When I was working in Beijing more than two years ago, my friend strongly recommended Pinduoduo to me.Less than 10 yuan (RMB, the same below, S $ 1.89) can buy a women's vest, more than ten yuan to buy charging treasures, and the price of 3C products such as mobile phones is generally lower than the general market price.The low price is incredible, making me doubt about the quality of the product; although I have downloaded the Pinduoduo APP for several years, I have never shopping on the platform.
However, I am obviously outdated, and the degree of fieryness of Pinduoduo is now beyond my imagination.
The financial report released by Pinduoduo Group on Tuesday (November 28) shows that the Group's revenue in the third quarter of this year reached 68.84 billion yuan, an increase of 93.9%year -on -year, a record high.
Pinduoduo's dazzling performance has a strong contrast with the growth of the double eleven performance of Taobao and JD.com, and Pinduoduo's stock price has risen.As of November 30, US stocks closed up 4.03% to close $ 147.44 (S $ 197.23). The market value of 195.9 billion US dollars exceeded Alibaba, becoming the first market value in the US -China stock market.
The rapid progress of Pinduoduo has threatened Alibaba as the leader of Chinese e -commerce leaders; Morgan Stanley has also reduced the rating of Alibaba's US deposit certificate from "increasing holdings" to "equivalent" this week, the target price, the target price, the target priceReluted from $ 110 to $ 90.This is the first time that Alibaba's stocks have been listed in the United States have been rated for the first time since the end of June.
On the scale, Pinduoduo only has about 13,000 employees, which is one of Ali's 18th and one of the 35 points of JD. On the history of the company, Pinduoduo has only been established for more than eight years, and Alihe, founded in the 1990s,JD.com is far away.Pinduoduo achieved curve overtaking this time, which caused heated discussion among Chinese public opinion.
Public opinion is not just a multi -business miracle, but the bottom logic behind the rise of Pinduoduo is the core of netizens' discussion; a large part of Pinduoduo's performance soaring is driven by the company's cross -border e -commerce platform TEMU.However, many people believe that the high -priced Pinduoduo's emergence has emerged, reflecting the general trend of consumption downgrade in the Chinese market after the epidemic.
The data released by the National Bureau of Statistics last month showed that although the total retail sales of consumer goods in October increased year -on -year, this was mainly because the base was low last year.Affected by the weakness of the property market, the recovery of the consumption of residential goods such as furniture, building decoration, etc. still lag behind.In October, China's consumer consumer price index (CPI) also decreased by 0.2%year -on -year, and reappeared negative growth after a lapse of two months, showing that the official boosting efforts of domestic demand faced challenges.
The consumption survey of France, the United States, and Chinese institutions also highlights the slow recovery of China's consumer market.A survey by the US Market Research Company Morning Consult found that the confidence index of Chinese consumers in October has fallen below 150 for the first time since February.
The monthly business status index released by the Yangtze River Business School also recorded 49.8 in October, a slight decrease from the 49.9 last month, and the confidence dividing line that continues to be lower than 50.
China's consumption downgrade is not only reflected in the e -commerce platform, but some offline consumption trends also reflect the more cautious consumption attitude from the people.
There is a trend of military coats in this winter, and the price of some domestic down jackets has risen to thousands of yuan, causing some young consumers to turn to buy hundreds of or even tens of yuan for military coats to keep the winter.In the middle of this year, the phenomenon of the launch of "leftovers blind box" for middle -class consumers to buy discounted vegetables and catering operators have also triggered discussion.
The 20th National Congress of the Communist Party of China clearly states that it is necessary to expand domestic demand, "the key role of strengthening consumer's basic role in economic development and investment in optimizing the supply structure."The Central Economic Work Conference in December last year also pointed out that it is necessary to place restoration and expand consumption in priority, which further emphasizes the important role of consumption recovery in China's economic recovery.
In this context, the signs of various consumption downgraded attracted the attention of the outside world and became a more sensitive issue in China.It is worth noting that consumption downgrade does not mean that China is transforming into a low desire society, and the consumption habits of Chinese people are changing more complicated.
While the trend of consumption downgrade in some areas in China, China's high -end luxury brands have also ushered in a strong rebound after the epidemic.Especially in the first half of this year, the rebound speed of Chinese luxury consumption was even faster than the overall economy.In the past two years, China has also been buying a gold tide. China's gold consumption has reached 291 tons in the first quarter of this year, an increase of 12.03%compared with the same period in 2022, exceeding half of the whole year last year;Little middle -class young people.
The trend of consumption downgrade and consumption upgrades in the Chinese market reflects a certain degree of consumption differentiation from the side.After the emergence of the military coat, a online famous sentence circulating on the social platform simply summarized the phenomenon of consumption differentiation- "not to be able to afford it, but the replacement model is more cost -effective."
Chinese consumers do not do not consume, but are more cautious and more cost -effective when spending; more people choose to save small money in daily expenses, and pay more attention to value preservation when consumption.Such a new trend tests the adaptability of the enterprise. As far as e -commerce giants and small as small as shopping malls have to accurately grasp the pulse of the consumer market in order to not be eliminated.
