The "other economy" has suddenly emerged.
The "other economy" has suddenly emerged. The "other economy" is also called the male economy, echoing the female economy "her economy". Major shopping malls keenly grasp the market trends and follow the development trends of the consumer market. They have adjusted their brand formats and operation strategies, optimized supporting commercial facilities and optimized operation strategies. The "other economy" has suddenly emerged1
There is a new trend in the consumer market The joke says that in terms of consumption power: children gt; women gt; dogs gt; men. This prejudice is obviously being broken, and men's "self-pleasing" consumption is also increasing.
The golden age of mobile Internet has passed, e-commerce dividends are gradually disappearing, and user growth is slowing down. Against the background of the industry, the "other economy" is releasing its potential. According to the latest "2021 Male Consumption Insight Report" released by QuestMobile, as of April 2021, the number of male Internet users in China has reached 613 million, accounting for 52.8%; at the same time, users with online spending power of more than 1,000 yuan have reached 122 million , accounting for 55.0.
Although men’s consumption power and consumption value are weaker than women, they are growing at a rate visible to the naked eye. They are one of the few incremental points in the stock competition environment.
Vipshop focused on the female market when it was first established, and the proportion of female users on the platform has always remained high. However, in recent quarters, Vipshop's orders from male users have increased significantly. From 2020 to the first quarter of 2021, the number of orders for related products by male users increased by more than 80% year-on-year, surpassing the increase in orders from female users during the same period.
As early as the first quarter financial report meeting, Shen Ya mentioned that due to the expansion of male consumer groups, the expansion of men's clothing, sports and outdoor, 3C electronic products and other categories has brought about men's clothing and sports categories. All are growing exponentially.
Facing the pressure of low growth, Vipshop is trying a more diversified business structure. In September last year, Vipshop released four new commercials, which changed the previous pure heroine style. Women, men, children, and the elderly were all represented in them. This also proves from another dimension that Vipshop is trying to pass Various channels promote the breakthrough and growth of the platform user circle, and the male group is one of them.
In order to cultivate the male market, Vipshop continues to spend energy on subdivided tracks such as men's clothing and outdoor sports. In addition to some basic brand models, it has also added many trendy new models and customized services for this group of people.
In the men’s clothing sector, according to the needs of male users, reverse customized products tap into their spending power. According to relevant reports, Vipshop has collaborated with the old business men's clothing brand "Youngor" to specially develop Vipshop's exclusive shirts - the CEO series, which features non-iron fabric technology and innovative style designs. The customized shirts are in the men's shirt category. The sales ranking has been raised to the top of the list.
In terms of outdoor sports, with the holding of the Tokyo Olympics and the introduction of the national fitness policy, the sports and fitness craze has been set off again, driving the consumption enthusiasm of male users and young users. In order to satisfy To meet the needs of young customer groups, Vipshop helps the development of domestic brands and sports brands through in-depth cooperation with domestic brands and sports brands, from joint customization to empowered sales.
Not only that, in the field of beauty and skin care dominated by women, the value of male users has also been gradually discovered. According to data from the Qianzhan Research Institute, nearly 80% of men born in the 1990s and 1995s have become the main consumers of online male skin care products. It is worth noting that according to data released by the China Industrial Research Institute, the global men's cosmetics market will reach US$78.6 billion, approximately RMB 540 billion, by 2023, and the Chinese men's cosmetics market will also exceed RMB 20 billion.
Faced with the rapid growth of male beauty and care consumption, Vipshop also followed the general trend to anchor the male user circle, and of course also focused on brand and price.
In the second quarter, Vipshop helped the Chando men's category to break through. Sales of the hit single product "Men's Glacier Moisturizing Lotion" increased 40 times, driving the overall growth of the men's series by 6 times and bringing about a 2-fold increase in the brand's men's population.
Behind a series of effective layouts, perhaps all hints that the "other economy" is expected to become another growth curve for Vipshop after the "her power".
It is undeniable that in this ever-changing battlefield, competition has become more intense, but there are also more opportunities. Guochao and other economies are new opportunities under the general trend. The sudden rise of "other economy" 2
Not long ago, the topic #185Million Men Follow Beauty Bloggers# became a hot search topic on Weibo, with more than 90 million views, attracting attention and discussion from many netizens . On the other hand, men’s increasing concern for appearance has further boosted the “other economy” in the beauty industry.
