Chinese consumers seeking innovation and change are no longer the same as before

On December 25th, the Argentine website "China Road" published an article titled "The Untold Side of Chinese Consumers", written by Fernando Capotondo. The excerpt from the article is as follows:

Domestic demand will be a more reliable source of growth for China This sentence is not from a report by the Chinese government. In fact, this is the statement made by Georgieva, the Managing Director of the International Monetary Fund. She helped the West (perhaps unintentionally) discover the significant transformation that has recently occurred among Chinese consumers

In fact, domestic consumption has become one of the main indicators of the Chinese economy. In the first three quarters of 2024, the contribution rate of final consumption expenditure to China's economic growth was 49.9%. The Chinese government emphasizes that 'consumption is the engine of China's economic growth'

When critics of the Chinese model talk about the so-called "consumer crisis," the Chinese government can respond with plans to promote equipment updates and trade in consumer goods. Since 2024, the policy of exchanging old for new consumer goods has driven sales of related products exceeding 1 trillion yuan

According to official data, as of midnight on December 13th, the sales of passenger cars driven by the trade in of old cars exceeded 5.2 million units; The trade in of household appliances has driven sales of nearly 50 million units of related products; The trade in of electric bicycles has driven nearly 900000 new car sales

Chinese consumers are no longer the same as before. Nowadays, the hallmark of consumer activity in China is the acceptance of everything that reflects the modernization, renewal, and transformation process that Chinese society is undergoing. For example, in November 2024, the retail sales of passenger cars in China were 2.423 million units, of which the retail sales of new energy passenger cars were 1.268 million units

Let me give you another example. In 2023, the scale of China's smart home consumer market will exceed 710 billion yuan, and the monthly active users of smart home apps will exceed 260 million. China has become the world's largest smart home market

Almost anything that is unique, novel, interesting, exotic, or purely unknown will have an irresistible appeal to Chinese consumers. Thai rice, Chilean cherries, New Zealand kiwi, and American blueberries are all popular

Every year during the Double Eleven shopping festival, billions of consumers take advantage of promotional opportunities to rush to purchase goods from the United States, Europe, Japan, South Korea, and of course, China

In this consumer boom, the presence of multinational companies such as Apple, Qualcomm, Mercedes Benz, Tesla, etc. continues to strengthen. This is not only a vote of confidence in China's economic opportunities, but also seen as a bet on this Asian giant market