Editor's note:Has your consumption gotten higher or lower this year?Some people downgrade their consumption and buy low-cost replacements, while spending on travel, concerts and other expenses. In 2023, will everyone spend more money more sparingly, or will they "squander" more?I recommend you to read this article and see that there are ** interesting data in the 2023 consumption report.
2023 is a year of "low prices": the "9 Pieces 9" trend has changed from coffee rolls to milk tea, various discount stores are popular, Hema "moves mountains", Meituan "tug-of-war", and Pinduoduo's market value exceeds Ali's ......
2023 is also a year for people to "spend money like water": major tourist cities are crowded with everyone, everyone is everyone, and concerts continue to be popular, just in the first half of the yearThe box office of commercial performances nationwide increased by 673 year-on-year5%。
In this seemingly contradictory contrast, we wonder what has happened to young people's consumptionAre they more conservative or more generous?What are the factors influencing young people's consumption?
At the beginning of December this year, DT Business Observer released a "2023 Youth Consumption Survey", with a total of 1,148 respondents participating. Among them, nearly 7 are women, about 8 percent are post-90s, post-95s and post-00s, and 9** are from first-tier, new first-tier and second-tier cities.
So this survey is to a certain extentIt reflects the consumption trends of big cities, women, and young people.
Spent more overall than last year
The structure of consumption has changed**Income rises, nearly 6** more than last year
On the whole, about 3** annual income has increased this year, but nearly 6** have spent more than last year.
Breaking down the breakdown of different age groups, changes in expenditure and changes in income are basically linked.
The younger group earns more and spends more than last year :
The proportion of post-00s and post-95s whose annual income is "about the same" or even "rising" this year is more than 85% compared to last yearThe proportion of "spending more than last year" is also close to 7 percent.
The post-80s and post-85s have seen a smaller increase in annual income this year, and even close to 4** This year's annual income has declined. Correspondingly, the proportion of consumption that chooses "spending less than last year".Higher than other age groups.
It is worth noting that this is a relative change in the respondents' own situation, and does not mean that the absolute value of income or expenditure of the post-00s and post-95s is necessarily higher than that of the post-85s and post-80s.
2. The consumption of service products has increased, and the consumption of beauty and clothing has decreased
What exactly are people spending more money on on them?
Specific to consumer goods, except for durable goods such as automobiles, consumer spending on household appliances, household necessities, books and stationery has not changed much.
Consumption on FMCG products has been differentiated: beauty and personal care, clothing, shoes and bags have declined significantlyFood and beverages, sports and outdoor products are relatively up.
The most obvious is that,In terms of service products such as tourism, performances, and medical beauty experiences, expenses have increased.
The same change in consumption structure is also reflected in the consumption of new products.
In a category where people are happy to try something new:It is still the service product that ranks firstFood and beverages followed, followed by clothing, shoes and bagsBeauty & Personal Care is only ranked eighth.
In the 2021 new product survey of "DT Research Institute", the top 5 new product categories with the highest purchase intention are: clothes (612%), cosmetics and skin care products (55.).7%), food and beverage (49.).5%), shoes (42.6%) and mobile phones (413%）。
A new consumer trend:
Rational emperialismThe change in consumption structure stems from the change of consumption concept.
Combined with the survey data, we summarize the general trend of consumption this year as:"Rational experientialism" (rational pragmatism in 2022):
"Experience" refers to if a product or service can indeed bring a better user experience or satisfy one's emotional valueYou can also buy it if it's a little more expensive.
For example, when traveling, you are willing to pay more money to stay in a better hotelPaying a premium for products with a better user experience, etc.
Rationality refers to the fact that they value cost performance while taking into account quality and actual needs, and often find the optimal solution for consumption through multi-platform price comparison and looking for replacement.
In the following, we will focus on the two keywords of "experience" and "rationality", combined with data for specific analysis.
Let's start with the experience.
1. Nearly half of people consume more for emotional value
In addition to the "increased demand for use" in the case of items with significantly increased expenditures, there are two important reasons: the goods and services provide emotional value to themselves (493%), I have developed a new hobby this year (416%）。
This year's fashion trends can also correspond to this: from Zibo barbecue to special forces travel, from outdoor tides, concerts to now Northeast travel ......
The biggest difference between them and other consumer goods is that people go from simply "buying-using".Become an active, immersive, experiencer.
In comparison, only 156% of people consume more because of "upgrading in quality, function, appearance, design, etc.".Because less than 10% of the hoarding or commodity prices have risen.
Overall, the main reason for the increase in expenses is the pursuit of more spiritual life. At the beginning of the year, this pursuit may have been more out of a "revenge trip" for three years of the epidemic, but nowIt has gradually transformed into a kind of daily healing that is timely and enjoyable.
2. Willing to spend more money and try new things for the "user experience".
Young people are still willing to pay more for goods, provided that the goods themselves are "worth it".
How can you tell if a product is worth it?
On the whole, "life is urgently needed" (700%) "Quality" (699%) and "user experience" (68.)8%) ranked in the top three and were basically the same. However, the post-00s, post-95s and post-90s all put "user experience" in front of "quality".
If a product or service can provide a better experience, such as "skin care products feel and work better", "digital products are smoother to use", "hotel accommodation is more comfortable, make yourself happier", ......The young man was happy to pay a premium.
Similarly, if a new product can bring them a better experience, they are willing to spend money to try it.
The key is that the protagonist of the "user experience" is one's own feelingsand not product attributes or other people's descriptions.
