According to retail fair，the opportunities we face are greater than the challenges, the favourable conditions are stronger than the unfavourable factors, the basic trend of China's long-term economic upturn remains unchanged, and the elemental conditions supporting the high-quality development of China's economy are accumulating and increasing. Therefore, we predict that China's economy will continue to rebound in 2024.
I. "Consumption stratification" accelerates, and there is a 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. In the long run, the people's pursuit of a better life is unchanged, so consumer demand can continue to develop through the cycle, showing the trend of upgrading. However, short-term economic cyclical fluctuations will inevitably affect the residents' income and expectations, which in turn leads to demand for short-term consumption downgrading appeared, at this stage of short-term fluctuations are mainly reflected in the "two drops and one reduction", that is, to reduce the frequency, reduce the unit price & to find the pingtai, reduce the category. With the continuous development of social economy, the phenomenon of consumption stratification is becoming more and more obvious, this trend is accelerating. In this context, the ultimate cost-effective demand also presents a huge market potential.
2. The continuation of structural recovery, the spiritual level of consumption demand is more rigid
In the current global economic context, the continuation of structural recovery has become the focus of attention of governments and enterprises. With the gradual easing of the epidemic, the rigidity of people's demand for spiritual consumption is also increasingly visible.
3.The continuation of structural recovery is the core task of the current global economic development. In the past few years, governments and enterprises have made great efforts to promote the structural adjustment of the economy through reform and innovation. However, the road to recovery is not easy, and we need to continue to insist on reform and innovation, and to consolidate and expand the results already achieved. Only in this way can we ensure sustained and stable growth of the global economy.
According to retail fair，the goods began in the factory, then to the brand, then to the shop, and ultimately delivered to the consumer, the consumer's preference for goods more or less from the brand's identity and trust. The rise of e-commerce allows shops to move from offline entities to online virtual, but the essence of the brand is still 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 inventory pressure, does not affect the fundamental logic of the flow of goods.
4.2024 cheap is still the core of retail
"Not XXX can not afford, but XXX more cost-effective". This is 2023 the end of the popularity of a sentence, known as "cost-effective" literature. "Cost-effective" sentence reflects the contemporary young people's view of shopping, but also reflects the "price power" has become the keyword of the competition in the consumer market in the past year. Last year, led by the box horse to move the mountain price and Sam fierce battle, to Aole Qi in the end of the year business war again waves, 2023 "cost-effective" is undoubtedly the main theme of the retail industry, the wind of low prices all the way from the good sale, hi special purchase and other soft discounts blowing to more retail channels.
The market seems to have formed a consensus that the future of retail will return to the essence of the lowest cost, the highest efficiency to complete the flow of goods. The reason behind is also very simple, when consumer demand has been fully satisfied, market oversupply, they no longer pursue unilateral brand premium goods, pay more attention to cost-effective; at the same time, the efficiency of retailers is not high enough, the end product markup rate is still high, the intermediate links there is still room to improve efficiency. In other words, discounts and other low-priced channels are popular, not only is a consumer of the brand to get rid of the charm, focus on the performance of the product itself, from low-efficiency channels to high-efficiency channels is also an inevitable trend in the retail industry.
5. Emotional Value Heating Up
In 2024, China's retail market presents a new trend: the warming of emotional value. Against the backdrop of structural upgrading of consumption, consumers' demand for commodities is not only to satisfy their basic needs, but also to pay more attention to the psychological satisfaction and emotional experience brought by commodities.
According to retail fair，looking ahead to 2024, emotional value will continue to influence consumer decision-making, with some people needing self-healing, some needing to release stress, and some needing social entertainment. ...... More than the functional value of commodities, people are more willing to pay for a certain kind of emotional satisfaction, whether it's obtaining positive emotions or smoothing out negative emotions. The value of emotions is therefore seen as the next big thing in the world. Emotional value is therefore seen as the next growth track worth exploring.
Source:联商网