Currently, my country has become the second largest cosmetics consumer market in the world. With the rise of the "appearance economy" and the improvement of young people's spending power, Chinese residents' consumption demand for cosmetics has increased significantly.
It is worth noting that men’s investment in the cosmetics market is increasing day by day. According to data, my country’s men’s cosmetics market has grown sharply at an average annual rate of 7.7 in the past four years.
Suddenly, "other economy" has become a hot topic in the beauty industry. On the basis of driving beauty products to achieve bi-directional growth online and offline, it has radiated the rapid development of the related traffic monetization industries such as beauty products Amway and sharing of cosmetics tips, including live broadcasts, videos, and information.
The "other economy" has suddenly emerged
The beauty industry is particularly prominent
The "other economy" is also called the male economy, which is related to the female economy "her economy" echo. The emergence of this hot search has made the industry aware of the huge potential consumption power of men.
Major shopping malls keenly capture market trends and follow the development trends of the consumer market. They have adjusted their brand formats and operational strategies, optimized supporting commercial facilities and optimized operational strategies to further create shopping malls that can meet the core needs of consumers. The third living space.
The demand for men’s skin care, cosmetics, and medical beauty is rising
Driven by the “appearance effect”, along with the development of short videos, live broadcasts and other media, as well as the popularity of self-pleasant consumption , the influence of beauty KOLs has gradually penetrated into male users, and male beauty, skin care and even male medical beauty projects have been significantly improved in the market. The era when men’s skin care was often criticized as “girly” or “not manly enough” has finally become a thing of the past.
As the consumption power of the young people of Generation Z increases, new consumption continues to emerge, fashion trends continue to change, and market demand is also adjusted accordingly. The fact that #185Million Men Follow Beauty Bloggers# has become a hot search is enough to show that the pursuit of beauty is no longer the exclusive domain of women. It is also a clear example of men actively venturing into new fields.
The men’s cosmetics market has grown significantly
In recent years, the beauty industry has emerged rapidly. According to statistics, Generation Z’s consumption growth rate is the fastest among the beauty cosmetics crowd, and the cosmetics category is significantly higher than the skin care category.
Among them, beauty brands such as Perfect Diary, L'Oréal, and Estee Lauder have experienced year-on-year increases in the number of fans, sales, annual customer price, marketing expenses, research and development expenses, net income, and gross profits.
According to the "2021 New Consumption Report on Beauty Economy" released by CBNData and the New Retail Think Tank, the performance of new market segments represented by the "other economy" is particularly eye-catching.
It is worth noting that men’s skin care is on the rise. From November to December 2020, the growth rate of men born after 2000 in purchasing liquid foundation is twice that of women, and the growth rate of eyeliner is 4 times that of women. Times, last year's "Double Eleven" men's imported makeup products increased significantly year-on-year to more than 3,000.
Data shows that China’s men’s cosmetics market has grown at an average annual rate of 7.7% in the past four years. Last year, the market size was approximately 16.7 billion yuan. It is expected to grow at an average annual rate of 6-8% thereafter, and will exceed 20 billion yuan by 2023. Yuan. This is enough to prove that the exploration space for men in the cosmetics market can still be developed and expanded to a great extent.
Gender-free products will become a dark horse in the market
In order to suit most people’s skin types and cater to the needs of more consumers, more and more cosmetics are gradually breaking gender restrictions and stereotypes , cutting-edge men's personal care brands represented by Liran and Dear Boyfriend are rising, creating gender-neutral products that suit most people's skin types.
Products that are functionally suitable for men’s skin types and meet their more segmented needs will have a larger market; and conceptually, beauty and skin care products are also breaking gender restrictions and stereotypes.
It is worth noting that in the field of investment and financing, there were 11 financing events in the men’s beauty and skin care track in 2020, a new high in history.
The outbreak of the "other economy"
Gives men more motivation to visit shopping malls
For a long time, businesses and producers have focused most of their attention on As for female consumers, indeed, female consumption has always been the main force in the market. However, the rise of other economies has not only provided a new outlet for domestic men's consumption, but also provided new ideas for the transformation and upgrading of many enterprises.
For brands focusing on male consumer goods and shopping malls, it is particularly important to easily capture the target customer group and quickly enhance brand recognition and popularity in other markets.
