New consumption stimulates new momentum for economic development

Mondo Finance Updated on 2024-02-06

Lifeng Culture, a subsidiary of Leyard Group, participated in the creation of the "Jinjiang Night Tour" light and shadow show, from the traditional clothing, food, housing and transportation, to smart cultural tourism, smart home, fitness and other fields, all kinds of digital, green and healthy new consumption is entering the homes of ordinary people. Consumption is the final demand and one of the important driving forces for high-quality economic growth.

The first economic work conference held at the end of 2023 emphasized that it is necessary to cultivate and expand new consumption, and vigorously develop digital consumption, green consumption, and healthy consumption. "Deepen the 'three products' action of raw materials and consumer goods, and boost bulk consumption such as new energy vehicles and electronic products. Jin Zhuanglong, Minister of Industry and Information Technology, said at the National Conference on Industry and Information Technology held in December 2023.

Through interviews, the reporter found that the integrated application of a new generation of information technology has significantly enriched the content and form of consumption, and consumer goods such as digital intelligence, green energy saving, and health and age-appropriate are becoming new hot spots for consumption, releasing the potential consumption demand of residents and increasing the happiness of the people.

Digital consumption: Innovation is the most dynamic and fastest-growing

In Chengdu, Leyard Group helped create the "Jinjiang Night Tour" light and shadow show, reproducing Jinjiang's business culture and waterfront life, showing a different Chengdu style; In Ningbo, China Telecom created the "Big Lotus" metaverse space, revisited the metaverse fireworks display of "Zhejiang Fireworks - Hangzhou Asian Games", and immersed yourself in the atmosphere of the Hangzhou Asian Games and the charm of "poetry and painting" in Zhejiang. In Chongqing, the Jiefangbei-Chaotianmen business district has made great efforts to improve the intelligent service experience, and the coverage of smart scenes such as smart shelves and virtual fitting mirrors has been continuously improved; In Guangzhou, the No. 001 store of Haier Three-winged Bird Guangzhou Experience Center was officially opened, and consumers immersed themselves in the "active and intimate" smart experience such as automatic washing machine laundry and automatic temperature and humidity control of air conditioners. In Fuzhou, HUAWEI CLOUD empowers the Fuyuan Universe Commercial District, China's first city-level new digital consumption landmark, allowing visitors to scan the building clusters with their mobile phones to enjoy the digital content scenes and complete the digital consumption experience. In Shanghai, the popular IP Fat Fat Dragon will be airborne in the Oriental Pearl City Plaza to send New Year blessings and provide an immersive and digital New Year garden experience for the majority of citizens, tourists and friends; In Beijing, riding a smart spinning bike has opened a "virtual gym" through the KT sports platform, and has a ...... of cloud gameplay with relatives and friends** such as real-time PK races and virtual route cycling competitions around the lake

In recent years, with the rapid development of a new generation of digital technology, the digital economy has shifted to a new stage of deepening application, standardized development, and inclusive sharing, and the digital transformation of China's consumption has accelerated. New formats and new models such as digital cultural tourism, live broadcast economy, and fitness are emerging in an endless stream, and new scenarios and new paradigms of pan-intelligent consumption such as mobile smart terminals, smart homes, and smart wearables have sprung up, showing unprecedented growth potential and development space.

Cultural exhibition halls, tourist venues, characteristic blocks, etc. actively develop virtual reality digital experience products to make the intelligent and immersive service experience "live". The new format of immersive entertainment in the metaverse created by Tiantu Wanjing and Huawei (Beijing) Virtual Reality Innovation Center, Super Space Super Sensory Video Tour, allows the audience to open the "script killing" under the immersive sound and light rendering, so that the story can be vividly presented in front of the audience's eyes without the shackles of paper. Tulagu, the founder of Tiantu Wanjing, told the reporter of "China Electronics News" that the super sense movie game can not only bring a better user experience, but also save time compared with traditional script killing, and realize the vision of promoting the positive cycle of industry development by improving the commercial turnover rate of merchants.

Tongyi Qianwen online photo studio.

