Boost Consumption Upgrading with First-Release Economy
The first-launch economy is a new economic form that drives the quality and quantity of consumption through the introduction of new products, new brands, new scenes, and new experiences, promoting reg...
The first-launch economy is a new economic form that drives the quality and quantity of consumption through the introduction of new products, new brands, new scenes, and new experiences, promoting regional and industrial linkage innovation, and meeting the requirements of high-quality development. The "Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-style Modernization" passed by the Third Plenary Session of the 20th Central Committee emphasizes, "Improve the long-term mechanism for expanding consumption, reduce restrictive measures, reasonably increase public consumption, and actively promote the first-launch economy." As an important part of the long-term mechanism for expanding consumption, the first-launch economy complements and promotes consumption upgrading, jointly driving high-quality economic development and continuously meeting the people's needs for a high-quality life.
Consumption upgrading provides strong support for the development of the first-launch economy. Under the backdrop of consumption upgrading, China's economic system advantages and domestic market advantages provide a good foundation and favorable conditions for the development of the first-launch economy.
Consumption demand continues to improve and upgrade. The expansion of the middle-income group contains a large number of consumption upgrading demands. The modernization development of a country with a super-large population scale brings huge consumption potential to the first-launch economy. With the steady improvement of China's residents' income levels, the middle-income group will become the main force in China's development of the first-launch economy and the promotion of consumption upgrading. These consumers pay attention to the practicality of brand products and services, and more value the high quality of brand products and services. The high quality represented by the first-launch brand products and services can better meet these consumers' pursuit of a high-quality life. Consumers are increasingly paying attention to factors such as brand culture, emotional connections, and values in products and services. The scene atmosphere and brand culture created by the first-launch, first show, first exhibition, and first store in the first-launch economy will bring unique feelings and experiences to consumers, satisfying consumers' increasingly rich spiritual consumption needs.
Consumption models continue to innovate and upgrade. With the rapid development of the digital economy and the continuous improvement of residents' living standards, networked, personalized, and diversified consumption models have gradually become the mainstream. Experience consumption, as a consumption model that emphasizes participation, occupies a dominant position in the first-launch economy. By providing consumers with unique and novel, immersive and shocking brand experiences, it can quickly establish an emotional connection between consumers and first-launch brands, and enhance consumers' favorability and loyalty to first-launch brands. Online consumption represented by store exploration, as a new type of consumption model, also appears in the first-launch economy. First-launch, first show, first exhibition, and first store, and other first-launch activities become the target objects of store exploration. Through interactive promotion and promotion by store exploration experts and consumers, it can effectively increase brand exposure and popularity, helping first-launch brands to obtain a larger consumption flow in a short period. Customized consumption also stands out in first-launch activities, focusing on customized production around consumers' unique needs, which helps to achieve differentiated development of first-launch brands.
Consumption space continues to expand and upgrade. Consumption space includes domestic and international space, digital space, etc. The expansion and upgrading of consumption space have opened up a larger development space for the first-launch economy. Building a first-launch platform based on cities where internationally renowned brands gather, and expanding the international market of domestic first-launch brands, can enhance the international reputation and reputation of domestic first-launch brands. Continue to give full play to the good demonstration effect of consumption upgrading in first-tier cities and new first-tier cities to promote the development of the first-launch economy, while reshaping local brands with distinct local characteristics in second and third-tier cities through consumption upgrading, a differentiated development path of the first-launch economy can be taken. Adapt to the development trend of multi-dimensional integration of digital space and real space, fully release the huge consumption potential contained in the integration of numbers and reality, and further expand the development space of the first-launch economy. For example, opening "digital first stores" online, using the power of social media to enhance the influence of first-launch brands, or obtaining more potential consumption flows through rich offline first-launch activities.
The first-launch economy helps to form a long-term mechanism for expanding consumption. The first-launch economy can create high-quality consumption demand through high matching effective supply, fully release the potential of the consumption market, cultivate new growth points of consumption, and is an important "booster" for promoting consumption upgrading, which helps to promote the formation of a long-term mechanism for expanding consumption.
Continuously create consumption flow attraction. The two key characteristics of the first-launch economy, "first" and "eye-catching", are the organic combination of the primacy effect and the eye-catching effect, which can endow first-launch brands with consumption flow attraction, helping to bring continuous consumption heat and flow to first-launch brands. The primacy effect, also known as the first impression effect, refers to the influence of the first impression on future interactions, that is, the effect brought by "first impressions are most lasting". Paying attention to the primacy effect of first-launch brands, encouraging first-launch enterprises to carry out first-launch activities such as new products, new technologies, new services, and new stores, and establishing a good first impression of first-launch brands among consumers, is conducive to forming consumers' priority consumption choice for first-launch brands. By playing the eye-catching effect of first-launch brands, relying on rich and diverse consumption content, virtual and real integrated consumption scenarios, and personalized and diverse consumption models, it can obtain the aggregation of consumer attention, maintain the original consumer group and cultivate potential consumer groups, which is conducive to efficiently transforming consumer attention resources into brand consumption power and brand return rate.
