China's consumer market has experienced strong growth and transformation over the past decade. In the past month, China's total retail sales of consumer goods increased by 10% year-on-year1%, an increase of 2 from the previous month5 percentage points. As an important engine of economic development, consumption has played an important supporting role in creating a high-quality life, promoting high-quality development and building a new development pattern.
1. The scale of China's consumer market has been steadily expanding
In the past decade, China's total retail sales of consumer goods have increased from 238 trillion yuan increased to 44 trillion yuan. China's consumer market is the world's second largest consumer market, the world's largest online retail market, and the world's second largest import market. With the increase in the size of the Chinese population and the continuous growth of the middle class, the size of the consumer market continues to expand.
2. The structure of China's consumer market continues to upgrade
China's consumption structure continues to be optimized, and service consumption accounts for an increasing proportion. In the past decade, the per capita consumption of services accounted for 39 percent of household consumption7% to 432%。At the same time, the Chinese market has also continued to introduce good products from around the world, and the import value of consumer goods accounted for 11% of the total imports.
3. New consumption is booming
New consumption methods such as green, healthy and smart consumption have flourished in China in recent years. In 2022, China's new energy vehicle sales reached 68870,000 units, with a market share of 256%。New formats and models such as smart home appliances, instant retail, hobby e-commerce, and mobile payment have also developed rapidly.
Over the past decade, China's consumer market has continued to innovate and transform to adapt to consumers' changing needs and consumption patterns.
1. Consumer behavior is diversified and personalized
The consumption behavior of Chinese consumers has shifted from focusing on "quantity" to pursuing "quality" improvement. Consumers are paying more and more attention to the consumption of tourism, fitness, entertainment, health care and other aspects, and the demand for personalized and customized goods and services is also increasing.
2. The rapid development of digital and intelligent consumption
The new generation of consumers is increasingly demanding digital and smart ways of consuming. The emergence of new formats and models such as smart home appliances, live-streaming e-commerce, and social e-commerce has organically integrated online and offline consumption, which not only greatly improves consumers' shopping experience, but also promotes the development of the digital economy.
China's consumer market has huge potential and broad prospects, and it is a blue ocean worth exploring for both domestic and foreign enterprises.
1. Growth in per capita GDP and consumer demand
The per capita GDP of Chinese exceeds 120,000 US dollars, in the critical period of rapid upgrading of residents' consumption structure. With the recovery and development of the economy, residents' consumption demand will continue to be released, and the scale of consumption will continue to expand.
2. Foreign-funded enterprises continue to be optimistic about the Chinese market
More and more foreign companies are focusing on China's consumer market and increasing their investment in the Chinese market. Many multinational companies have increased their capital in the Chinese market and expanded their investment in China, expressing their optimism and confidence in China's consumption potential.
China's consumer market has made remarkable achievements in the past decade, with continuous expansion in scale, continuous optimization of structure, and the emergence of new consumption methods. The strong impetus of the consumer market has played an important role in promoting high-quality economic development, creating a high-quality life, and building a new development pattern. In the future, with the continuous development of China's economy and the continuous upgrading of consumer demand, China's consumer market will continue to maintain strong momentum and provide lasting support for economic development. At the same time, the innovation and transformation of China's consumer market will continue to deepen, digital and intelligent consumption methods will be further popularized, and the demand for personalization and customization will continue to increase. For enterprises, seizing the opportunities of China's consumer market and continuously innovating and optimizing products and services will be the key to achieving business growth and sustainable development.