Behind the fashion trend of consumption in 2024, there is a consumer’s pursuit of experience, trying to find a new balance in life through consumption. With the emergence of new demands, new models and new trends, it also brings brand-new opportunities and challenges to the consumer market.
On July 5th, at the sub-forum "YOUNG People Consume" of the 2024 Shell Finance Annual Conference, the Beijing News Shell Finance released the "2024 China Youth Consumption Trend Report" and the top ten trends of youth consumption through a questionnaire survey of 1,016 respondents from all provinces in China, revealing how the consumption of young people can be more finely graded and the new consumption formats brought about by youth consumption power.
1. Young people consume "intellectual brains". More than 40% of respondents often compare prices when shopping.
Young consumers become more prudent and smart, pay attention to cost performance and actual value, and ensure that every penny can get more valuable enjoyment. According to the survey, 41.0% of the young people interviewed often compare prices when shopping, and 19.3% of the young people interviewed will compare prices when buying any goods. They frequently "shuttle" between major e-commerce platforms and physical stores to choose the goods with the best cost performance. Only 5.8% of the respondents never compare prices and buy the goods they need directly.
We refer to these people who are willing to use more channels to understand commodity information and are keen on price comparison, second-hand and flat replacement as "intelligent consumers".
Careful consumers are getting used to "decentralized consumption", and everyone will compare prices through multiple channels, such as going to 1688 to store consumables and buying clothing and shoes at Vipshop.
In the eyes of consumers, looking for second-hand and replacement is a rational way of consumption that still maintains a refined life. It can not only get high cost-effective products, but also get extra money-saving fun. The survey found that when shopping, young people don’t always choose the lowest price of a certain kind of goods. 38.88% of the respondents said that they sometimes choose goods with lower prices, but other factors such as quality and brand are equally important for consumption decisions. In other words, these consumers sometimes choose higher-priced goods because of other factors such as quality and brand.
People gradually realize that "flat replacement" will not reduce the quality of life, but can meet their own needs in a more economical way.
Take coffee in daily consumption as an example. In the past few years, people have turned from a cup of commercial coffee with a price of more than 20 yuan to embrace brands with acceptable taste and higher cost performance. Among them, the brand represented by Kudi Coffee stands out, and the 9.9 promotion campaign launched by Kudi has been favored by more young consumers.
According to the data of the Beijing News Shell Finance Questionnaire, in addition to price information, in the consumer market where information is constantly jumbled, others’ evaluation and recommendation has become a decision-making vane that can not be ignored, affecting young people’s consumption behavior. 28.05% of the respondents said that they always put a lot of energy into carefully reading the comments and recommendations of other consumers when buying goods, and 38.48% said that they often refer to the comments and recommendations of other consumers. Only 5.12% never refer to it, completely according to personal judgment.
2. Over 70% of the respondents go out for nature and outdoor adventure at least once a year, which is the first choice.
From last year’s commando tour to this year’s "small town fever" and "reverse tour", the pace of young people’s tourism has never stopped. According to the survey, more than 70% of the respondents travel at least once a year, of which 46.36% arrange multiple trips every year, 26.28% regularly arrange trips once or twice a year, 17.22% occasionally travel once, and only 10.14% of the respondents rarely arrange trips due to time, economy or other reasons.
Over 40% of the respondents will spend more than 5,000 yuan on travel every year, among which the most people are in the range of 5,000 yuan to 10,000 yuan, accounting for 39.12%. In addition, 24.9% of the respondents said that they would not set a travel budget, depending on the actual situation.
Both the upsurge of "reverse tourism" and the rise of "small town fever" show that young people seek the nourishment of nature and humanity during their travels. According to the survey, nature and outdoor adventure have become the favorite travel experiences of the young people interviewed, and 43.5% of the respondents pursue such experiences more in their travel planning.
The exploration of historical sites has become the second largest choice for young people’s travel experience, and 42.32% of the respondents have added such items to their travel itinerary.
In addition, exploring and linking local life has also become one of the travel motivations of young consumers.
