With the arrival of 2024, the social consumption sector presents several remarkable shifts, which not only reveal new trends among the younger generation, but also reflect their new attitudes towards consumption.
For young consumers, the criteria for choosing a smartphone have changed radically. In previous years, Apple's iPhone became the first choice of many young people because of its advanced system and attached social status. However, in the fourth quarter of 2023, Apple's sales in China fell by 13%, and its market share also fell by 8% compared to the same period of the previous year. On the contrary, the sales of domestic mobile phone brands such as Huawei and Xiaomi have risen sharply, with Huawei's shipments increasing by 47%, Xiaomi increasing by 12%, and Huawei's market share increasing from 8% to 12% in a year.
In terms of clothing consumption, the choice logic of young people has also undergone a significant change. In the past, many young people preferred imported luxury goods and Western styles, believing that they represented fashion and identity. But now, they pay more attention to quality and cost performance, and domestic brands and traditional cultural elements are becoming more and more popular. Especially during the harsh winter months, domestic down jacket brands such as Bosideng and Yaya have seen a surge in sales on e-commerce platforms. Clothing with elements of the Year of the Dragon has become a new trend, and the sales of warm clothing and sweatshirts with the theme of the Year of the Dragon have increased significantly, and many of them are post-90s consumers.
There has also been a shift in preferences in the automotive market. In the past, Japanese cars were favored by Chinese consumers for their quality and design, but in the last year, almost all Japanese brands have seen sales decline by more than 20 percent, and their market share has fallen to just 17 percent. At the same time, domestic auto brands such as BYD, Changan and Geely have achieved double-digit sales growth, while emerging auto brands such as Li and NIO have also achieved remarkable results. This shows that young consumers are no longer simply pursuing brands, but are more confident in choosing domestic cars.
The way the New Year is celebrated also reflects a shift in the mindset of young people. Instead of blindly pursuing high-value red envelopes or overseas travel, they tend to lower the standard of New Year's gifts, believing that it is more important to maintain a sense of ritual during the New Year. At the same time, more people choose to return to their hometowns to enjoy the beauty of China, and the unique charm of cities such as Harbin has begun to be valued.
These changes mark the maturity and self-confidence of the younger generation in terms of consumption concepts, and they pay more attention to practicality, quality and cultural value, rather than blindly following trends. In 2024, this rational and confident consumption attitude indicates that the consumer market will usher in a high-quality development stage.