Beijing, China, December 26 (Reporter Wan Yuhang) On December 26, a large-scale media-melting activity of "Yang Guangwang Financial Annual Dialogue 2024" was held in Beijing. At the meeting, Yangguang. com and JD.COM Economic Development Research Institute jointly released the Report on New Consumption Trends in the Digital Economy (hereinafter referred to as the Report). Zhu Taihui, vice president of JD.COM Economic Development Research Institute, explained the development trend and suggestions of new consumption under the digital economy.
Zhu Taihui, Vice President of JD.COM Economic Development Research Institute.
This year’s "Government Work Report" puts forward "cultivating and expanding new consumption"; In July, Politburo meeting of the Chinese Communist Party emphasized that "we should focus on boosting consumption to expand domestic demand", and the focus of economic policy should shift more to benefiting people’s livelihood and promoting consumption. The recent Central Economic Work Conference clearly put forward "vigorously boosting consumption" and "implementing special actions to boost consumption". The Report believes that with the increasing emphasis on releasing new consumption potential, it has become a consensus that consumption development needs the joint efforts of traditional consumption and new consumption.
According to the Report, new consumption presents five major trends: intelligent consumption, green consumption, healthy consumption, national fashion consumption and instant retail.
New consumption is embodied in digital consumption. Online consumption promotes the efficient connection between supply and demand, and the development of artificial intelligence technology promotes the expansion and quality improvement of consumption. According to the Report, online consumption shows three characteristics: the explosive growth of intelligent product consumption, the rapid rise of new technology and new product consumption, and the increasing demand for online service consumption.
New consumption has the characteristics of "green consumption". Green consumption conforms to the general trend of energy conservation and emission reduction and accelerates the transformation and upgrading of industrial structure. From the demand side, low-carbon and environmentally-friendly consumption patterns are increasingly favored by consumers. For example, the turnover of energy-saving products such as flat-panel TVs, dishwashers, air-conditioning suits and ice-cold suits marked with first-class energy efficiency labels on e-commerce platforms has increased substantially.
New consumption has a healthy consumption trend. On the one hand, under the trend of "aging" of the population, the consumer demand for medical care, health and nursing has increased rapidly. On the other hand, in the digital age, medical and health services are constantly expanding. With the rapid development of smart medical care and Internet hospitals, a new consumption model and new ecology of "internet plus Medicine" has been formed with the participation of medical institutions, pharmaceutical production and operation enterprises, insurance companies and information technology service providers.
New consumption has the element of national tide. The consumption heat of domestic products is rising, and the design of national products is integrated with traditional culture, which has a strong spiritual connection with consumers and injected innovative kinetic energy into traditional commodity consumption. The popularity of "national tide" has promoted the combination of goods and culture, and made traditional consumption glow with new vitality.
New consumption promotes instant retailing. According to the Report, the size of China’s instant retail market reached 650 billion yuan in 2023, up 28.89% year-on-year. It is estimated that the size of the instant retail market will increase to 3.6 trillion yuan in 2030. The deep integration of online and offline consumption will open a broader market space for instant consumption.
In order to promote the healthy development of new consumption and help boost consumer confidence, Zhu Taihui suggested in sharing that the new consumption potential can be fully released by improving the following four aspects: First, increase the support of private economic innovation policies and promote the integration of innovative consumer services by large, medium and small enterprises; The second is to improve the supervision mode and means of digital technology innovation and create a fair and open consumption innovation environment; The third is to promote the efficient connection between consumption promotion policies such as trade-in and new quality productivity development, and form a linkage between supply and demand; Fourth, actively develop consumer credit and strengthen the coordination of financial support and financial subsidies in the trade-in of consumer goods.
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