First-time travelers, such as LIFE Club, introduce talk shows, coffee classes, book clubs, electric competitions and other local life activities into the hotel space, providing incremental value for young tourists who are willing to explore.
3. The durability of products has become the biggest reason why young people interviewed choose domestic brands.
The survey found that good quality and low price are the biggest reasons for young people to choose domestic products, and 54.92% of the respondents said that they chose the old domestic brands with a long history because of their product quality. Trust in traditional culture and national brands has become the second biggest reason for young people interviewed to choose domestic brands. Under the blessing of quality labels, domestic brands not only carry the functional value of the goods themselves, but also become a bridge to convey cultural self-confidence and stimulate national pride.
For example, Kuafu Fried String, a chain restaurant brand that has gradually become a "online celebrity" brand recently, is named after the characters in the traditional myth "Shan Hai Jing" of China, which endows the brand with the spirit of national tide, in line with the trend of increasing cultural self-confidence in China. The brand also took advantage of this opportunity to constantly create the highlights of traditional cultural marketing, and played the brand mentality of "watching the national drama and eating China fried chicken", leading a wave of catering consumption boom.
At the same time, the old domestic brands constantly explore the balance between inheritance and innovation, and continue to innovate and develop under the premise of maintaining traditional characteristics. 42.42% of the respondents said that domestic brands chose domestic products because they pay attention to innovation and R&D, while 37.4% chose domestic products because they maintain traditional characteristics.
In recent years, the wind of domestic products has swept through various consumer fields, which not only reshaped the shopping choices of domestic consumers, but also made the world know "Made in China" again. Not only in the field of daily consumption, but also in the manufacturing industry, domestic brands are becoming the choice of more consumer groups.
This year, Xiaomi Automobile entered the domestic new energy market strongly, and Xiaomi SU7 "intelligent driving+intelligent cabin+ecology" will become the core of its technical competition, realizing the intelligent connection of people, vehicles and homes. In June 2024, the delivery volume of Xiaomi SU7 exceeded 10,000 units, making it a new choice for more young consumers to buy cars.
4.Nearly 30% of the respondents were young.People pay for emotional value. The younger they are, the more likely they are to spend because of their personal interests.
In 2024, emotion has become the consumption demand of young people. In addition to material gain, young people also hope to get psychological satisfaction. According to the survey, nearly 30% of the young people interviewed will spend because emotional value heals their body and mind.
Young people are also looking for emotional "placebos". The relaxed and funny emotional value provided by movies, TV series and variety shows has become a daily "emotional regulator" for young people. As people’s emotional needs are more subdivided, many brands launch diversified and personalized consumption scenarios and products to meet the diverse needs of consumers.
Take Youku platform as an example. During the finale, the recently-hit Mo Yu Yun Jian released an off-site MV after the marriage of "Fei Chang Xiao Zhang" CP. During the broadcast of Mo Yu Yun Jian, Youku captured the audience’s voice, linked the filmmakers and quickly completed the filming of the off-site MV. This move is regarded as a new exploration of diversified services by the long video platform.
In 2024, # Restart Life # related topics were hotly discussed, and many young people shouted "Raise yourself again", for example, when they were adults, they took an interest class that they didn’t have a chance to learn as children, gave themselves a gift that they didn’t get when they were young, or experienced a medical beauty …
In addition, the survey data shows that 37.4% of the respondents consume for personal hobbies, among which the younger people are more inclined to consume because of personal hobbies. Among the respondents aged 18-25, 42% said they would consume because of personal hobbies, while the proportion between 30 and 35 years old is 35%.
This year, providing emotional value has become the consensus of almost all industries, even affecting the fresh e-commerce platform. In the past few years, Ding Dong has been selling products with similar emotional value, such as ornamental goldfish, various vegetable seeds, hydroponic vegetables, mushroom sticks, grass dolls, etc.
5. More than half of the respondents have spent 24.11% on second-hand platforms, and think that second-hand recycling is more environmentally friendly and low-carbon.
According to the data of the Beijing News Shell Finance Questionnaire, young consumers show a strong willingness to pursue the concept of fashion, health and environmental protection, and they are more willing to pay for sustainable brands and products.
