Click to read the original text for details Introduction The New Year goods economy is a barometer reflecting the level and trend of China's consumption development. In the future, it is necessary to combine the new trends and directions shown by New Year goods consumption, accelerate supply-side structural reform, adapt to consumption changes, and truly improve the well-being of people's lives. Recently, China's e-commerce platform Alibaba released the 2017 "China New Year Goods Big Data Report." The report shows that this year Tmall sold 380 million New Year goods, with daily average transaction volume increasing by 42% year-on-year. Experts say that the "New Year goods economy" is a barometer reflecting the level and trend of China's consumption development. In the future, it is necessary to combine the new trends and directions shown by New Year goods consumption, accelerate supply-side structural reform, adapt to consumption changes, and truly improve the well-being of people's lives.

  1. New Year goods also "scramble for Spring Festival travel" Crowding traditional markets, visiting New Year goods fairs, browsing large department stores, and stocking up on local specialties... These are the ways many Chinese people remember "stocking up" on New Year goods. At that time, New Year goods were more about nearby choices. Now, the way of ordering online with a few clicks has further penetrated into the purchase behavior of New Year goods. According to the "China New Year Goods Big Data Report," Taobao's New Year goods street attracted 10 million people in just 3 days. Mobile orders accounted for as much as 83% of online consumption, making convenient mobile terminals the main way to purchase New Year goods online. Accompanying the nationwide and even global purchase of New Year goods is a movement of goods that can be called the "Spring Festival travel rush" of New Year goods. To this end, many express delivery companies have implemented "no rest during Spring Festival" to ensure New Year goods arrive home safely. Taking Cainiao Network, a national logistics platform, as an example, this year about 300,000 couriers will stick to their posts, compared to 120,000 last year. "In the past, New Year goods procurement relied on offline retail, with strong regional characteristics. Online shopping has brought the possibility of selecting better goods nationwide and even globally, with central and western regions and rural areas also participating. The Internet allows people across the country to enjoy the fruits of development." Wang Wei, director of the Market Economy Research Institute of the State Council Development Research Center, said in an interview with our newspaper.
  2. "Local" becomes more "local," "foreign" becomes more "foreign" New Year goods are a concentrated release of consumption capacity. Wang Wei believes that China's festival consumption has always been relatively concentrated. Compared with daily consumption, New Year goods show characteristics of higher quality, stronger selectivity, and direction. It indicates the current and even next round of consumption fashion and trends. What new characteristics do this year's New Year goods have? According to the "2017 New Year Goods Consumption Trend Report" released by another major e-commerce platform, 53% of respondents will return to their hometowns for the New Year, and 70% of them will bring "foreign New Year goods" home. On the one hand, with the rise of cross-border e-commerce platforms, foreign goods can be bought from farther away; on the other hand, channels sink, and "local" goods sell more hotly. In the "China New Year Goods Big Data Report," there is a map of regional specialty sales: wolfberry and cordyceps from the northwest, sea cucumber and black fungus from the northeast, sausages and oranges from central China, passion fruit and cherries from southern China... The signature specialties of each major region are sent across the country with the Spring Festival wind. New Year goods festivals in Guangxi, Sichuan and other places are also combined with targeted poverty alleviation. Products from poor areas such as the Qinba Mountains, the Liangshan Yi region, and the plateau Tibetan areas are also sent to the fashionable New Year goods market. "Local specialty products are high-quality goods with geographical indications. Only where the quality is best can they become famous, reflecting product quality and cultural heritage. The preference for local specialties reflects consumers' pursuit of high-quality goods. This is essentially the same as searching for 'foreign goods'." Wang Wei said.
  3. From buying goods to buying services Analyzing this 2017 "China New Year Goods Big Data Report," it is also found that hotel reservations have become one of the "New Year goods" with the largest increase in sales share in 2017. New Year goods are quietly shifting from "goods" to "services." Another representative example is the O2O (online-to-offline business model) in the Spring Festival market. Private chefs cooking New Year's Eve dinner at home has become a fashionable choice for some families. Private chef services generally come in two types: one is all-inclusive with materials; the other is the chef "going alone," bringing only kitchenware and seasonings to offer their skills. According to a private chef platform, reservations for New Year's Eve, the first day, and the second day of the Lunar New Year are fully booked, and this year it is conservatively estimated that there will be about 3,000 tables for New Year's Eve dinner. Wang Wei believes that compared with material needs, people increasingly pursue consumption that is cultural, entertaining, and conducive to personal leisure and improving quality of life. Family reunion trips, entertainment, and meal reservations will be new consumption hotspots. "The New Year goods economy is a barometer reflecting the level and trend of China's consumption development. It contains the accelerated transformation of consumption pursuit from having to being good, from goods to services, after the substantial increase in Chinese residents' income levels. In the future, it is necessary to combine the new trends and directions shown by New Year goods consumption, accelerate supply-side structural reform, adapt to consumption changes, and truly improve the well-being of people's lives." Wang Wei said. -END-