3. Squatting in the live broadcast room is not as good as visiting the store offline
Another manifestation of "experientialism" is in people's preference for consumption channels.
The survey data shows thatThe popularity of "returning to offline" after the epidemic continues.
Although the most commonly used shopping method is still e-commerce platforms (964%), but there are 366% of people also chose "offline shopping".Higher than live room shopping (213%）。
We've asked similar questions in our consumer surveys over the past two years, and the data we get is very close – 36 percent of people choose to shop offline in 20212%, 40 in 20221%，This year it's 366%, which is basically at the same level.
Another set of data from Winshang.com shows that since the second quarter of this year, the passenger flow of shopping malls has recovered to the level of 2019 and continued to grow in the third quarter, with a year-on-year increase of 209%。
But an interesting finding is that malls and merchants have found thatYoung people are more keen to visit the B1 and B2 floors of shopping malls, which have the largest concentration of low-cost retail and small food and beverage outlets.
It can be assumed that people still want to be "present" and experience the connection with the productHowever, it is not necessary to consume high-premium goods in shopping malls.
Of course, young people pursue a sense of experience, and there is also a rational consumption side.
4. Even if it's cheap, I don't really want to stock up
In 2023, there are only two categories in which people will significantly reduce their spending: one is beauty and personal care, and 15 people choose to "consume more".8%, and 39 percent "consume less".8%, the second is "clothing, bags and shoes", and 26 choose "consume more".7% and 42 for "spending less".1%。
"Spend less" reason, concentratedOn the matter of "buy less":
Less demand for use, having bought last year, reducing or no longer hoarding goods are among the top three reasons for less consumption.
Under the question "Share a replacement product that you are impressed by or reduce the purchase", many respondents mentioned that even if it is a big promotion or a discount, it is really cost-effectiveI will also consider using up the ones on my hand first.
5. Look for replacement, but the premise is that the quality is about the same
Buy cheaper" is also one of the reasons to reduce expensesThere are 225% of people saved money because they were looking for a "replacement".
However, we noticed that the most frequently cited words by respondents were "poor quality" and "same effect" when choosing a replacement"It's no bad to use." For example:
From a well-known foreign outdoor brand to a small domestic OEM brand, the quality difference is not large, to meet the needs of daily use, the difference is nearly 1,000 yuan. ”
All kinds of daily necessities are bought in PDDOn average, it's a lot cheaper, but it's the same as it gets.
The mobile phone used to be changed every two years, but now it is expected to be 4-5 years. The car used to be replaced every 5-6 years, but now it is expected to take 10 years. The extended replacement cycle of these durable goods does not affect the actual use experience. ”
In other words, even if you reduce your budget, you care about whether the product itself is good or not. As for whether the brand itself is a big name or not, it is not so important.
The survey data also shows that KOL recommendations, celebrity endorsements, and "big brands" and "new concepts" can no longer impress young people to pay premiums. Under the question of "why will you choose to repurchase", "quality pass" is ranked first.
This is also reflected in the previous joint report of "DT Business Observer", and the two main reasons for young people to buy co-branded products are:
Based on their own hobbies: I like co-branded IPs;
The product itself is OK: tasty, fun or easy to use.
.8% use Pinduoduo more often
According to the survey data, the top 5 shopping software that consumers use more frequently in 2023 are: Pinduoduo (45.)8%）、40.3%), Douyin (299%), JD.com (28.com).1%) and Xiaohongshu (175%）。
*Needless to say, JD.com is a traditional head e-commerce platform. This year, they are also in the "low price tide", starting the "lowest price on the whole network" war.
The most fierce rise is still Pinduoduo.
At the company level, Pinduoduo's market value once surpassed that of Alibaba;At the consumer level, Pinduoduo ranks first among the post-80s to post-00s in all age groups, and is most obvious among the post-00s (54%) and post-95s (50%).
In addition to the best advantages, many young people also favor Pinduoduo's after-sales service:Refund in seconds, and even have a "refund without return" service.
In addition, Douyin's total ranking in the survey has surpassed JD.com, and Xiaohongshu, which was originally a social content platform, has made efforts in e-commerce this yearIt has also allowed some people to develop new shopping habits.
*In addition to the quality factor, the changes in people's consumption on e-commerce platforms are also related to the experience of using the app. The form of short** or live broadcast is richer than the shopping experience brought by traditional shelf e-commerce. It is easy for consumers to be planted while browsing, and place orders while swiping **.
Write at the endTo summarize the core consumer trend of this survey: rational experientialism.
"Experience" is mainly embodied in:
In terms of consumption items, more travel and performance expenses;
In terms of product elements, they are willing to pay a premium for a better "user experience" or try new products;
In terms of consumption channels, consumers through offline store visits care about the experience of using shopping apps
"Rationality" is mainly embodied in:
In terms of consumption habits, reduce hoarding and leveling;
In terms of commodity elements, I don't eat KOL recommendations and celebrity endorsements;
In terms of consumption channels, consider the best factors and use Pinduoduo more.
In 2022, DT Business Monitor summarized the annual consumer trend as "rational pragmatism", and its core meaning is not frugality or pickingInstead, it rejects superfluity and waste, and establishes a self-respecting criterion.
This year, we believe that consumers continue the rational part, but at the "practical" level, the weight of emotional value and spiritual experience has increased.
If rationalism is to return objects to their own use value,"Experience" is to let consumption return to self-feeling.
Author: Zhang Chenyang Editor: Zheng Xiaohui Data: Dong Daoli Design: Qi Tonghui Operation: Su Hongrui Producer: Li Jingyu.