Consumption is becoming the main driving force for China's economic growth. According to data released by the National Bureau of Statistics, the contribution rate of domestic consumption to economic growth in the first three quarters of this year was as high as 832%。However, the pressure of insufficient domestic demand still disturbs consumer companies all the time, but we see that many companies still achieve rapid growth in 2023 after withstanding the impact of the epidemic, demonstrating their resilience and brand capabilities.
In the recent economic work conference, it was proposed to vigorously develop digital consumption, green consumption, and healthy consumption, and actively cultivate new consumption growth points such as smart homes, entertainment and tourism, sports events, and domestic "trendy products". Among them, the domestic "trendy products" were proposed as a new consumption growth point for the first time at the first level.
In recent years, consumer companies that have been able to demonstrate resilient growth and brand power have mainly seized the trend of digitalization, intelligence, health and green, and the revival of domestic products. According to the "2022 Douyin E-commerce Domestic Products Development Annual Report", in 2022, the sales volume of Douyin e-commerce domestic brands increased by 110% year-on-year. This year, 11,243 domestic brands entered the "100 million yuan club" on Tmall.com. Jingdong data also shows that the consumption of domestic products after the 90s and 00s accounts for 62%, becoming the absolute main force of domestic consumption.
Young people are chasing the future. In 2020, the whale platform launched the "Whale Tide Award", which is the first award for consumer enterprises in China after the "demand-side reform" was proposed. The "Whale Tide Award" is committed to screening out outstanding consumer brands rooted in China and helping the development of China's "new forces" in consumption. In the past three editions, we have selected outstanding brands such as Wolon Nuts, Beauty Beauty, Daily Black Qiao, Bosideng, etc., and helped the development of these brands.
2023 is the year of recovery of China's consumption, and the growth of many consumer brands after the test of the epidemic is even more commendable. The Whale Tide Award has also experienced the test of the epidemic and continues to accompany the brand growth of Chinese consumer enterprises.
In this year's Whale Tide Awards, we follow the changes in the market and pay more attention to the blessing and promotion of new technologies and models such as digitalization, intelligence, socialization, and personalization to consumer brands.