In the past year, macroeconomic data and social consumption data have shown a positive trend of continuous recovery of China's market. Online retail sales of physical goods increased by 84%, accounting for 27 percent of the total retail sales of consumer goods6%, a record high, becoming an important force in consumption-driven economic growth. What are the underlying drivers behind growth? Where will the new consumption increment in 2024 come from**? How can brands capture new consumption opportunities? The 2024 Tmall Consumer Trends Report unveils them one by one.
In a relatively robust overall growth environment, we look at the online retail landscape and see that consumption continues to evolve.
Consumer evolution is the underlying driver of growth
The four major types point to the new consumption of the future
In Taotian Group's "2023 Consumer Stargazing Campaign" for more than 5,000 consumers, 57% of consumers believe that the most important thing in life is to make themselves as happy as possible. But at the same time, rationality and prudence are still their background, the same survey data shows that 77% of consumers say that they will consider practicality and shop around when shopping.
We find that today's consumers are multi-dimensional and multi-faceted, they are not simply rational or emotional, but "intellectual", that is, they have a deeper understanding of consumption, and have a clearer judgment of their own needs and external supply, so they appear to be more comfortable in consumption.
Consumer Evolution Four Quadrants, **2024 Tmall Consumer Trends Report
The consumption mentality is both rational and emotional, and the depth of inward and outward exploration is increased in consumer behavior, so consumers appearFour categories of typical characteristics
"Centripetal".It represents the demand of consumers to pay attention to their own feelings and desire emotional satisfaction, and promotes the growth of interest consumption and emotional healing consumption;
"Playing Beauty".It represents the attitude of consumers eager to go deep into the trend world, walk in the forefront of fashion, and explore multiculturalism, which is also the driving force for the growth of fashion consumption and beauty consumption;
"Out of the circle".It represents the continuous exploration of consumers, actively seeing and experiencing new consumption trends, and rationally identifying and judging the behavioral characteristics of the final order, which drives the growth of outdoor sports and other categories;
"Microscopic".It represents people's macro insight into individual needs in personal daily needs, the pursuit of professional functions in the details, and the definite satisfaction demands, driving the emergence of more subdivided consumer goods.
These four major consumer trends show the change of consumers' own mentality, and are also reshaping the consumption pattern and bringing a new round of growth trends.
8 trend propositions and 41 trend scenarios
Marking a new high ground for growth brought about by the trend
InCentripetal, playful, out of the circle, microscopicUnder the trend of the four major groups, new characteristics of category consumption have also emerged. These trending categories represent new consumer needs and delineate the incremental space for future growth. Through the data of the Tmall platform, we observed the growth trend of diversified categories and concluded that:8 trend propositions and 41 trend scenarios to watch in 2024.
8 trend propositions and 41 trend scenarios worth paying attention to in 2024, **2024 Tmall Consumer Trend Report
When consumers pay more and more attention to the satisfaction of emotional value and hope to pamper themselves through consumption, interest consumption and healing products have become their favorites and promote the payment of interests"Love what I love".Boom, with paying for health"Slow system healing".Trend.
Consumers who pay attention to beauty and trend continue to integrate aesthetic appeals into clothing, home furnishings and other categories, they hope that their outfits adapt to different scenes, and hope that the living space will be more stylish, reflecting their life yearning and cultural desire, which is also promoted"New Tunes of the Runway".with"Putting the family first".consumer trends.
The desire to go outdoors and to the world is a very obvious consumer trend in the past year. Consumers who want to be in touch with nature are rushing"Endless Wild"., eager to expand the width of life of consumers in-depth"Explore in situ"., eager to experience the consumer choices of the future"Symbiosis of science and technology".。These trends are also driving the rapid growth of outdoor sports, equipment, and technological innovation products.
In addition, consumers also pick up an eight-fold lens to magnify every detail in their daily lives and experience"Magnification Life".。They have higher and higher requirements for goods, and in addition to the satisfaction of basic functions, they are more eager to get targeted and effective solutions.
Learn more about the 41 trending scenarios
Discover the changes in the performance of people and goods, and gain new business increments
Click here to view the "2024 Tmall Consumer Trends Report".
Look for trending marketing methods that can be replicated
Tmall PRO trend increment model
Many new consumer trends have emerged, bringing new growth opportunities. But how can companies spot new consumer trends earlier? How to accelerate the penetration of trends? How to drive the outbreak of the trend? Based on consumption big data and merchant research, Tmall has summarized a set of systematic trend growth methods based on platform capabilities and operational experienceThat is, the "pro" trend increment model - trend insight (point-out) trend start (release）→OutcomePro represents both professionalism and flagship, highlighting Tmall's ability to provide brands with a more professional and systematic trend increment - to help brands better grasp the outlet, layout in advance, and take advantage of growth.
Tmall Pro Trend Increment Model, **2024 Tmall Consumer Trend Report
The first is to gain insight into the trend, and to identify the trend from the massive market data, so as to determine the next marketing action. Merchants can establish a "data grid" model, on the one hand, the whole network scan the market to capture the big data of each channel, on the other hand, it also needs to be accurately focused, according to the personalized needs of the brand, mining small data of the crowd, big data combined with small data, so as to form a data grid, and then conduct in-depth research on the pioneer consumers who are susceptible to the trend to form a concrete trend prediction.
Secondly, in the trend stage, it is necessary to achieve large-scale target population penetration. Merchants need to anchor the target group, and after identifying the macro consumption trend of the industry, they can use Tmall strategy crowd 20's multi-dimensional and granular crowd classification and labeling tools help brands capture precise target customers in specific trend markets. In addition, it is also necessary to strengthen the ability to penetrate trends, build a trend operation mechanism with the help of AI intelligent technology, and strengthen the emergence of trend supply through various fields to reach more users.
Finally, in the stage of promoting the outbreak of the trend, enterprises need to build a set of marketing matrix of marketing detonation, daily detonation, and cycle re-explosion, so as to obtain business increment under the trend in the whole cycle. In the past few years, Tmall's "trend marketing" system has been built under this logic, from predicting consumption trends in advance, and then strengthening people's perception of trends on the consumer side through Tmall's unique marketing, operation, technology and other capabilities, thereby providing stronger acceleration for merchants to grow by trend.
Moore, general manager of Tmall Marketing Department of Taotian Group, said: "One of the core advantages of Tmall is its systematic marketing capabilities. This kind of marketing ability is from the user's perspective, and we will capture the consumption trend from the user's perspective, and organize and present categories, merchants, and goods. Trends represent new increments in the consumer field, whether it is to cater to the general trend or the change of small trends under the general trend, we will run in small steps, conduct rapid testing, fast launch, and respond to the needs of users in a timely manner. At the same time, we are also influencing merchants to increase their investment based on the needs of users, so as to achieve business scale. "Liu Yue |Wen.
Liu Yue is the planning director of the Harvard Business Review's new ** center for the Chinese edition.