operations are more flexible, adapting to the operation modes and times of different businesses and effectively controlling the growth of operating costs; on the other hand, the open space of neighbourhood commercials creates opportunities for curatorial and other thematic activities. On the other hand, the open space of neighbourhood commercials creates more suitable space conditions for curatorial and other thematic activities. According to retail fair, 2024 is expected to see a boom in "off-standard" commercial development against the backdrop of the continued promotion of urban regeneration and the large amount of commercial land yet to be developed.
Source:腾讯网