Grasp the development opportunities of new consumption

Travel companies do cross-border e-commerce, bank APP cross-border online consultation, live broadcast classrooms, financial institutions cross-border takeout, gas stations start selling vegetables ... During the epidemic, many new consumption scenarios continue to emerge. Cross-border enterprise "only can not imagine, can not do it", in order to better meet the needs of epidemic prevention and control, and ensure the production and life of the masses, injected a powerful force.

The Politburo Standing Committee meeting emphasized that it is necessary to combine the resumption of production and the expansion of domestic demand, release the suppressed and frozen consumption, and cultivate and expand the new consumption and upgraded consumption that are spawned in the prevention and control of epidemics, so that the consumption in kind And service consumption was covered. The emergence of new consumption scenarios, on the surface, is that companies take the initiative to fill the demand gap and switch production capacity supply, which actually contains the development logic of opening up the production supply and marketing links and smoothing the economic cycle. No matter from the demand side or the supply side, the rise of new consumption and the popularity of cross-border enterprises can provide powerful momentum for economic recovery.

In general, the impact of the epidemic is short-term and controllable. When the epidemic occurred, some consumption was suppressed and frozen, but consumer demand did not disappear due to the epidemic. Some will be delayed due to the short-term impact of the epidemic, and some may need to create more suitable conditions to achieve. From a different perspective, the dormant demand is a potential new consumption opportunity. As long as it is supplemented with the right timing and suitable conditions, new consumption can quickly emerge and iterate quickly, bringing sustained momentum to economic growth.

New consumption is not passive water or wood without roots, and actual demand is a favorable factor for its generation. The epidemic has inhibited traditional consumption, and “house” has become a way of life in a special period, but it has also created a huge development space for the “house economy”, and online consumption has therefore flourished. During the epidemic, some industries necessary for life have been further developed, and the logistics industry is one of them. Health, online office, digital entertainment, etc., have obtained unprecedented development opportunities.

"What the people need is what they make". This "hard core" statement is a vivid portrayal of the supply side responding to the rise of new consumption and meeting people's needs. "Automobile brand" masks are on the line quickly, beverage manufacturers produce disinfectants, and apparel companies produce protective products ... Some companies with cross-border strength take advantage of their potential advantages and synergies, quickly transform the workshop, and fill the gap in shortage of epidemic prevention and control materials. Without these cross-border productions, it is difficult for the people's needs to be quickly and adequately guaranteed. After the epidemic, people will have more demand for high-quality health services and high-quality life, which will definitely promote consumption to a new round of upgrading.

"Turning pressure into power and being good at turning crises into opportunities" is not only an important epistemology that correctly views the impact of the epidemic on the economy and society, but also an important methodology for the orderly restoration of production and living order, and the full release of China's huge economic development potential and powerful kinetic energy. Seizing the market development opportunities of new consumption and upgrading opportunities will help accelerate the establishment of an economic and social operation order that is compatible with epidemic prevention and control, and will make our lives better.

(Author: Chinese Academy of Social Sciences, Institute of Financial Strategy)

Gao Zhaoyu