中国购物中心升级趋势：新场景激发新活力

Investment Rating - The report indicates a positive outlook for the retail property market in China, driven by the expansion of the consumer market and the implementation of policies to stimulate consumption [21][23]. Core Insights - The Chinese consumer market is expected to continue expanding in 2024, supported by a stable employment situation, overall price stability, and various policies aimed at boosting domestic demand and consumption [21][27]. - New consumption growth points such as cultural tourism, digital consumption, green consumption, and health consumption are rapidly emerging, indicating a shift in consumer preferences [21][27]. - The report highlights the importance of innovative consumption scenarios and retail formats to capture new consumer demands, including "non-standard commercial" spaces, high-tech experiences, creative markets, and "micro-vacation" spaces [21][27][74]. Summary by Sections Consumer Demand Evolution - The consumption structure in China has shifted from survival-oriented to development and enjoyment-oriented, with the Engel coefficient for food, tobacco, and alcohol at 29.8% in 2023, indicating a positive change in spending habits [30][34]. - Consumers are increasingly focusing on emotional satisfaction and personal fulfillment, leading to significant growth in service consumption sectors such as entertainment, tourism, and dining, which saw over 20% growth in 2023 [34][36]. - Approximately 68.9% of surveyed consumers plan to increase their spending in 2024, with a focus on services and upgraded products [36][40]. New Consumption Scenarios - The rise of social e-commerce and instant retail has transformed consumers into active participants in the shopping process, moving from passive recipients of brand information to proactive seekers and sharers of information [40][44]. - The "dopamine economy" is emerging, where consumers seek products that provide emotional value, reflecting a desire for richer experiences beyond mere material satisfaction [54][55]. - The outdoor leisure sports market is expanding, with 80.5% of respondents planning to increase spending on suburban and rural tourism, indicating a growing interest in health and quality of life [64][66]. County-Level Consumption Growth - The rapid development of county economies is unlocking significant consumer potential, with retail sales in these areas growing by 5.3% year-on-year in early 2024, accounting for 40.1% of total retail sales in China [69][72]. - International brands are increasingly targeting lower-tier cities, adapting their strategies to meet the unique demands of these markets, which are becoming vital for future growth [72][73]. - The report emphasizes the importance of "one-stop shopping" centers in county-level markets, which are becoming mainstream as consumer demand for diverse and high-quality service experiences rises [72][73].