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Text | Analysys analysis
"New consumption" refers to new consumption behaviors driven by new technologies such as digital technologies, new business models such as online and offline integration, and new consumer relationships based on social networks and new media. With the shift of global consumption focus, China will become a new world-class brand incubation center, taking the history of beauty brand development as an example, new brands are born in the world's emerging consumption centers, and give birth to global beauty giants.
A wave of beauty brand development that shifts with the consumption center around the world
Since 2016, China has entered the era of consumption 4.0: digitally driven new consumption. In the new consumption era, the mainstream consumer groups have changed, and young people are gradually becoming the main consumption force in the new consumption era, guiding the development of the times.
The iterative wave of Chinese brands: crowd iteration, ecological change, and model upgrading
Changes in the dimension of consumer segmentation in the digital age
Chinese consumers are increasingly segmented, complex and difficult to grasp over time, but digitalization is changing this process.
In the past, the segmentation dimensions of consumers mainly included region, age, income, occupation, gender, etc., which can still be used for the segmentation of some consumer goods industries (such as catering, food) or the emergence of relatively immature industry markets, but for industries with obvious consumer demand (fashion industries), the shortcomings of using these factors to accurately segment consumers have become more and more obvious.
Consumption segmentation in the digital age: The importance of income and consumption values is increasing
In today's digital age, the core of segmentation is income and consumption values. Consumer values are the usual preferences of consumers when purchasing products and services, and are the result of the combined effect of various factors such as age, occupation, income, cultural quality, living area, etc., indicating the willingness (tendency) of consumption choices. At the same time, compared with the past, income has become a more important dimension, which is the basis for consumers to purchase products and services, indicating the ability of consumers to buy.
Age is the simplest and most straightforward way to divide group consumption values
People in different generations, due to different macro environments, growth environments, etc., the basic portraits and consumption values also show great differences. Over the decades, as society continues to evolve, today's young people have changed a lot compared to the past.
Consumption 4.0 Era: Crowd Iteration
The fundamental reason for the change is the growth environment, contemporary young people are mostly only children, growing up in the process of family resources exclusive, rich in material resources, dependent on the Internet, versatile, knowledgeable, so they have a richer family, a higher level of education, and eventually formed a combination of internal and external cultivation, pleasing to themselves, willing to taste, domestic products self-improvement and other consumer values, subdivision circle layering acceleration. Therefore, the young people who "take the post-90s as the core and gradually become the mainstream after the 95s" have become the new mainstream group, and their contribution in the new consumption era is increasing, and they have now surpassed other groups to reach the highest.
The younger group is usually the first wave of new consumption outbreaks, leading the new consumption trend
Today, the growth rate of traditional markets is slowing down or even shrinking with the spread of the trend, while emerging markets are constantly expanding with the spread of the trend. It should be noted that different industries and different market segments, the speed and degree of trend diffusion are not the same, and some trend leaders need to use first, and gradually lead active followers, passive followers, and traditional conservative consumers to slowly accept and use new products and open up emerging markets.
Young people often play the role of trend leaders due to their different natures such as hunting and daring to take risks, and popularize the consumption consensus of the whole society through two or three years, such as short videos, WeChat Weibo, takeaway, shared travel and other Internet behaviors, including new tea, new coffee and many other new consumption behaviors.
New consumption diffusion road map and emerging market scale growth trend diagram
The three new mainstream consumer groups have become the main source of power for China's new consumption
In the new era of consumption, the leap in income has changed people's consumption classes and values, and young people have led the new consumption trend. In the context of the consumption 4.0 era, with the improvement of the per capita disposable income of Chinese and the leadership of the new consumption of young people, consumers have turned into relatively open sub-groups, among which the fashion petty bourgeoisie, personality avant-garde, and fashion rational group have become the largest mainstream consumer group in China, while the price-oriented, traditional, and decent groups in the previous consumption era are gradually decreasing.
Trends in urban segmentation in China
For fashion petty bourgeois consumers, most of them are married people, 25-45 years old, have a better educational background, first- and second-tier cities, supplemented by the third and fourth-tier middle and upper classes, and have a middle-to-upper income; they like to seek a fun buying experience, easy to accept new things, like personalized services, the pursuit of quality of life, the increasing requirements for cost performance; therefore, they like the design of fashion personality, the sense of grade and good quality, and the harmonious customer relationship created by good service, there is a certain cost performance, preference for quality, Designed by leading brands such as Three and a Half Meals.
For personality avant-garde consumers, most of them are middle and high education background, middle income or above, first- and second-tier cities, third- and fourth-tier small-town youth began to pour in, mostly for fashion industry related people, freelancers, etc.; they want to seek a different feeling, easy to accept new things, walk in the forefront of fashion, less sensitive to price; so the fashion personality of product design, different consumer experience can attract them more, do not care much about the brand and cost performance; prefer all kinds of trend personality brands, such as BEASTER.
For fashion ideal consumers, mainly 25-40 years old, ordinary wage earners, civil servants, individual practitioners, etc., the third and fourth-tier small town youth mainly, middle income; they pursue cost-effective, do not like to consume advanced products, do not like too conservative products, hope to buy products can reflect their own taste; therefore, there is a higher cost performance, catching up with fashion but there is a certain lag Insubogue Simple fashion Product design can attract them more; prefer the main cost-effective national tide and domestic brands, such as perfect diary.
How to focus on new groups, gain insight into new needs, find out the positioning of the brand, attract new consumer groups in the new consumption era, and taste the "dividends" of new consumption has become something that brands should focus on in the future.
Analysys analyzes the four steps of innovation and upgrading of new consumer brands