春节假期消费新趋势：增长动力与市场机遇

Summary of Conference Call on New Consumption Trends and Spring Festival Industry Overview - The discussion revolves around the new consumption trends in China, particularly during the Spring Festival, which is a significant traditional holiday and a peak consumption period. [1][3][36] Key Points and Arguments New Consumption Definition and Characteristics - New consumption is defined as a series of new business formats, models, and scenarios supported by digital technology innovations. It enhances consumer experience and meets evolving consumer demands. [4][10] - The new consumption landscape includes information consumption, digital consumption, customized consumption, experiential consumption, and smart consumption. [5][10] Differences Between New and Traditional Consumption - New consumption is seen as a dynamic and iterative process compared to traditional consumption, which is often static. The relationship between new and old consumption is relative, with traditional practices being redefined in modern contexts. [6][7][10] - The pandemic has shifted consumer behavior towards more rational, green, and health-focused consumption. [5][10] Economic Contribution of New Consumption - In 2023, consumption contributed 82% to economic growth, with expectations for 2024 to be around 50%. New consumption is anticipated to have a higher contribution due to its active nature. [10][11] - New consumption is linked to GDP growth, technological advancement, job creation, and improved living standards. [11][12] Spring Festival Consumption Trends - The 2025 Spring Festival is expected to be the most vibrant due to its recognition as a global intangible cultural heritage, leading to increased consumer engagement and spending. [20][21] - Various cities are issuing consumption vouchers to stimulate spending, and the scale of Spring Festival consumption is projected to rise significantly. [21][24] - The festival is becoming increasingly globalized, with more countries recognizing it as a public holiday, enhancing its international appeal. [21][22] Digital and Cross-Border Consumption - Digital services and e-commerce platforms are central to the Spring Festival shopping experience, with events like online New Year goods festivals gaining traction. [22][23] - Cross-border e-commerce is expected to flourish, with a diverse range of international products entering the Chinese market, enhancing consumer choice. [23][26] Consumer Behavior Insights - Different age groups and income levels exhibit distinct consumption patterns, with older consumers increasingly engaging in digital consumption and valuing personalized experiences. [15][16][18] - The trend towards smaller family gatherings and pre-prepared meals reflects changing social dynamics and consumer preferences. [13][34] Future Outlook - The overall consumption landscape is shifting towards quality, diversity, and sustainability, marking a new era of consumerism in China. [35][36] - The integration of various sectors (commerce, tourism, culture) is expected to create new consumption opportunities and enhance economic resilience. [24][25] Additional Important Insights - The discussion highlighted the importance of consumer confidence in driving spending, particularly in the context of post-pandemic recovery. [27][28] - The evolving nature of consumer preferences indicates a shift towards experiences over material goods, with a growing emphasis on health and sustainability. [34][35] This summary encapsulates the key themes and insights from the conference call, focusing on the evolving landscape of consumption in China, particularly during the Spring Festival, and its implications for economic growth and consumer behavior.