商业快评：“高线城市创新力+低线城市适配力”看新兴城市消费“上涌”

Core Insights - Companies that possess "innovation capability in high-tier cities and adaptability in lower-tier cities" will emerge as the biggest winners in the evolving market landscape [8] - The value of new retail enterprises like Hema lies not only in connecting supply and demand but also in establishing a self-sustaining consumption ecosystem in emerging cities [8] Sales Performance - Hema opened new stores in cities such as Shijiazhuang, Luoyang, Xuzhou, and Yibin to capitalize on the consumption wave during the "National Day" holiday [1] - During the eight-day holiday, sales of king crabs increased by 185% year-on-year, while sales of hairy crabs grew by over 150%, with most growth coming from stores in second-tier and below cities [1] Regional Insights - In Sichuan, Hema's Yibin store achieved daily sales that were more than double that of an average store in Chengdu during the holiday [3] - The traditional perception that Chengdu has significantly higher consumer power than Yibin is challenged by the sales performance of Hema in Yibin [3] Urbanization and Market Dynamics - As part of China's new urbanization strategy, the urbanization rate reached 67% by the end of 2024, with high-speed rail covering 95% of cities with populations over 500,000 [5] - The county-level commercial three-year action plan aims to establish 500 county trade centers by 2025, accelerating infrastructure upgrades in third and fourth-tier markets [5] Consumer Behavior - Young people returning to their hometowns for employment are bringing urban consumption habits and purchasing power to lower-tier cities [7] - The local disposable income in Yibin is high, and traditional living expenses are low, allowing for more spending on quality of life [8] - The younger generation prioritizes personalized, quality, and experiential consumption, which contrasts with the relatively underdeveloped local commercial landscape [8] Conclusion - The rise of consumption in emerging cities signifies a crucial transformation in China's economic structure and regional development, showcasing strong vitality in non-first-tier markets [8] - The dual transformation of consumption from "sinking" to "surging" reflects a deeper restructuring of China's consumption patterns [8]