消费新格局-中国打造国际消费中心

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the transition of China's economy from high-speed growth to high-quality development, with a focus on expanding domestic demand as a strategic foundation for the next decade [3][7] - The establishment of international consumption center cities is highlighted as a key initiative to enhance domestic consumption and connect with global markets [10][24] - The report identifies emerging consumer trends, particularly among the middle class, young urbanites, and the elderly, who are becoming the main drivers of consumption in China [3][64] Summary by Sections Section 1: Decoding Consumer Trends - The report discusses the rise of the middle class in urban clusters, which now accounts for 82.5% of China's middle-income group, and their evolving consumption behaviors towards self-pleasing and experiential spending [66][64] - It notes that over 50% of surveyed consumers plan to increase spending on social interactions, travel, and leisure activities in 2023 [67] - The concept of "self-pleasing consumption" is categorized into social, immediate, and developmental types, reflecting a shift in consumer priorities [68] Section 2: Leveraging Urban Consumption Potential - The report outlines the potential of urban consumption centers to drive economic growth by integrating various consumer resources and enhancing the shopping experience [10][54] - It highlights the importance of creating new consumption scenarios and promoting the "first store economy" to stimulate consumer spending [5][6] - The report emphasizes the role of urban clusters in optimizing resource allocation and enhancing the quality of life for residents through improved commercial environments [49][54] Section 3: Summary of Key Points - The report summarizes the significance of international consumption center cities in promoting sustainable economic growth and enhancing consumer experiences [10][24] - It discusses the expected increase in the middle-income population, projected to exceed 50% by 2030, which will further drive consumption demand [35] - The report also highlights the importance of integrating traditional culture into modern consumption practices, with a significant percentage of consumers willing to pay for products that embody Chinese cultural elements [80][81]