Every hour, people spend more than 4.5 billion yuan on shopping and dining, and express delivery companies handle more than 6.15 million express items... These one-hour data are a true reflection of the vitality of China's huge consumer market.

Recently, reporters from Xinhua News Agency went to many places for research to feel the vitality and potential of Chinese consumption. As the "main engine" that drives economic growth, China's consumer market is huge, vibrant and has unlimited potential, which has become a solid foundation for China to cope with external challenges and move towards high-quality development.

(Picture source: Internet, intrusion Deleted)

Vibrant

Microwave glass bowls, glass cups with lids... In the production workshop of Anhui Deli Daily Glass Co., Ltd., the reporter saw crystal clear glassware flowing in an orderly manner on the production line.

These seemingly ordinary glasswares have some "unusual" new elements: high temperature resistance and high strength... Some products can withstand heat temperatures up to 130 degrees Celsius, and their strength is several times that of ordinary glass.

Faced with the pressure of slowing external demand, this company, which accounts for nearly 30% of its exports, has sensed business opportunities by expanding its domestic market expansion. With the help of Pinduoduo’s website big data and sales platform, the output of customized products has increased by 5 to 6 times, with monthly sales of some products reaching hundreds of thousands.

“Internet customized products have opened up new consumer groups and brought us unlimited possibilities.” said Cheng Yingling, vice president of Deli*.

The international environment is turbulent, and domestic consumption has become an important force supporting the economic market. The huge opportunities are not only optimistic about Chinese companies, but also favored by foreign companies - Lujiazui, Shanghai, Galeries Lafayette. Fashion products, French bakeries and restaurants, "pop-up shops" and other interactive experiences... In this department store, which opened in March this year, reporters felt the enthusiasm for consumption.

This is the second store opened by French department store Galeries Lafayette in China. "We are expanding our global business territory, and the Chinese market is the key." Ou Ning, CEO of Galeries Lafayette, said that Galeries Lafayette will enter more Chinese cities in the next few years, and it is expected to become the second largest market after France.

How big is the consumption power of the Chinese market? This can be seen in various kinds of shopping - "Zong" viewing consumption. Before and after the Dragon Boat Festival this year, hundreds of millions of rice dumplings were swept away by consumers;

During the "618" shopping festival, the cumulative order amount on JD.com's platform was 201.5 billion yuan*** and more than 110 brands had sales of over 100 million yuan; NetEase Kaola took 101 minutes to break through the first-day sales of last year's "618" Well...

The "shopping carts" one after another form a brilliant consumption report card: from January to May, my country's total retail sales of consumer goods was 16,133.2 billion yuan, a year-on-year increase of 8.1%. The growth rate of total retail sales in May was 1.4 percentage points faster than that in April, and it is expected to continue to rebound steadily in June.

"Overall, my country has a large market of nearly 1.4 billion people, with a middle-income group of about 400 million people. Various new consumption formats and new models are constantly emerging. The consumer market has great potential, strong resilience, vitality and good growth potential." said Wang Bin, deputy director of the Market Operation Department of the Ministry of Commerce.

Plenty of power

As night falls and the lights begin to turn on, in some urban business districts, the excitement has just begun. Late night market, night theater, VR tourDrama... Due to the diverse needs of consumption, the "nighttime economy" came into being.

A few days ago, Beijing proposed 13 measures to prosper the night economy and will create a number of "Night Beijing" landmarks, business districts and living districts by the end of 2021. Many cities are also taking measures to "cultivate the night economy."

The construction of specialty stores is at the right time. *On the 2019 Dianping Shanghai Specialty Stores Guide List, more than 1,400 specialty stores in Shanghai are on the list. According to different user interests, favorite stores are recommended to consumers.

Whether it is a night-time economic demonstration area or a specialty store, it is not only an extension of individual needs, but also a reflection of consumption upgrades.

An article on the "Nihon Keizai Shimbun" website once commented that China's consumption is a mixture of "light" and "shadow", and the whole world is paying attention to the consumption trends of Chinese people.

This "light" and "shadow" come from the energy released by consumption upgrades to a certain extent.

Service consumption is in the ascendant, injecting fresh vitality into consumption -

With the move of your fingers, you can book travel, physical examinations, and beauty treatments... Nowadays, in addition to buying goods, buying services has become a "must-have option" in most people's consumption menu.

During the "618" period this year, the online consultation volume of JD Internet Hospital increased by 36.2 times year-on-year, and the transaction volume of psychological counseling services increased by 9.3 times year-on-year.

With consumption contributing more than 60% to economic growth, service consumption accounts for almost half of residents’ final consumption expenditure, becoming an important lever to stimulate consumption upgrades.

New technologies are emerging one after another, injecting strong momentum into consumption——

Not long ago, the 5G experience store built by Suning.com and China Unicom was officially opened to the public in Shanghai. Using 5G mobile phones, watching 5G+8K TV, trying 5G high-speed cloud office and cloud gaming... In the store, reporters felt the extraordinary experience brought by high technology.

According to predictions from the China Academy of Information and Communications Technology, 5G commercial use will directly drive 8.2 trillion yuan in information consumption between 2020 and 2025. Among them, the upgrading of terminal products such as smartphones and wearable devices will release 4.3 trillion yuan of information consumption space.

In the view of Sun Weimin, vice chairman of Suning.com Group, smart retail based on the Internet of Things, big data, cloud computing and other technologies has become an inevitable trend in business development and will also become an important starting point to stimulate consumption.

Great potential

Observing consumption potential, rural consumption is undoubtedly an important window.

Intelligent voice-controlled sweeping robots, thousand-yuan treadmills... these "expensive" products have become the choice of more and more "small town youth".

Big data analysis of some e-commerce platforms shows that in the first half of 2019, the number of new online users and consumption in counties and rural areas in China increased by ***, showing great vitality.

Zhao Ping, director of the International Trade Research Department of the China Council for the Promotion of International Trade, said that the level of urbanization continues to improve, the income gap between urban and rural residents continues to narrow, and the middle-income group contains a large amount of new consumption demand... These will become a solid guarantee for the stable development of the consumer market.

Stimulate consumption potential and continue to release policy dividends -

Consumption-promoting policies have been implemented in the fields of automobiles, home appliances, information, elderly care, child care, housekeeping, etc.; pedestrian streets have been transformed and upgraded; and international consumption centers have been built... New consumption policies have been introduced intensively, and the consumption cake will become bigger and bigger.

Stimulate consumption potential and let people’s wallets "bulk up"——

Promote personal income tax reform, continue to promote tax cuts and fee reductions, raise *** wage standards, and greatlyStabilize employment... This year's policy gift package will continue to effectively increase residents' disposable income, allowing people to afford and buy well.

Stimulate consumption potential and continuously optimize the consumption environment -

Concentrate on combating and rectifying market chaos, accelerate the establishment and improvement of a high-level, wide-coverage, and strongly constrained quality standard system, and accelerate the improvement of the credit system... A better consumption environment will make consumers feel more comfortable buying.

With the accelerated implementation of a series of policies and measures such as increasing residents' income, improving the consumption environment, and improving product quality, China's consumption potential will be further unleashed, and the economic ship's confidence in making steady progress in the international storm will continue to increase.