Alibaba Cloud Tongyi Qianwen APP launched a series of Spring Festival applications, covering new ways to play image generation such as family portraits, New Year's greetings, and Jackie Chan of all things. The reporter learned from Alibaba Cloud that multi-person portrait generation is more difficult and technically complex, and the project team of Ali Tongyi Laboratory has developed a multi-id portrait generation method to realize the ability of multi-person portrait reasoning at one time, which improves the generation efficiency by more than 1 time; At the same time, based on the scene of multiple people in the family portrait, combined with expression generation, light fusion and other technologies, the overall image quality is improved, making the generated family portrait more realistic and atmospheric.

The wide application of electronic information technologies such as big data, cloud computing, artificial intelligence, and virtual reality in smart fitness has helped the scene perception, data, and social contextualization of personal sports and fitness continue to deepen, which not only opens up new scenarios for personal sports and fitness activities, but also creates a new ecology for digital sports consumption.

The reporter learned from the KT online sports platform that it has opened more than 3,800 online virtual gyms and more than 1,000 online venues. In the next 3 to 5 years, KT Sports hopes to achieve more than 500 million sports services, so that 100 million users can experience flexible and convenient intelligent sports across time and space. "This not only effectively complements offline physical sports venues and facilities, but also provides novel sports experience and cloud event experience combined with intelligent sports equipment, thus forming a new consumer field. The relevant person in charge of Beijing Budai Forest Technology Co., Ltd. told the reporter of China Electronics News.

Home appliances and household products have developed from single-point intelligence to whole-house intelligence. Haier washing machine pioneered 3D perspective drying technology, "internal perspective and external detection of clothes, through intelligent algorithms, real-time and accurate grasp of the overall dryness and humidity of fabrics, down jackets, blankets and other heavy clothes can be dried at one time, without the need to dry twice, and the clothes will stop when drying, and will not be over-dried and damage the clothes." Deng Qiuwei, vice president of Haier Smart Home and general manager of Whole House Intelligence, introduced. It is reported that Haier Smart Home Brain has been connected to more than 140 categories and more than 400 ecological categories, with 2.4 billion monthly scene interactions, providing smart life services for many families.

Interior view of Haier Three-winged Bird Guangzhou Experience Center No. 001.

Digital consumption is becoming increasingly popular in the online market pattern of integrated e-commerce, content e-commerce, and O2O e-commerce. Nowadays, e-commerce is seizing AIGC, and e-commerce platforms such as JD.com, Pinduoduo, Douyin, and Xiaohongshu have launched digital humans, AI content tools, and AI business analysis tools. Ping Xiaoli, vice president and general manager of e-commerce, revealed that in 2023, the GMV of Preferred will increase by 594% year-on-year, and the number of transaction users and mobile sales merchants will increase by 4 times and 3 times respectively. Among them, the AI model participated in the transactions accounted for 20% of the total transactions.

Wang Lei, a researcher at the Market and ** Research Institute of the China Academy of Macroeconomics, said that digital consumption has become one of the most innovative, fastest-growing and most influential consumption fields, and has entered a stage of rapid development. The market potential of digital consumption continues to transform into a strong driving force for improving people's livelihood and well-being, expanding domestic demand, leading industrial upgrading, and promoting economic growth.

Green consumption: the development of new kinetic energy, the most favored by users

On February 1, BYD and many other new energy vehicle companies announced their monthly sales reports for January 2024, and BYD's new energy vehicle sales were 20150,000 units, a year-on-year increase of **3314%。The sales of automobiles such as AITO, Ideal, Aion, and ZEEKR increased year-on-year respectively, and the new energy vehicle market made a "good start".

With the acceleration of China's industrial green development, the market popularity of new energy vehicles, household photovoltaics, green home appliances and other markets continues to rise, vigorously enhance the supply of green products, cultivate and expand green consumption, and provide strong green development momentum for high-quality economic development.

