With the arrival of the 618 shopping festival, all links from production, sales to distribution have been fully mobilized, and the "fast forward button" has been pressed for the recovery of consumption. The data shows that as of June 18, during the "6.18" period in 2022, the accumulated order amount of JD.COM platform exceeded 379.3 billion yuan, a new high; Since its launch on May 23, the sales scale of all categories of household appliances in Pinduoduo has increased by 103% year-on-year, doubling; The total live broadcast time of e-commerce in Tik Tok was 40.45 million hours, and the sales volume driven by the mall scene increased by 514% year-on-year.
With the gradual stabilization of epidemic prevention and control situation in various places and the implementation of a series of policies to promote consumption, what is the consumption situation of the 618 shopping festival? What are the new consumption trends?
Consumption vitality extends from online to offline.
Online sales are hot, reflecting the concentrated release of people’s consumer demand. The shopping festival has also stimulated the development of real economy such as county agricultural products, time-honored brands and traditional supermarkets. Regional specialty products from all over the country go to the dining table of national consumers through online e-commerce. In JD.COM, the sales volume of Guangdong litchi industrial belt increased by 112% year-on-year, and that of Ningxia wine industrial belt increased by 600% year-on-year. Time-honored brands have also renewed their vitality. In JD.COM, the turnover of time-honored goods increased by 94% year-on-year.
Consumption vitality extends from online to offline, and human fireworks return. In Wuhan, Hubei Province, many shopping malls and shopping centers have attracted many consumers through activities such as discount of coupons, redemption of points and summer weekend market. In Xi ‘an, Taiyuan, Chongqing and other places, the single-day sales of Suning.cn stores reached a record high, among which the orders for household appliances such as air conditioners, refrigerators and color TVs increased significantly.
Zhang Junkuo, former deputy director of the State Council Development Research Center, pointed out that "618" is an important opportunity for entity enterprises. Since 2022, due to the contraction of domestic consumer demand, it has had a great impact on entity enterprises, especially small and medium-sized enterprises, which generally face the problems of reduced orders, decreased sales and blocked circulation. Merchants and entities should make full use of the "618" activities to serve the real economy and promote structural optimization. While trying to promote short-term sales, we should focus on improving product quality and service, and provide more marketable and inexpensive products to the society.
Healthy and intelligent products have become a new trend of consumption.
This year’s 618 Shopping Festival shows a wave of consumption upgrading, and people’s consumption is more personalized and diverse.
With fitness and camping becoming a new trend, the sales of related products have ushered in a substantial increase. Within 4 hours after the opening of the JD.COM Shopping Festival, the turnover of sports professional running category and camping category increased by 80% and 170% respectively. In terms of outdoor scenes, the turnover of portable tables, chairs, beds, picnic supplies and table tennis trainers increased significantly year-on-year.
With the enhancement of residents’ concept of healthy living, fruit and vegetable cleaning machines, acaricides, chopsticks sterilizers and other health products are popular. On the Suning.cn platform, the sales of these products increased by 179%, 46% and 23% respectively. Health services and nutrition and health care products are also selling well in JD.COM, among which the turnover of early screening for severe diseases increased by 56 times year-on-year, and the turnover of HPV vaccine category increased by 9 times month-on-month.
Smart products are favored by more consumers. "Baidu× JD.COM 618 Consumer Trend Insight Report" shows that the turnover of game TV, VR glasses, self-cleaning sweeping robots and other products has risen sharply, and smart products make consumers experience smoother, more labor-saving and more comfortable. "New Consumption Trends of Tmall 618 in 2022" shows that dishwashers, smart toilets and electric competition chairs have become the "new three big pieces" of many families.
Li Yongjian, a researcher in national academy of economic strategy, said that in 2015, the number of middle-income groups in China was close to 330 million, and it will exceed 1.04 billion in 2030. Their consumption is undergoing a qualitative change, showing a new trend. On the whole, they are transforming from food and clothing to comfort, development and enjoyment consumption. Consumers pay more attention to personality, quality, health, beauty and other related products.
A stable supply chain ensures smooth consumption
From production plants, logistics warehouses, distribution sites to residential areas, fast and efficient distribution is inseparable from the stable supply chain support.
Wei Jianguo, vice chairman of China International Economic Exchange Center, pointed out that smooth logistics and stable supply chain are related to epidemic prevention and control, national economic development and social and people’s livelihood security. At present, the responsibility of the supply chain mainly lies in the smooth livelihood security and economic production: vertically, the main responsibility of the supply chain at this stage is to ensure the smooth production, distribution, circulation, consumption and other links; From a horizontal perspective, the main responsibility of the supply chain is to ensure the smooth flow between industries, regions, supply and demand.
Up to now, Jingdong Logistics has provided supply chain services for more than 1,000 agricultural specialty areas and industrial belts across the country, effectively promoting the efficient docking of production and marketing, and comprehensively helping rural revitalization. During the "618" period, the business volume of agricultural special projects in Jingdong logistics production area increased by 184% year-on-year. The rookie launched the "618" logistics "Juli Plan", and launched three measures for merchants to cut warehouses nationwide, pre-sell quickly, and cross-border worry-free, to ensure that merchants improve delivery efficiency; For consumers to launch home delivery, unmanned vehicle delivery, rookie green home and so on to enhance the consumer experience.
"Enterprises must conform to the trend of the times, coordinate the digital economy, high-tech and other fields with the supply chain guarantee, help the intelligent and digital transformation of the supply chain, smooth all links within the supply chain, integrate fragmented information, improve the efficiency of the supply chain by relying on big data analysis, and build a smart supply chain." Su Jian, a professor at Peking University University of Economics, said.
(Reporter Yao Yaqi)