No matter online or offline life scenes, sustainable consumption is being paid attention by more consumers, and the concept of low-carbon life has gradually taken root in people’s hearts. In life, young consumers have their own ways to practice green and low carbon, for example, by planting trees in ANT FOREST to record energy saving.
Alipay ANT FOREST has more than 600 million cumulative users, and has attracted a large number of young users to participate continuously through interesting online ways such as saving energy, collecting energy, watering and patrolling protected areas, and participated in green public welfare actions such as afforestation and desertification control with the support of "green energy".
According to the survey, more than half of the respondents indicated that they would spend money on second-hand platforms, among which 32.28% thought that second-hand platforms were more cost-effective, 24.11% thought that second-hand recycling was more environmentally friendly and low-carbon, and 17.13% of the respondents would decide according to the attributes and conditions of goods.
From different age groups, the reasons for buying second-hand products are slightly different, and the younger consumers are more willing to pay for environmental protection. According to the survey, among the people aged 18-25, 26% of the respondents choose second-hand goods because they are more environmentally friendly, accounting for the highest proportion. This is mainly because young consumers’ environmental protection concepts and actions in the whole society are constantly strengthened during their growth, which also makes this a priority factor in their consumption decisions. With the increase of age, the proportion of consumers who choose second-hand goods because of higher cost performance is gradually increasing.
Cars are the second largest consumption besides houses in life, and young people are more willing to choose "spending small money to do big things" when buying used cars. How to buy new energy used cars without stepping on the "pit" has become the most concerned issue for young people to buy used cars.
According to the survey, 49.31% of the respondents said that they were most concerned about whether the price was in line with the budget, and over 40% of the respondents said that they would be concerned about whether the age and mileage of the car were moderate and whether the overall condition of the car was good. The deep test drive service provided by the melon seed used car platform further promoted the enthusiasm for buying new energy used cars.
In addition, from the overall consumption trend, the sense of relaxation is also a part of young consumers’ pursuit of high-quality life. With the increasing attention of young people to health, self and family happiness, they no longer blindly pursue brands and luxury goods, but pay more attention to the practicality and durability of products, hoping that goods can bring them a sense of relaxation or separate themselves from cumbersome affairs.
Chasing technology helps young consumers get rid of the "sense of exertion" with the help of sweeping robots, intelligent floor washers, wireless vacuum cleaners and high-speed hair dryers. It liberates users’ hands with technology by reducing the burden of housework, providing personalized services and creating a comfortable environment, so that users have more time and energy to pay attention to themselves and enjoy life.
The Beijing News Shell Finance also conducted a survey on young people’s pet consumption and other aspects, and found that the trend of "family-oriented" pets became more and more obvious. 85.24% of the respondents spent money on pets, among which the number of people who bought toys and entertainment facilities for pets was the largest, accounting for 46.85%. Pet medical care has become the second largest expenditure.
Contemporary young consumers attach great importance to health care, their health care methods are diversified and convenient, and their health awareness is constantly enhanced, which has promoted the upward development of health care industry.
This young people are not only more intelligent in consumption, but also smart in saving money. There are still many people who like to "live with income" and cover part of their daily expenses with the income from Yu ‘ebao. By the end of May, the per capita balance treasure position after 00 was nearly 3,000 yuan, a year-on-year increase of nearly 50%. After 00, the frequency of saving money reached 10 times per month, an increase of 10% over last year.
The younger generation is willing to share and acquire financial knowledge through social software and pursue "fancy financial management", which also makes the original complicated and boring financial management interesting and easy to understand.
People are keen to save money for planned trips, watching performances, learning English, etc. and motivate themselves. In 2023, Alipay Pocket has produced more than 20 million "small goals" to save money.
According to Alipay data, 40% of users with small wallets are after 00, and nearly half of them have started the automatic saving plan "painless saving money" to save their small coffers smarter.
Coordinator: Zhang Quanwei Ren Jiao
Text: Fang Jingyi, Yang Yifan
Data analyst: Dong Yinan
Design: Ren Wanqing
Editor: Wang Jinyu
Proofreading: Yang Li
