Yang Dayun: The Fourth Generation Consumption Era Of China'S Fashion Industry

According to the current situation of China's consumption, the mainstream consumers are in the third stage of development. At this stage, consumers will break the superstition of foreign brands and gradually return to rational consumption. They will no longer be willing to pay for the premium of foreign brands, but will pursue more cost performance and even performance ratio!

With the rapid economic growth in China, there are great differences in the iterative updating of consumption trends. However, it is certain that with the slowing down of economic growth, the "solidification" of the consumer class, and the increasingly diversified consumption, the market segmentation begins to be subdivided, which is mainly caused by income gap, education level and aging population, The 100 million middle class has gradually become the mainstream of consumption promotion. Enterprises must pay attention to consumer groups when they are making brands. The consumption changes of Chinese society can be divided into four stages.

Enthusiastic consumption comes from different periods

The first stage is the 1970s-1980s, when Chinese society has just begun to develop. This is the early stage of China's reform and opening up, and there is a strong material demand. However, only a few people can pursue Western-oriented modern life, and we highly respect foreign brands. Many local brands try to cater to this kind of consumption in terms of name or brand origin. As a result, Shanzhai brands are blooming everywhere. At this stage, the focus of competition is manufacturing capacity. Speed and scale determine the ability of an enterprise to make money. As for the brand, it is not the focus of attention of enterprises and customers. Enterprise owners need courage to obtain huge benefits, and they can escape from the era when the market demand is too strong and opportunities are everywhere.

The second stage is from the 1990s to 2010, when China's economy began to take off, families began to spend a lot of money, buying houses, cars and appliances, and shopping tended to be "expensive is good". This is a period of rapid development of luxury goods in China. Not only foreign brands, including local brands, are also selling well. Now China's textile and garment listed companies are growing rapidly at this stage, and are beginning to lay the future industry competition pattern. In this stage, consumers begin to pay attention to brands and design styles. The price will not affect the purchase amount. Enterprises also complete the process from wholesale to monopoly, from quantity to brand. In only 10 years, Chinese brand enterprises have gone through the stage of 50 years in western countries, This is a miracle, but it is also an opportunity given by history.

There are great differences in consumption demand in different stages

The third stage is from 2010 to 2017, when China's economy entered a turning point of surplus and transformation and upgrading. Anti corruption led to a sharp decline in sales of luxury goods and domestic high-end brands. After efforts such as inventory clearing and online e-commerce, with the rise of personal consumption and the growth of the middle class, people began to pursue personalization and differentiation in consumption, The consumption of local brands and international brands is polarized. Young consumers tend to pay more attention to internationalization. In addition to the high-income people after 60 and 70, the demand for local high-end brands is relatively stable. This stage is also a period of rapid development of domestic e-commerce. The consumption mode has a great impact on the traditional entity enterprises. The product distribution and brand promotion of traditional enterprises are increasingly Internet-based. This stage is characterized by confusion and adaptation to integration. Most domestic brands are familiar with the application of Internet technology to improve their market competitiveness. International brands are catching up in this respect, The focus of competition is still the ability to control e-commerce.

By the fourth stage, 2018-2025, consumers are returning to the basics and pursuing comfort, minimalism and high performance ratio. The incremental dividend of consumption driven by the Internet is gradually disappearing. Artificial intelligence and big data greatly improve the "efficiency" of brands to meet the needs of consumers. At the same time, it also makes the ability of technological upgrading among enterprises "converge". The absence of technology will become the core means to surpass competitors. The popularization of technological innovation makes enterprise application "normal", The competitive advantage of this stage is absolutely reflected in "creativity". The ability of originality will become the key to differentiated competition. Each brand needs to show its own different value. However, the Internet makes creativity colorful, but it gives each creation a shorter "life cycle". Big data and artificial intelligence only improve the "efficiency" of the enterprise, The "creativity" opens up a greater "demand" of the market. At this stage, those "local tyrants" who do not understand fashion and do not believe in lifestyle will be eliminated. However, the pattern of luxury market will not change greatly. In the high cost performance and personalized market expected by young people, it is bound to be full of vitality and fierce competition. It is difficult to maintain a sustainable competitive advantage, The idea of "century brand" in this market is terrible, which will make young consumers laugh and be generous. I'm afraid that the theme song of the future fashion is "capricious".

In other words, when the world's middle class rises to be the main consumption force, there is a phenomenon: the rise of national culture, the enhancement of national self-confidence, and consumers will be more willing to pay for local brands and local innovation! However, we must pay attention to the fact that global international brands and local brands will coexist and prosper together. The national brand is the world, and the future is the world of China. Whether the future fashion is Chinese fashion or not, we need to work hard.

　　 Only by being professional and focused can we see the future

According to the current situation of China's consumption, the mainstream consumers are in the third stage of development. At this stage, consumers will break the superstition of foreign brands and gradually return to rational consumption. They will no longer be willing to pay for the premium of foreign brands, but will pursue more cost performance and even performance ratio! International brands are also localizing, seizing the demand and fighting Chinese culture. Therefore, this is the best time and the worst time