Consumer research

Some new trends of Chinese residents’ service consumption in 2021 From Meituan Research Institute

The following is the Some new trends of Chinese residents’ service consumption in 2021 From Meituan Research Institute recommended by recordtrend.com. And this article belongs to the classification: Consumer research.

“Based on the strategic basis of expanding domestic demand” is a major scientific judgment and strategic deployment made by China in the new development stage to accelerate the construction of a new development pattern. With the proportion of service consumption exceeding that of commodity consumption, service consumption market has become the “main battlefield” of domestic consumption. In recent years, with the penetration of digital service industry, China’s service consumption has shown some new trends in consumption scenes, consumption content, consumption groups, consumption quality and consumption order.

“Fingertip life” ignites the new engine of “house economy”

During the 13th Five Year Plan period, great progress has been made in the digital process of service consumption in China. The new consumption mode of online and offline integration is quietly changing the traditional out style consumption habits. The development and application of various kinds of apps enable people to switch freely between work, life, social interaction, entertainment and other scenes without leaving home, greatly increasing the “connection” between individuals and the outside world, and enriching people’s “fingertip life”.

According to the data released by China Internet Network Information Center, as of June 2020, the number of Internet users in China has reached 940 million, equivalent to one fifth of the world’s Internet users. Among them, there are 805 million online payment users, 381 million online education users, 276 million online medical users, 199 million remote office users, 410 million online takeout users and 340 million online car Hailing users. Another study shows that by the end of 2019, the total number of apps installed by Chinese mobile Internet users per capita has reached more than 60, and the daily usage duration of apps per capita has reached 5.1 hours. According to the latest data of wechat, an average of 780 million users will enter the circle of friends every day in 2020, 400 million users will use small programs, and the “fingertip life” relying on mobile intelligent terminals is becoming the mainstream.

The direct expression of “fingertip life” is that people can complete all kinds of consumption and entertainment at home through mobile terminals such as mobile phones. For example, with the help of life e-commerce services, people are more and more used to online life services such as taking out and ordering, buying vegetables at home, running errands and delivering medicine to the door. At the same time, online services such as live video, digital movies, online education and video games are becoming more and more convenient, which makes some consumers prefer home leisure. It is these digital home consumption modules that ignite the home consumption engine of “home economy” in China.

According to the Ministry of Commerce, the online retail sales of physical goods in 2020 will reach 9.8 trillion yuan, up 14.8% against the trend. By the end of 2019, China’s e-commerce transaction scale is 34.81 trillion yuan, which has occupied the first place in the global e-commerce market for many years. Take takeaway as an example. As of September 2020, the average daily transaction number of meituan catering takeaway increased by 30.1% year on year to 34.9 million, showing the consumption potential of “home economy”. In addition to the traditional take out catering, the online orders of non food products such as life supermarket, fresh fruits and vegetables, medical and health are also increasing. The e-commerce of life service has supported the new development trend of “everything can be taken out”.

The blowout situation of “home consumption” and “home economy” reflects that the traditional out of home consumption scenario is switching to home consumption scenario, and both in terms of consumption scale and growth potential represent the new trend of China’s future service consumption development. Grasping the new characteristics of consumption scene switching, grasping the new changes of consumption habits of the whole society, and conforming to the new trend of home consumption mainstream should be the strategic basis of “expanding domestic demand”.

“Emotional consumption” becomes the new rigid demand of urban consumption

With the advent of Pan entertainment era, consumers are not only pursuing consumption and shopping itself, but also pursuing the sense of experience brought by consumption and shopping. Especially with the fast pace of urban life, urban people are more willing to pay more for spiritual pleasure and emotional relief besides commodity consumption. In order to obtain emotional utility as the goal of emotional consumption is sought after by people, and even to a certain extent, it becomes the new rigid demand of urban consumption.

In recent years, the rapid rise of emotional consumption projects, such as Mengchong interactive Museum, bangpo Museum, trampoline Museum, vent bar, jianxinfang, self portrait Museum, light extreme sports experience Museum, has confirmed the growing demand for emotional consumption. Taking Mengchong interactive Museum as an example, all kinds of novel Mengchong, such as Kor duck, miniature pig and African Mini hedgehog, have become “decompression artifact”. As long as consumers pay for a cup of coffee, they can spend 2 hours of interaction time with Mengchong to meet the needs of relieving stress and emotional healing. Meituan data shows that in 2019, the transaction volume of all kinds of cute interactive halls will grow by more than dozens of times, becoming a hot field for young people to consume and even start businesses. In recent years, in holiday consumption, parent-child experiential theme scenic spots continue to be popular, and “petty bourgeois” service consumption such as looking up at the stars on the ferris wheel is especially favored by young groups such as “post-90s” and “post-90s”.

This kind of emotional consumption reflects the current social demand for self consumption and spiritual life. The change from material consumer goods to spiritual consumer goods is an important symbol of the development and progress of the times. From the supply side, the demand growth of experiential consumption and emotional consumption further enriches the market supply category of service consumption in China, and brings new support for China’s employment market.

