Female Consumption Dominates China's Dominant Position

During the process of stimulating domestic demand, women's consumption behavior is infinitely enlarged.

Although China's GDP growth rate has some envy, it is more than 70% of the consumption rate of developed countries. Domestic market demand It's always a big question. Of course, there is another interpretation of this comparison. A spokesman for the National Bureau of statistics often said: "from the perspective of the consumption rate of Chinese residents, there is great potential for growth in China's consumption."

In the annual government work report, the expansion of consumption has always been an important height affecting the healthy development of the national economy. In China, women are used to spending their duties in families, so their consumption behavior has special significance. "Women are always good at consumption. In the past, our living conditions were poor, and consumption power had not yet been released. Their role was greatly highlighted in the process of releasing domestic demand." Zero point research group chairman Yuan Yue said.

Stepping into the era of consumption

2007 Ernst & Young report, "women" consumption "The rise of ISM in China" was also the cover story of BusinessWeek in this year. The core idea of this article, which was later read in CCTV morning reading newspaper, is that China's future consumer market is largely in the hands of female consumers. Retailers should capture this information in time and adjust their marketing strategies accordingly.

This conclusion is mainly derived from the dual attributes of women in society and family, and has been further affirmed. More and more women enter the workplace and have more personal disposable income. CTR market research released in 2008 China High-end The women survey shows that the number of high-end women in Beijing, Shanghai, Guangzhou, Shenzhen and other 8 tier cities reached 1 million 670 thousand, and showed a leaping development trend. The new group has the characteristics of high education and high income, and the consumption potential increases year by year. The average monthly income is 7000 yuan, the average annual income of the family is more than 240 thousand yuan, and 40% of the high-end women are mainly managers or board members of the enterprise (see Business Week 2010 sixth cover story 25 commercial actress).

"With the increasing number of Chinese women receiving higher education and employment, their consumption habits have changed significantly. Especially in cities, women enjoy greater economic independence and consumption choices. "They can not only decide how to spend their own money, but also have a great influence on how to spend their family income," said Li Gangwei, the managing partner of China's retail and consumer goods industry.

Women who experienced baptism in the workplace also gained a higher status in the family than in the past. According to the Ernst & Young report, although most Chinese families are not necessarily the main source of income for their families, 74% of women earn less than their spouse, but they have a lot of say in terms of consumption. Data show that 51% of married women in China will put together the wages of husband and wife together, while the consumption power of 60% to 70% of our families is in the hands of women, and only 2% of women will give all their income to their spouses.

In addition, the ACWF survey shows that 78% of married women are responsible for making decisions about household daily expenses and clothing purchases. When buying large items such as houses, cars or luxury goods, 23% of married women say they can make independent decisions. The remaining 77% women will consult with their partners, but their personal likes and dislikes will still have a major impact on the final decision.

Another group of classified statistics also shows the unlimited potential of female consumption. MasterCard International estimates that the total purchasing power of Chinese young women who live alone or married or not is likely to increase from $180 billion in 2005 to $260 billion in 2015. The purchasing power of older women whose children have grown up from the "empty nest" families will also increase from US $100 billion in 2005 to US $150 billion in 2015. The spending power of the elderly women living alone will probably increase from US $50 billion in 2005 to US $115 billion in 2015. The total consumption capacity of these three types of Chinese women will increase from 330 billion US dollars in 2005 to US $525 billion in 2015.

"Women now have very high decision-making power in personal and family consumption." Malando, President of Italy pearl baby (Pomellato) China, said, "as a business, we have to find the commonality of this new trend, understand what they think, and what kind of consumption pattern it is." (Malando)

Chinese women consume "three sins"

When more and more women in the workplace emerge, the "moonlight clan" also grows. According to the Ernst & Young report, many Chinese professional women pursue a lifestyle of consumerism. They choose to "get drunk now," and delay saving for the future. 65% of female consumers spend more than 60% of their monthly salary each month.

In addition, savings ratio is not directly related to wage level or job position. A survey conducted by the China Talent Hotline at the human resources website shows that the higher the female salary and the higher the job, the less savings. On the contrary, women with low wages and better jobs have better savings habits.

Most of the instant consumption occurs in the younger generation of China, and young means more capital. "In China, women pay more attention to whether they are young than men, so younger products are more marketable among female consumers." Yuan Yue pointed out that one of the main characteristics of Chinese women's consumption is that a 45 year old woman will consume according to the standard of 28 to 32 years old, while a 28 year old woman will consume according to the standard of 25 years old.

