Core Viewpoint - The main challenge facing the Chinese economy is to expand consumption and increase its contribution to GDP, as current consumption levels are significantly lower than the international average, leading to potential economic issues [3][4] Consumption Quality and Economic Impact - The current consumption quality is declining, which is evident from the low Consumer Price Index (CPI) of -0.1%, indicating a potential quality issue in consumer goods [4][5] - The "all-network lowest price" strategy in e-commerce may attract consumers but can lead to a decrease in product quality as suppliers lower prices to survive, resulting in a negative impact on economic growth [5][6] Information Asymmetry and Market Dynamics - The concept of "lemon markets" illustrates the consequences of information asymmetry, where buyers focus on price rather than quality due to the difficulty in assessing product quality [5][7] - Providing consumers with more information about product quality is essential to mitigate the issues arising from low-price competition [6][8] Research Findings on Brand and Quality Indices - A study conducted with Sun Yat-sen University developed two indices: the Consumption Brand Index and the Brand Purchasing Power Index, which measure brand quality and consumer spending [6][9] - The average Consumption Brand Index increased from 59.4 in Q1 2023 to 63.4 in Q1 2025, indicating a positive trend in brand quality despite overall pessimism about consumption [9][10] Regional Analysis of Brand Indices - The Brand Purchasing Power Index shows stronger purchasing power in eastern coastal regions, while the average Consumption Brand Index is unexpectedly high in certain northern regions [10][11] - Factors such as the proportion of migrant workers and employment in non-private sectors significantly influence brand purchasing power and average brand indices [11][12] Emerging Consumer Trends - New consumer trends are emerging, with brands like Pop Mart gaining popularity among younger consumers, indicating a shift towards quality and emotional experience in consumption [12][13] - The research highlights the importance of focusing on product quality information rather than solely on price signals, suggesting that both brand quality and consumer experience are crucial in the digital economy [13]

Core Viewpoint - The main challenge facing the Chinese economy is how to expand consumption and increase its contribution to GDP, as current consumption levels are significantly lower than the international average, leading to potential economic issues [3][4]. Group 1: Consumption and Economic Growth - Consumption accounts for only about 56 yuan of every 100 yuan of GDP, which is approximately 20 yuan less than the international average [3]. - The low consumption ratio not only affects the quality of life but may also lead to oversupply and excess capacity in the economy [3]. - Recent months have shown a relatively strong growth in social retail sales, likely due to government initiatives aimed at boosting consumption [3]. Group 2: Quality vs. Price - The phenomenon of "price competition" in e-commerce, such as "lowest price" strategies, can lead to a decline in product quality as suppliers are forced to lower prices to survive [4][5]. - The "lemon market" concept illustrates how information asymmetry can lead to a situation where high-quality products are undervalued, resulting in a market that gradually deteriorates in quality [4][5]. - Continuous price declines can create a negative feedback loop that may lead to macroeconomic issues, including economic recession [7]. Group 3: Brand and Quality Information - A recent study developed two indices and a ranking system to provide consumers with quality information alongside price, aiming to address the "lemon market" problem [5][8]. - The study found that the online consumption brand index has been slowly rising, indicating that "consumption downgrade" is not a universal trend [8][10]. - Significant differences exist across industries regarding brand recognition and consumer focus, with some sectors like electronics and beauty products being more brand-conscious than others like women's fashion [10][11]. Group 4: Regional Insights - The brand purchasing power index shows that eastern coastal regions have the strongest purchasing power, while the average brand index is unexpectedly high in certain inland areas [11][12]. - Cities with a high proportion of non-private employment tend to have higher brand indices, suggesting that employment type influences consumer behavior and brand perception [12][13]. - Emerging brands and new consumption trends, such as premium pet food and experiential products, indicate a shift in consumer preferences towards quality and emotional engagement [14].

Core Insights - The 618 shopping festival has transformed into a prolonged pressure test for the industry, raising questions about its necessity and effectiveness [4][13][14] - Small and medium-sized merchants are struggling under the weight of platform-imposed discounts and coupons, leading to a chaotic pricing structure [4][5][11] - The traditional reliance on "super anchors" for sales is diminishing, with brands shifting towards self-broadcasting and a more stable promotional system [10][11][15] Group 1: Industry Dynamics - The 618 event lasted 37 days, marking it as the longest promotional period in history, but resulted in exhaustion rather than excitement for participants [2] - Merchants are burdened by overlapping discounts and coupons from platforms, complicating their pricing strategies and negatively impacting sales [4][5] - The cancellation of the "full reduction" strategy has led to consumer confusion, as many find themselves better off with direct discounts rather than complex coupon systems [5][6] Group 2: Consumer Behavior - Consumers are increasingly frustrated with the complexity of the shopping process, feeling that they are forced into a "mathematical" approach to shopping [5][6] - The perception of "lowest prices" has diminished, with many users now conducting cross-platform price comparisons before making purchases [11][12] - Instant retail services are gaining traction, providing immediate delivery options that challenge the traditional pre-sale and tail payment model [12] Group 3: Strategic Shifts - Major platforms are moving away from dependence on top influencers, focusing instead on brand self-broadcasting and collaborative promotional strategies [10][11][15] - The shift towards a more rational consumer mindset is evident, with 76% of online shoppers comparing prices across platforms before purchasing [11] - The 618 festival is evolving from a simple sales event to a comprehensive industry evaluation, testing supply chain stability, customer service, and technological capabilities [14][15]

来源丨 陆玖商业评论 （ liujiucaijing69 ） 作者丨 闫玥 图源丨Midjourney 李佳琦要"讨好所有女生"，除了个人魅力，更应体现在性价比上。 今年618预售第四天，李佳琦在直播间带货了石头科技的一款扫地机器人，初始价格在2900元左右的 商品，在他的直播间叠加优惠券后到手最高不超过1500元。如此的"诚意"，自然引得了大批用户下 单。 以下文章来源于陆玖商业评论 ，作者闫玥 陆玖商业评论 . 真相无法揭露，只能接近。 不过，很快用户发现，自己的订单迟迟没有发货，有的干脆直接被关闭了订单。对此，石头科技淘宝 店铺客服表示，这单是价格bug无法发货，让用户谅解，又给了500元的"价格标错红包"。 "李佳琦在直播间让买了这单的都填了个表格，说后续会处理，但现在十几天了依旧没有处理。"一位 以1199元拍下这单扫地机器人的用户描述道。 然而，这个618，李佳琦让粉丝失望的事还不只这一件。一些已经在李佳琦直播间成为"钻粉"的用户 表示，自己在直播间买东西+蹲守了许久才升到"钻粉"，但618直播间的红包雨几乎抢不到，抢到的 也大多是空包。"我用了另一个新粉账号就抢到了好几块钱，很难不觉得是'杀熟' ...