Self-enjoyment consumption trending

Photo:VCG

Dark green military overcoats made a splash after videos of young people wearing this old-fashioned clothing on campus and in the streets were posted on social media recently.

Cotton military overcoats have become an instant hit among college students causing them to become trendy again. According to Taobao, an e-commerce platform, monthly sales at many stores have reached 10,000 to 30,000. Customer service staff revealed that people paid little attention to the coats in the past few years, while sales and inquiries increased significantly this winter. Behind the phenomenon is the rational nature of consumption among young people today.

They have grown more conscious of not following others blindly but sticking to their own choices. Be it an overcoat or a jacket, this new trendy clothing is ultimately a warm piece of clothing for winter. "It is not that we cannot afford down jackets, but we prefer more cost-effective military overcoats" is a popular explanation among these young consumers.

This reveals that young people still tend to stick to cost effectiveness when buying items to enjoy or to show off their taste. Although they can afford expensive products, they still prefer cheaper substitutes.

Chinese brands with quality merchandise and fashionable designs sold at affordable prices have gone international, including on Temu, which has gained tremendous popularity among young people in the US and other countries. They want to be appropriately charged for everything. Do youngsters believe a penny saved is a penny earned?

Young people's strict budgeting shows they refuse to pay for any unreasonable premium, and they are more concerned about quality and practical value. They are reconstructing an identity that is less impulsive when spending and focus more on personalized choices. Faced with the surging price of down jackets, they have decisively turned to an alternative. With the increasing popularity of military overcoats, it seems they are leading a new trend and getting recognition and encouragement from their peers. To be different and make a difference, the new generation has an attitude that is more confident and determined about their choices.

Self-enjoyment with the purpose of having a better life experience represents another side of this attitude of the young generation. Characterizing the new consumption era, the White Paper on the Trend Insights of Interest Consumer Market in 2022, released by data mining and analysis organization iiMedia Research, shows that by 2021, China's "post-1990" and "post-2000" generations have become a new force in domestic consumption with a population of nearly 320 million. Over 60 percent surveyed listed enjoying themselves and improving happiness as a core value. They focus on personalized aspects and emotional perception in addition to the usefulness of things. They pay for what benefits their feelings and experience.

This trendy "self-enjoyment consumption" manifests the personalization of our society. The emergence of individual consciousness accompanies the rise of mass consumption. Individual consciousness promotes increased consumption, which in turn strengthens individual consciousness, and thus self-enjoyment consumption gradually prevails. In short, this is about pursuing a better life featuring national and personal prosperity, a harmonious society, family happiness, and a sense of gain and security. For decades, China has achieved remarkable results in expanding domestic demand since the reform and opening-up. In July, the State Council approved "Measures to Promote the Recovery and Expansion of Consumption," which is set to meet citizens' demand further and release their consumption potential by optimizing policies and mechanisms.

We should employ a view of consumption upgrading that conforms to new development concepts. For one thing, we should meet the demand consumers have for a better life. For another, we should reach the standards of new development concepts: innovation, coordination, green, openness, sharing, and leading fresh consumption driven by advancement. High-quality consumption upgrading means integrating individuals' demand for a better life and the desire of all people to build a better society. We should guide consumers to establish healthy consumption concepts and improve them to a higher level. Besides this, we should create conditions for consumers to have more participation and co-creation ability and enhance the synergy between consumers and industries.

For industries, on the one hand, we should adhere to long-term planning and stop myopic behavior stemming from an eagerness for quick success and instant benefits. On the other hand, we should make good use of opportunities in consumption upgrading to fix weak links in services and other aspects, optimize consumption from the supply side, and promote comprehensive upgrading. In addition, government departments should have a grasp on new dimensions and trends. Based on this knowledge, they will carry out governance innovation beyond traditional economic and consumption management, introduce and implement policies and measures accordingly, and create a sound ecology to promote high-quality consumption.

The author is a faculty member with the School of Applied Economics, Renmin University of China. [email protected]