"When a 45 year old female consumer chooses clothes in a shopping mall, if the salesperson recommends an old-fashioned dress to her according to her physical age, the customer will probably walk away." Yuan Yue said, "the consumer is still complaining" how to pick such an old clothes for me. "

In addition to the hope of youth, Chinese female consumers also have an obvious trend towards better consumption. Yuan Yue explained to reporters: "women will accumulate their purchasing power to buy products that are higher than their normal consumption level. This phenomenon is much more obvious in China than in other countries. In China, 70% of luxury goods are caused by better consumption. " {page_break}

The report of Ernst & Young also shows that Chinese female consumers are more and more willing to buy luxury goods, especially the "post-80s generation". Even though the monthly salary is only 3000 yuan to 4000 yuan, they are confident of the economic prosperity and their earning power in the future. These shoppers have more knowledge and higher requirements for brands than the previous generation, and are willing to shop for "image" to reflect their rising social status. It is estimated that this group will become a regular consumer of luxury goods after the age of 30.

At present, a variety of luxury brands are pouring into the domestic retail market. The exclusive stores not only appear in Shanghai, Beijing, Guangzhou, but also in many second tier cities. As of September 2010, China surpassed the United States to become the world's second largest consumer of luxury goods, and China's Ministry of Commerce predicted that China would probably exceed the number one in Japan in 2014, accounting for about 23% of the global luxury market.

But suddenly the bulging purse and the fast flowing luxury goods make Chinese consumers do not have enough time to digest and recognize the meaning of the brand. The Cult of the Luxury Brand:Inside Asias Love Affair with Luxury says that Chinese consumers are in the stage of showing off. Luxury is regarded as a symbol of wealth. Western consumers have turned to more elegant and restrained brand goods, while Chinese consumers prefer "jewels".

Golden straw in female consumption era

When the IT industry constructs a huge enterprise ecosystem in the virtual world, the business ecosystem of female consumers is also quietly built. Another interpretation is the right lifestyle composed of shopping, holidays and leisure.

The report on Chinese women's living conditions published by the Social Sciences Documentation press, said that fashion life and quality life are the pursuit of female consumers. This pursuit and some women have made it a reality, indicating that their lifestyles and life goals are in keeping with the progress of modernization.

"When we provide products to consumers, we should not only make them realize that this is a famous brand, but also let them experience a healthy and correct way of life. This idea is the same as the whole world. We should all go the same way, but now China is slightly inferior to foreign countries. Tan Xuejing said.

"Our income is increasing, which leads to the old generation's lifestyle no longer applicable to today. In fact, as long as there is money, any brand of goods can be bought. This is a qualitative thing, but the way of life is diverse. How to guide consumers to form a correct way of life is the most worthy of our consideration. She believed that Chinese people used to pass their wealth on to the next generation, but Europeans transmit the lifestyle and values to the next generation. The characteristics of this generation of Chinese female consumers are to accumulate and cultivate a mature lifestyle and pass it on, and one of the duties of businesses is to establish a perfect system to help them.

The premise of building a complete life system for consumers is to go deep into their lives and understand the needs of consumers. "When I enter the jewelry industry, I regard myself as a part of the target consumer group, and I personally experience their life in their own life experience." Tan Xuejing told reporters that any product that women choose is to embody her lifestyle. They must have a sense of foresight in fashion. When consumers are not aware of what they want, they should show them the right products.

Snow crystal is the Chinese President of Folli Follie, a Greek jewelry company, who successfully introduced the brand to the Chinese market during its term of office. Tan Xuejing recalls: "I find that Chinese women consumers have realized that in addition to wearing jewelry at large banquet venues, they usually need reasonably priced accessories, but at that time there were few products that could meet this demand in the Chinese market, so they gave Folli Follie a chance to succeed."

Folli Follie entered the Chinese market in 2002, and positioned its product in "reasonably priced fashion luxury". In the second year of its entry into China, it gained profits, and when it talked about snow crystal, it had 75 stores and 200 million yuan sales in 2008.

"Fashion must be in front of consumers. When the past consumer groups become more mature, I find new needs arise." Xue Jing finds that there are a group of women in China. They do not like to drift with the tide, but advocate small brands, and pay attention to others who choose the same brand.