Increase the proportion of brand formats such as 3C and e-sports experience
For shopping malls, follow the market trends and make timely updates and adjustments to meet the core demands of consumers and create a new urban comprehensive Service space is its consistent development path.
With economic development and Generation Z gradually becoming the mainstream of consumption, men’s consumption potential has been greatly developed. In addition to the counter-trend growth of men's consumption in the beauty industry, men's consumption levels in the original fields of e-sports, fashionable toys, 3C electronics, etc. are still improving steadily.
For example, shopping malls have consciously introduced experience formats such as racing, shooting, and fighting to stimulate male consumers’ hobbies, and Star Legends, as the “Internet celebrity brand” of the video game city, has already settled in We have owned many shopping malls, such as Shanghai Qibao Vanke Plaza, Shenzhen Yifangcheng, Chengdu China Resources Vientiane City, Changsha Yuefang IDMall, etc.
In addition, shopping malls can also introduce brand formats such as VR experience halls, e-sports halls, 3C experience stores, big players, etc. that are easy to arouse the interest of male consumer groups.
Optimize promotion strategies and strengthen online and offline integrated development
In terms of the consumption decision-making process, the participation of social media plays an important role in it and affects Planting, researching, purchasing, sharing and other links. In the past, men's brands tended to rely on Internet-style extensive advertising when promoting their brands, mostly relying on celebrities or KOL effects to attract more consumers.
But the embarrassing thing is that even with the rise of male consumption, they are still more rational in their consumption concepts and concepts, and they also pay more attention to quality first. At the same time, with the changes in consumer psychology, the efficiency of Internet advertising is getting lower and lower, and the average customer acquisition cost is increasing. This poses a great test to product promotion and brand marketing of commercial real estate.
In fact, with the continuous development of the information age, the dual-line combination of offline marketing such as SP and PR forms and online promotion such as Xiaohongshu and official accounts has opened up opportunities for merchants and enterprises. a broad development path.
While shopping malls are stepping up efforts to optimize content and scenarios, they must also fully understand the consumption grading needs of their customer groups and strengthen the development strategy of online and offline integrated promotion, which will naturally increase the recognition of industry insiders.
At the same time, jewelry, catering, daily grocery stores and other businesses are also booming. ACC, ME, Super Wenheyou, and Lego’s first flagship store in South China , IKEA city stores and other immersive shopping experience spaces are loved and sought after by many young consumers.
It can be seen that the rise of the male economy has greatly broadened the scope of market elastic demand.
Sports economic dividends can still be deeply explored
Compared with female users, male users pay more attention to sports events. Whether they are watching the event at the event or online, the consumption caused by the event itself is often behind It drives the development of a broader industrial chain and can arouse a large amount of "spending gold" from male users.
For example, the transportation, accommodation, tickets, activities and other expenses incurred by watching the game on-site play a great role in boosting the urban economy, national GDP and other aspects; for offline watching, due to the time difference of the game, Due to objective reasons such as characteristics and atmosphere creation, the takeaway economy such as fried chicken, barbecue, and beer has been greatly driven, and it was once on the Internet hot search.
For example, the “3V3” football match held by KK ONE in Shenzhen has attracted the participation of a large number of consumers and stopped to watch the match.
In addition, the project has held more than 20 indoor street fashion, music, sports e-sports and other events for five consecutive years, including Basketball Battle City 3V3, the first original band event, One Street Street Dance and Rap Competitions, trendy graffiti contests, e-sports competitions, etc. have played an important role in increasing the popularity of the venue and increasing sales in various categories.
Nowadays, when female consumption has occupied the main market resources for many years, the explosive growth of male consumption instantly made countless practitioners smell business opportunities, and also provided shopping malls in urgent need of transformation. Got the idea.
In the future, with the continuous launch of new trendy products and the continuous maturation of the technological sense of existing products, it may create more European possibilities for the development of other economies and gain broader "other economic" gains. Passenger route.
Relevant people suggest that shopping malls can seize the current popular trends such as "other economy" and "appearance economy" and start from the characteristics and advantages of the commercial project itself, combined with consumers' preferences, through Scene implantation, cross-border co-branding, business format adjustment, brand optimization, international fashion and other methods are used to create originality and optimization, allowing consumers to truly reap the ultimate enjoyment of the third life service space.