According to data from the Ministry of Industry and Information Technology, in 2023, China's automobile sales will exceed 30 million, of which 949 new energy vehicles will be sold50,000 units, a year-on-year increase of 379%, with a market share of 316%。The year-on-year growth rate of electric vehicle deliveries of many new energy vehicle companies exceeded 100%.

Zeng Qinghong, chairman of Guangzhou Automobile Group, said that it is necessary to further improve the subsidy policy for new energy vehicles, with the purpose of boosting and encouraging the consumption of new energy vehicles, tilting the subsidy policy to the demand side, and accelerating the construction of new energy vehicles for the purpose of tilting the subsidy policy to the construction side.

Geely Automobile 4S store.

The reporter learned from BYD that in 2024, the new energy vehicle industry will continue to maintain a strong momentum of development, and it is expected that around 2025, the penetration rate of new energy vehicles in China will increase to 70%, which will be a major opportunity for Chinese brands. He Zhiqi, senior vice president of BYD shares and chief operating officer of passenger cars, said that the scale of the new energy vehicle market will continue to expand in the future, and the market competition will become more intense, and it may enter the elimination stage.

Household photovoltaic is considered to be one of the energy methods closest to people's lives by placing photovoltaic panels on the idle roof or courtyard of family houses, and users can obtain a share of power generation revenue or roof rental income.

Walking into Ludong Village, Santang Town, Nanning, Guangxi, rows of dark blue solar photovoltaic panels are neatly erected on the roofs of villagers. "My roof is about 300 square meters and 117 photovoltaic panels have been installed. Lu Xuhua, a villager in Ludong Village, used his mobile phone to show reporters his "photovoltaic bill". The reporter learned that the photovoltaic roof is free to install, which can not only save about 100,000 yuan in installation costs, but also produce nearly 40,000 kilowatt-hours of electricity per year on average, bringing more than 2,000 yuan of power generation income.

Skyworth is located in Ludong Village, Santang Town, Nanning, Guangxi.

Ma Long, director and general manager of Shenzhen Skyworth Photovoltaic Technology, told the reporter of China Electronics News: "With the improvement of photovoltaic power generation efficiency and the continuous decline of the first chain, the economy of distributed photovoltaic has been revealed, which can only be deployed in more than 10 provinces (autonomous regions and municipalities directly under the central government) before, and now all provinces can participate, and in 2024, distributed photovoltaic will continue to maintain stable growth." In the future, Skyworth PV will continue to promote diversified green and low-carbon development, broaden the application scenarios of new energy business, gradually develop industrial and commercial photovoltaics, integrated smart energy management and other businesses on the power consumption side, and seize the market outlet to build more power stations. ”

Similarly, in Feijiazhuang Village, Shijiazhuang City, Hebei Province, a 180-square-meter roof covered with solar panels can produce an average of nearly 40,000 kilowatt-hours of electricity per year, bringing nearly 3,000 yuan in power generation revenue. Jiang Hua, assistant secretary general of the China Photovoltaic Industry Association, said that in the future, the application scenarios of household photovoltaic will continue to expand and deepen, not only along the railway line, highway slopes and other layout of distributed photovoltaic power stations, but also the combination of distributed photovoltaic and shared bicycles, charging treasures and other mobile energy products, further integrated into everyone's daily life.

Home appliance companies are competing to launch energy-efficient, environmentally friendly and energy-saving products, which are favored by consumers. Haier**The water consumption of the washing machine is 38% less than that of the traditional washing machine,Midea will increase the thermal efficiency value of microwave oven products to60%,Hisense100The power consumption of the inch laser TV is reduced to only about 250W,TCL fresh air conditioner adopts AIInterization algorithm to predict the temperature and save energy up to 40%. According to the data of Aowei cloud network, the proportion of new first-class energy-efficient household appliances will continue to increase in 2023, and the proportion of online and offline sales will reach 763% and 841%。

Jiang Feng, executive director of the China Household Electrical Appliances Association, said that household appliance companies need to actively carry out the layout of electric instead of gas products, tap new markets for products in the demand for cooking, hot water, heating, etc., actively develop household appliances that use green energy, explore ways and means to achieve carbon trading, actively carry out consumer education activities, and release carbon emission reduction results reports in a timely manner.

