Image credit: Hanny Naibaho, Unsplash
Hakuhodo Institute of Life and Living Shanghai unveiled its eighth set of findings on “The Dynamics of Chinese People.” The theme this year is “New attitudes and behaviors emerging in China after COVID-19.”
According to the report, in China, which came out of COVID-19 isolation ahead of the rest of the world, the desire for shopping has remained at a high level since April. Soaring enthusiasm for shopping can also be seen in record-high sales across the board in this year’s e-commerce sales.
Additionally, HILL Shanghai analysis shows that a love of shopping is increasing, with 40% of Chinese respondents agreeing with the sentiment “that shopping became more fun in the past year”, compared to 27% in the USA and 10% in Japan.
While enthusiasm for shopping is increasing, there is also a growing trend toward quality goods, as indicated by many saying “I spend more to buy good products and services (70%) compared to with before.”
In addition, with nearly 70% agreeing with the statement “I’m more focused on whether something suits me than how it will look to others” it appears that the Chinese are now purchasing things they really need without considering the opinions of others.
HILL Shanghai has named this change in attitudes and behaviors 度物 (Duówù: Scaleable Shopping). The advent of the phenomenon in the Chinese market represents a shift in shopping scales.
Shopping scales that changed with Duówù: Scaleable Shopping
• Changed time scales
⇒ Enjoy spending time buying low-priced items to economize on them, but buy expensive items instantly.
• Changed scales for spending money
⇒ Normally economize, but will spend on things they really need.
• Changed bargain scales
⇒ Judge whether everyday necessities are bargains based on price, but will judge whether something they like is a bargain based on its price per use.
HILL Shanghai believes that the key to realizing sustainable growth in tomorrow’s Chinese market lies in building new relationships of trust and maintaining a high desire for shopping through companies correctly understanding Duówù sei-katsu-sha.
Click here for more details on this research.
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