“Face value economy” gives new impetus to service consumption

With the growth of people’s consumption to please themselves and the pursuit of emotional consumption, beauty consumption represented by “beauty” and “beauty industry” is evolving into a new trend of consumption for the majority of social groups, and the new consumption momentum brought by “beauty economy” can not be ignored.

According to the comprehensive calculation of meituan Research Institute, in 2020, the market scale of China’s life beauty service industry (excluding the upstream beauty products manufacturing industry) has exceeded 600 billion yuan, and is rising rapidly. It is estimated that by 2025, the market size of the industry will exceed 800 billion yuan. In this market scale, youth groups become the main crowd to support the industry demand and employment supply. Meituan data shows that the age distribution of active users in the life beauty industry is mainly concentrated in the age group of 21-35, and women’s “face value consumption power” is stronger. For example, in 2020, the average unit price of women’s hairdressing is 137 yuan per unit, 30.6% higher than that of men.

In the rise of “beauty economy”, a new trend that needs attention is the rapid growth of men’s “beauty” consumption. With the evolution of consumption concept, “beauty economy” is no longer the exclusive domain of female groups, and male groups also begin to pay more attention to self-image management. According to the data analysis of Euromonitor, in recent years, more and more men begin to accept the concept of beauty and make-up. From 2016 to 2019, the average annual growth rate of retail sales in China’s men’s beauty market is 13.5%, far higher than the global average growth rate (5.8%). The Research Report of iResearch also shows that at present, 30% of the medical beauty population are men, and more and more new white-collar men gradually enter the medical beauty consumption field.

The development of “face value economy” reflects the changes of basic social needs to a certain extent, and indicates that in the future, China’s service consumption will pay more attention to “people-oriented” and “self satisfaction”. To lead consumption upgrading with demand upgrading and then stimulate and release consumption potential will become the key path for China to follow the strategic guidance of expanding domestic demand.

“Quality consumption” presents new characteristics of market sinking

The sinking market contains a huge space for consumption growth. On the one hand, the sinking market accounts for more than 70% of the country’s population. On the other hand, consumers in the sinking market also have more leisure time and demand for improving the quality of life. These characteristics make the sinking market a potential engine to lead the growth of service consumption in the future.

With the growth of per capita disposable income and the penetration of digital technology, in recent years, China’s sinking market shows two major trends. First, the scale of online shopping in the sinking market is increasing. Some research shows that during the “double 11” period in 2020, more than 60% of the new users of the head e-commerce come from the sinking market; second, the consumption quality of the sinking market has developed from the initial low-end consumption, even the counterfeit consumption, to the quality consumption. For example, in 2020, residents in low tier cities will be more enthusiastic about brand home decoration, and the turnover growth rate of brand home categories in the fourth to sixth tier cities is higher than that in the first to third tier cities. The sales volume of intelligent toilet, intelligent fingerprint lock and other products in cities below the third tier increased several times year on year.

For a long time, due to the lack of high-end consumer goods supply in the sinking market, it is difficult to meet its growing demand for quality. The business extension and layout of the Internet platform to the sinking market effectively support the quality demand of the sinking market and release the consumption potential. The strategic basis of “expanding domestic demand” is to base on China’s national consumption power, and the trend of quality consumption extending to the sinking market is carrying China’s national consumption power which has not been fully released. The huge population base and quality consumption space make it necessary for quality consumption in the sinking market to become the focus of domestic demand mining in the future.

“Health care” becomes a new outlet of service consumption

Along with quality life, people pay attention to their own health. At present, health care is no longer a special term for the elderly. People of all ages, especially office workers, pay more and more attention to health care.

Meituan Research Institute’s “2020 Spring Festival home economy big data” shows that during the Spring Festival in 2020 alone, people bought nearly 200000 copies of vitamin C products through meituan takeout. In addition, the search volume and purchase volume of health products such as air purifier, disinfection cabinet, sterilization dishwasher, massage equipment, oximeter and oxygen generator increased significantly. At the same time, treadmill, elliptical machine, rowing machine, barbell and other fitness equipment also become the best-selling products in 2020. Thousands of households have been introduced into the Internet plus medical and health care mode under the support of life service providers. By the end of 2019, the total number of registered users of Ping An Hao doctor has reached 315 million, and the number of monthly active users and monthly fee paying households at the end of the period have increased by 22.3% and 26% respectively. In the third quarter of 2020, drug orders of meituan’s flash purchase in a single quarter more than tripled compared with the same period of last year, and nearly 100000 pharmacies have settled in meituan’s drug purchase platform.

With the advent of aging society and the era of health care for all, the field of health has become an important outlet of service consumption in the future. The landing of the concept of “Internet plus medical health” has opened a new channel for healthy consumption, which has effectively alleviated the social crux of the difficulty of seeing a doctor and buying drugs. The increase of demand and the convenience of channels help the growth of health consumption in both directions, and the life concept that health is the only way to have quality also becomes the long-term driving force of health consumption in the future.

