Fueling Young Consumers' Purchasing Power
Shanghai Securities News reporter An Yuwei
Listing for just 3 minutes, Xiaomi's new car model YU7 breaks through 20,000 units, with sales reaching 18 hours and exceeding 24,000 units... The popularity of Xiaomi's new car model YU7 has sparked market buzz.
Recently, the topic of "automotive consumption downgrade" has been frequently discussed. Data from the National Information Center shows that in the first five months of this year, the sales of cars priced below 10,000 yuan grew by 51%, with sales volume increasing significantly, while car sales above 30,000 yuan saw a decline. However, Xiaomi's YU7, which starts at 25,350 yuan, has broken through the "automotive consumption downgrading" trend.
Behind this is the activation of young consumers' purchasing power. Xiaomi's target audience tends to be young people, and a large community of MIU7 car owners has conducted an age survey, finding that 57% of MIU7 car owners are below the age of 30.
In today's context, where "boosting consumption and expanding domestic demand" is highlighted, fuelling young consumers' purchasing power has become a key factor in promoting consumption. How to fuel this fire? By reconstructing various industries through methods that young people like and companies are good at, strengthening product social attributes and emotional value.
Recently, the LABUBU plush toy from Puf & Co has gone viral globally. Upon analyzing its commercial logic, it can be found that it targets young people's love of collecting and winning prizes. Young people are not averse to collecting; they just don't like traditional collections such as wooden figurines or jade carvings. Instead, they enjoy collecting cards and experiencing the thrill of winning, and share their experiences with friends on social media platforms.
Xiaomi's success has a similar logic. On the night of Xiaomi YU7's release, young people who had successfully purchased the car model shared their photos in their friend circles and WeChat groups, gaining emotional satisfaction and forming communities to filter out like-minded friends.
In conclusion, activating national consumer markets requires more enterprises like Xiaomi that understand young people's needs. Industries should be restructured around young people's needs to fuel the "fire" of promoting consumption.