Supporting Domestic Goods is a Basic Consumption Concept

In response to the phenomenon that Chinese people have been sweeping goods overseas to become a trend in recent years, Liu Weihong, a member of the Standing Committee of the Guangdong Provincial Political Consultative Conference, recently convened the consumption habits and consumer culture of the people in Guangdong Province. As soon as this statement was made, they were immediately refuted by a group of people: They did not dare to buy domestic goods.

One reason for the refutation is that even if the quality of the international brand is 10% better and the price is 50% more expensive, consumers can accept it. There is a problem with this concept of consumption. Not to mention cost-effectiveness is not a simple arithmetic problem. In fact, 80% of international first- and second-line branded products are produced in developing countries, and low-cost enjoys high added value. If we still pay high prices blindly holding foreign brands, I am afraid that even foreign consumers will laugh at us bo.

The Other reason for the refutation is: not daring to buy domestic goods can force domestic brands to make more efforts in quality and innovation. The author believes that domestic brands do not rely on force. If the people do not even buy to buy, then talk about domestic brands! Koreans regard domestic goods as a basic concept of consumption of the people. In the process of refusing international luxury goods consumption, Korean nationals are full of a state of mind that they trust and love domestic products, so they have internationally renowned Samsung Electronics, rhyme women's clothing, Lange cosmetics, and Hyundai Motor.

According to a recent report of the “World Luxury Goods Association”, China is rapidly catching up with Japan and becoming the world’s largest consumer market for luxury goods. From clothing to watches, from perfumes to jewellery, from leather shoes to powdered milk, from cars to luxury homes, the tentacles of national brand consumption have extended abroad and become a phenomenon.

In an investigation report, Credit Suisse pointed out that the younger generation in China is gradually shifting from the previous generation’s saving attitude to a more uncontrolled consumption mentality. This shift may indicate the rise of a dominant consumer culture in China, with the United States. Baby booming is somewhat similar. The mainstream consumer concept of modern Americans has become more pragmatic. Consumer goods are enough for the Americans. First, cost is the most important thing. As for where to buy and what brand, most Americans don't care.

From a higher level analysis, the current economic slowdown in China and the status of major export markets have become increasingly depressed, and China’s decision-making level has increasingly determined its determination to change its mode of economic growth. We hope to reduce the dependence of China’s economy on exports and increase private consumption to promote economic growth. force. The next step for the central government to ensure a soft landing for the economy is likely to be a fiscal stimulus plan aimed at boosting domestic consumption.

As early as the 2010 National Business Work Conference, Minister of Commerce Chen Deming proposed that overseas consumption of Chinese people is also an important aspect of tapping the potential of consumption in China. So how do you “lose” the lost business? The author believes that the Korean experience can be used as a reference.

First of all, South Korea attaches importance to the guide of consumer culture and integrates consumer culture into Korean drama. Under the influence of "Korean Waves," many Chinese tourists to South Korea have lingered on the cosmetics and apparel of local Korean brands.

Secondly, South Korea has paid attention to the brand effect, and Seoul has become an increasingly preferred place for Chinese people to sweep their goods overseas. In the consumer rankings of Chinese customers, high-priced consumer products such as cosmetics, international brand names, and electronic products rank among the top. In the survey of “the most popular tourism destinations for Chinese tourists”, the Myeongdong business district and Dongdaemun clothing market ranked among the top three. In Myeong-dong's cosmetics stores, Chinese tourists can often see long-term shopping lists for sweeping purchases.

South Korea is still one of the few countries that has duty-free shops in the city. Visitors can present duty-free goods whenever and wherever they want, even if they are not at the airport. In South Korea's duty-free shops, there are all kinds of brands and varieties in operation, and some brand-name watches and cosmetics are even cheaper than Hong Kong, China. For example, Rolex watches, Hong Kong's price is about 3,000 yuan more expensive than South Korea, the mainland is more expensive than Hong Kong about 3,000 yuan.

More importantly, domestic products should be self-reliant. For consumers, the quality of the product is always the key to willingness to pay.

In short, boosting domestic consumption is the only way for China’s economic transformation, and it is also a comprehensive project of the national economy. Governments, manufacturers, businesses, and consumers must work together.

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