“Appointment consumption” has become a new habit of social consumption

Taking into account the requirements of the times of “security” and “development”, the new consumption order represented by “reservation consumption” has been formed. From the perspective of security, promoting the reservation consumption is a powerful way to improve the consumption order and avoid the accumulation and overload of consumers; from the perspective of high-quality development, the reservation consumption will help to optimize the resource allocation of the service industry, alleviate the information asymmetry of the traditional service market, and improve the service quality and efficiency.

In recent years, the reservation function opening rate of major consumer sectors such as “food, housing, travel, shopping and entertainment” in China’s service industry has been increasing. Meituan data shows that in recent years, the proportion of businesses with reservation function, such as scenic spots, fitness centers, secret rooms, bars, and restaurants, has increased rapidly. During the National Day mid autumn holiday in 2020, the order volume of booking travel with meituan tickets increased by 72.2% compared with the same period in 2019. The order volume of booking travel with meituan tickets in second tier cities increased by 96.1% compared with the same period in 2019. Booking travel has become a new consumption habit.

From the perspective of development trend, the iteration of digital technology and the perfection of platform services make the reservation function of service consumption continuously perfect and popularize, and reservation consumption is rapidly evolving into a new consumption habit and market order. To comply with the development trend of reservation consumption is not only in line with the changes of domestic consumption habits, but also a powerful fulcrum for coordinating the safety and high-quality development of service industry.

New business forms give birth to “new consumption”

The application of Internet and digitization makes the information flow and material flow achieve seamless integration across regions. With the help of the communication power and connection power of digital technology, the fragmented niche consumption can achieve efficient docking with the target consumers, and then make the niche consumption gradually move towards the public, and evolve into a new type of consumption project recognized by the society.

With the support of new technology and e-commerce platform, the personalized needs of the new generation of consumer groups such as young “native Internet users” have been expressed and implemented rapidly, and new service formats have sprung up, becoming a new force leading domestic service consumption. According to the calculation of meituan Research Institute, from 2016 to 2019, the transaction volume of new formats in meituan’s service clients increased by 2.7 times, with an average annual growth rate of 55.1% (see Figure 1). With the digital empowerment of e-commerce, these emerging service consumption formats continue to undertake the personalized consumption needs of the new generation of consumer groups, refine consumption categories, and accelerate business iteration. Taking the representative paid study room, Mengchong interactive hall and Hanfu Experience Hall as examples, in 2019, the growth rate of transaction volume of these sub industries in meituan will reach 22.6 times, 13.8 times and 5.8 times respectively, becoming a hot field for young people to consume and even start businesses.

The “new consumption” promoted by new business forms will undoubtedly become the new driving force of China’s consumption growth in the future. Grasping the development trend of new business forms and encouraging the development of new business forms and new consumption are of great benefit to China’s consumption market, employment market and even the whole economic and social development under the “double cycle” during the “fourteenth five year plan” period. The whole society should take a more open and inclusive view on the emergence of new formats, respect the development law and existing form of new demand, and attach importance to the cultivation of new consumption growth momentum.

Figure 1: transaction volume of new formats of meituan life service industry

Data source: meituan data

Read more: meituan Research Institute: 2019 Spring Festival consumption map (attached with download) meituan Research Institute: 2019 National Day holiday consumption trend forecast report meituan Research Institute: 2020 National Day holiday tourism consumption forecast report (attached with download) meituan Research Institute: 2020 “catering time honored brand” digital development report meituan Research Institute: China small store resilience report meituan Research Institute: Based on Changsan Meituan Research Institute: big data report on the recovery of Shenzhen’s catering consumption before and after the Qingming Festival in 2020 meituan Research Institute: development report on meituan night index in the first half of 2020 (with download) meituan Research Institute: Shenzhen night economic development report in 2019 meituan Research Institute & Nanjing Bureau of Commerce: Nanjing catering development report in 2019 meituan Research Institute & Chinese marketing Meeting: development report of China’s online tourism industry in the first half of 2019 meituan Research Institute: consumption trend forecast report of Mid Autumn Festival in 2019 meituan Research Institute: development report of Chinese catering merchants in 2019 meituan Research Institute: Youth Group observation in 2019 meituan Research Institute: development report of China’s foreign sales industry in the first half of 2019 and 2020 (with download)

If you want to get the full report, you can contact us by leaving us the comment. If you think the information here might be helpful to others, please actively share it. If you want others to see your attitude towards this report, please actively comment and discuss it. Please stay tuned to us, we will keep updating as much as possible to record future development trends.

RecordTrend.com is a website that focuses on future technologies, markets and user trends. We are responsible for collecting the latest research data, authority data, industry research and analysis reports. We are committed to becoming a data and report sharing platform for professionals and decision makers. We look forward to working with you to record the development trends of today’s economy, technology, industrial chain and business model.Welcome to follow, comment and bookmark us, and hope to share the future with you, and look forward to your success with our help.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button