Lin Yue removed a premium face cream worth over 2000 yuan from her shopping cart and instead ordered two bottles of budget-friendly "dupe" face creams with similar ingredients from Fenqile Mall. Previously, she believed that treating herself meant buying the most expensive items. Now, after calculating her expenses, she realizes the money saved is exactly enough to afford the pottery class she has been longing for. For her, consumption is no longer about targeting luxury brands but about maintaining quality of life while spending wisely—saving where possible and spending where it matters most, directing funds toward areas that better suit her needs.
Lin Yue's choice mirrors a broader trend in current consumer behavior. Recently, the China Association of Small and Medium Commercial Enterprises and the Lixin Data Research Institute jointly released the "2026 Q2 China Consumer Spending Intention Survey Report." This report indicates that "dupe" consumption has become a mainstream choice, with only about 10% of consumers still sticking to familiar high-end brands and having no need for alternatives. The report also highlights that the prevalence of "dupes" suggests cost-effectiveness is becoming a universal consideration, fundamentally reflecting a more rational approach to consumer decision-making.
Behind this shift, on one hand, consumers are re-evaluating brand premiums and placing greater emphasis on product quality, functionality, and user experience. On the other hand, consumer demands have become more diverse, with individuals no longer concentrating their budgets on a single product but instead aiming to achieve multiple life goals within a limited budget. As product value and diverse objectives become key factors in purchasing decisions, brands that can offer reliable quality at reasonable prices are gaining more market opportunities.
Domestic brands are a prime example of this trend. In the case of Chinese-made cosmetics and skincare, continuous improvements in product research, development, and technological capabilities have led to ongoing progress in ingredients, efficacy, and user experience. This provides consumers with more alternatives beyond international luxury brands, offering greater possibilities for finding the optimal balance between quality and price.
This trend is also evident at Fenqile Mall. Since July, the platform has seen sustained growth in consumption of domestic cosmetics and skincare, outpacing the growth rate of international luxury brands. For instance, Dafuyan Hydrating Face Mask saw a month-over-month increase of 30.74%, Bishiongyan Barrier Repair Kit grew by 54.83%, and the domestic perfume brand IMSOLE surged by 115.47%. The rise in domestic cosmetics consumption on the platform also reflects consumer preference for platforms that offer a rich supply of quality products at reasonable prices, along with a superior shopping experience.
LexinFintech Holdings Ltd. (NASDAQ: LX), the parent company of Fenqile Mall, is continuously improving its product supply ecosystem in response to changing consumer demands. This covers multiple sectors, including mobile phones, digital devices, home appliances, cosmetics and personal care, apparel and footwear, and food and beverages. Domestic brands and high-quality Chinese-made products have become a key part of the platform's offerings, spanning from everyday consumption to quality upgrades, providing consumers with more product choices that balance quality and price.
From "dupes" becoming a common consumer choice to domestic brands gaining broader recognition, the consumer market is shifting toward a focus on the intrinsic value of goods. As purchasing decisions increasingly center on products, value-for-money is becoming a crucial competitive advantage for brands and retail platforms. A spokesperson for Fenqile Mall stated that the platform will continue to refine its product supply ecosystem, aiming to meet consumers' evolving quality consumption needs through a richer variety of quality products, more flexible financial services, and an enhanced shopping experience.
Reportedly, Fenqile Mall, founded in 2013, is China's first online installment shopping mall. Since its inception, the mall has focused on the differentiated consumption needs of high-growth customer groups, continuously strengthening the supply chain for essential needs such as food, clothing, transportation, entertainment, travel, and pet care. It also leverages its scenario-based advantages and fintech characteristics to meet consumers' multi-layered demands. Public data shows that by Q1 2026, driven by promotions, interest subsidies, and interest-free campaigns involving hundreds of first-tier brands, Fenqile Mall's transaction volume increased by 104.1% year-over-year.
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