Healthy consumption: fashionable and intimate, new highlights of growth

TCL ultra-thin zero-embedded series refrigerators.

With the Spring Festival approaching, consumers are busy buying New Year's goods, and the enthusiasm for health-related products has been ignited. In the past month, the sales of anti-dry burning gas stoves, electric water heaters for the elderly, barrier-free smart toilets, blood glucose meters, beauty care and other products have continued to increase. E-commerce platforms such as JD Health and Suning Tesco have launched themed activities to provide value-for-money health products. The data shows that since the launch of the first activity, the sales of floor scrubbers, dishwashers, dryers and other products in Suning Tesco stores have increased significantly, and the county and town markets have shown a new consumption trend of "health, trend, quality, and one-stop change".

Industry insiders told reporters that healthy diet, healthy air, healthy water, and health have become the key factors that consumers pay attention to when buying household appliances. Refrigerators equipped with sterilization and preservation functions, fresh air air conditioners with sterilization and purification functions, and washing machines that can achieve healthy partition washing are favored by consumers, and emerging healthy home appliances such as self-cleaning electric water heaters, antibacterial gas water heaters, and sterilization dishwashers are accelerating market popularization.

An electronic ECG monitor that can be done by yourself without the help of others.

The reporter learned that home appliance brands have joined forces with the upstream and downstream of the industrial chain to expand the layout and scale of new categories such as healthy home appliances. Midea has established a brand of home appliances for the elderly, Meiyixiang, and has launched a water heater equipped with a fall call function and a gas stove with an anti-dry burning function to meet the needs of the silver-haired group and the safety of daily life. TCL Home Appliances has released a series of healthy home appliances such as "global pollution-free" washing machines and crystalline film cryogenic refrigerators. Casarte humidification, purification and disinfection all-in-one machine brings together multiple functions such as air purification, air disinfection, and air humidification. Panasonic has launched products for daily living and enjoying life, such as smart electric beds.

Xu Jianfeng, head of the product strategy department of Jiangsu Midea Clean Electrical Appliance Co., Ltd., believes that from the perspective of the field of cleaning appliances, consumers are no longer simply satisfied with basic cleaning, they pay more attention to sterilization, mite removal, disinfection, and 360° deep cleaning of the whole house. China's floor scrubber market has developed by leaps and bounds in the past three years, which is based on consumers' deeper demand for health.

Wang Lei, secretary-general of the China Household Electrical Appliances Association, said that health has become a necessary innovation point in the home appliance industry, and has become a key point to boost consumption and promote trade-in.

According to the total data of Aowei Cloud Network (**c), in the first three quarters of 2023, the scale of China's home appliance retail market increased by 1 percent year-on-year7 percentage points, the growth of categories with health labels is more obvious. The omni-channel of fresh-keeping refrigerators increased by 29% year-on-year, and the market of large-volume range hoods, bubble washing water heaters, induction clamshell smart toilets, disinfection machines, and water purifiers with integrated heat purifiers increased year-on-year respectively.

Xue Xiaobin, director of the marketing department of Shanghai Linnei, believes that around health, the field of home appliances is undergoing trend changes, first, health functions are becoming the standard configuration of more and more products, and consumers pay more attention to health functions when purchasing; The second is the rise of full-scene health, for example, the trend of "water health" has covered whole-house water scenarios such as drinking, bathing, and washing; Third, the trend of intelligence is significant, and enterprises should make it more convenient for consumers to enjoy the benefits brought by health technology.

Referring to the future consumption trend of healthy home appliances, Wang Hongji, general manager of GFK Zhongyikang White Appliance Division, told reporters that healthy home appliances need to adhere to the integration of product innovation and "intelligent, green and energy-saving, and high-end", and products such as healthy partition washing machines, home health cleaning centers, healthy sterilization refrigerators, and sterilization fresh air conditioners will further grow rapidly.

Author丨Lu MengqiEditor丨Qiu Jiang YongmeiEditor丨Maria Producer丨Lian Xiaodong.

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