Effectively meet consumers' high-quality needs. Relying on the first-launch economy, the introduction of new products, new technologies, new services, and new models, and other innovative results, can quickly attract consumer attention and meet consumers' high-quality consumption needs with high-quality supply. Through rich and diverse display forms such as first-launch, first show, first exhibition, and first store, novel, novel, and new consumption scenarios, meet consumers' high-quality needs for consumption scenarios. By attaching cultural value to first-launch brands, attract consumer groups with different consumption concepts to pay attention to and participate, and meet consumers' high-quality needs for differentiated consumption. Through food brand first-launch meetings, technology brand first-launch meetings, and fashion brand first-launch meetings, attract consumers who are keen on food, love technology, and catch up with the trend, and meet consumers' high-quality needs for personalized consumption. Through various "experience stores" and "experience services" of the first-launch economy, enrich consumers' consumption experience and feelings, and meet consumers' high-quality needs for experiential consumption.Promote the formation of a high-standard consumer service ecosystem. The characteristics of the first-launch economy, with its significant influence, large scale, and high service requirements, are conducive to fostering a professional and mature consumer service ecosystem for first-launch economy. The first-launch economy drives consumption upgrading in a "quantity and quality increase" manner, actively attracting more global first launches, debuts, exhibitions, and flagship stores to settle, creating a benign competitive and chain development ecosystem, promoting first-launch brand enterprises to innovate and upgrade with upstream and downstream linkage, and enhancing the quality of brand products and services with consumers at the core. In terms of "quality," continuously improve the level of first launches, innovate service models, provide a full range of services including first-launch economy index evaluation, global communication and promotion, first-launch event planning, and first-launch venue leasing, create a convenient and high-quality first-launch economy service ecosystem, and provide comprehensive consumer services beyond consumer expectations and cognition.
Promote high-quality development of the first-launch economy
In March 2024, the National Development and Reform Commission issued the "Action Plan for Promoting High-Quality Construction of National New Districts," which proposed to support new districts with conditions to strengthen the "flagship store economy" and "first-launch economy" according to local conditions. Leveraging the advantage of the domestic super-large-scale market and exploring effective development paths is the due meaning of promoting the high-quality development of the first-launch economy.
Transform the "traffic" of the first-launch economy into "stock." Only by improving the quality and upgrading on the supply side to meet the high-quality demands on the demand side can we strengthen the whole life cycle management of the first-launch economy and smoothly transform the "traffic" of the first-launch economy into "stock." To this end, we should deeply understand and explore the endogenous needs of the first-launch economy consumer group, clarify the positioning of the first-launch brand, continue to promote product and service innovation, and form a new driving force for consumption growth; support the integrated development of the first-launch economy industry chain, innovation chain, capital chain, and talent chain, encourage continuous innovation and joint efforts of various entities on the brand chain, create a good innovative development environment, and form a chain development model; increase policy support for the development of the first-launch economy, improve the service system of the first-launch economy, promote the quality and upgrading of commercial supporting facilities for the first-launch economy, promote the development of commercial infrastructure towards intelligence, digitalization, and high efficiency, and improve the market supervision system.
Strengthen the construction of independent brands. Deeply implement the strategy of increasing varieties, improving quality, and creating brands to improve the visibility and influence of independent brands and expand the consumption of independent brands. Encourage Chinese brands to actively enter international brand gathering places and expand global influence. The government should support the construction of international business platforms to create convenient conditions for domestic brands to participate in international competition and cooperation. Actively revitalize Chinese time-honored brands, seize the opportunities and advantages brought by the first-launch economy, and innovate in the business format, cultural connotation, and successor training of time-honored brands to revitalize the vitality of Chinese time-honored brands. Encourage Chinese time-honored brands to launch across regions, enter popular tourist cities, high-end commercial centers, themed characteristic blocks, airport duty-free shops, large e-commerce platforms, etc., and vigorously expand the channel space for brand promotion and sales. Encourage internet celebrity brands to explore the offline market, adapt to the market trend of online and offline integration of new retail, strengthen the real space interaction between brands and consumers, and enhance the consumption level of internet celebrity brands.
Develop the first-launch economy according to local conditions. Economically developed first and second-tier cities can attract high-energy brands through a complete business district system and strong consumption capacity, forming a development model for brand flagship stores to gather, and creating a global first-launch brand gathering highland. Tourist cities can integrate local characteristics to create personalized consumption scenarios, rely on their own cultural heritage and consumption traffic, attract first-launch brands that fit their style to settle, form a "cultural tourism + first-launch brand" cultural, tourism, and commercial integrated development mechanism, and enhance the competitiveness of the city and brand. The birthplace of the brand can implement cross-regional linkage development, rely on "city + brand" and "region + brand" to create city and regional business cards, encourage brands to carry out first-launch activities and open flagship stores outside the city and region, expand brand influence, increase brand traffic, and drive the overall quality and upgrading of the city and regional industry chain.