GUMING's Qi Xia: Young Consumers' Spending Motives Shifting from Status Symbolism to Emotional Value

Deep News01-18

At the 27th Peking University Guanghua New Year Forum, themed "Domestic Demand-led, Gathering Strength for Growth: Embarking on a New Journey for the '16th Five-Year Plan'," which was held in Beijing on January 17th, GUMING Co-founder Qi Xia attended and delivered a speech.

Qi Xia stated that the consumption behavior of young people is undergoing a significant shift. Moving away from the fervent discussions about designer bags and limited-edition sneakers prevalent just a few years ago, they now show a greater willingness to pay for fun "small items" that can add interest to their office desks. The underlying motivation for consumption is transitioning from paying for status to paying for emotional value.

He candidly admitted that despite facing an industry environment characterized by insufficient consumption, he remains confident in the food and beverage sector to which he belongs. The root of this confidence lies in the vast "space for value upgrading" that still exists within the food and beverage field.

Qi Xia believes that by focusing on industrial upgrading, it is possible to create value that is recognized by consumers, and "where there is value, there is willingness to pay."

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