Chen Deming: Promoting Brand Consumption And Lowering The Price Of Luxury Brands

Recently, Chen Deming, Minister of Commerce of China, told an interview with Chinese and foreign reporters at the eighteen major news centers, "we need to reduce more."

Brand price.

He mentioned this in introducing the six basic assumptions of China's next step to expand consumption.

First, a group of figures was introduced to reporters. He said that consumption growth in the first three quarters of this year was 11.6%, an increase of 0.3% over the same period last year.

Consumption contributed to 55% of GDP in the first three quarters.

Next, he talked about the following six basic ideas of expanding consumption in China.

The first is to expand the safety of consumption, because now people are not very reassuring about the safety of commodities. Indeed, in the past few years, there have been some incidents of food and drug insecurity. Therefore, the first thing to do is to achieve safe consumption.

Second, we want to do a good job of green consumption, including recycling of our recycled materials, including the promotion of low carbon products, so that the public can have a curvilinear choice for the purchase of green low-carbon products.

Third, to improve service consumption, I think this is a major market, for example, home service, catering, accommodation, hairdressing, cultural fitness and so on.

In the field of service consumption, we should not only expand, but also gradually come to branding, networking and scale.

Fourth, we must advocate brand consumption. Good brand is a very important aspect of promoting consumption. There are two points to be put forward in the brand. First, Chinese traditional excellent brands, such as some Chinese time-honored brands, should help them expand their consumption. China has formed some of its excellent brands in many years of international and domestic trade. For example, our household appliances, our clothing and even our food have excellent products, so we need to expand consumption with brand consumption.

Second, we should pay attention to imported brands.

We have traditionally talked about luxury consumption, that is, the consumption of foreign names has a large market in China. We continue to expand this, but the current problem is that domestic luxury goods prices are much higher than those abroad, so we need to reduce the price of luxury brands more.

Fifth, it is necessary to cultivate Internet consumption in particular. Internet consumption has increased by nearly 100% every year in the past few years. The consumption of Internet has increased by more than 40% over the same period last year. The consumption of Internet is the next step for us to do well. But first of all, we need to make network consumption better for all of us, support those excellent platforms, and standardize our behavior, because there are also a few irregular behaviors in the consumption of Internet.

Finally, we should advocate credit consumption, especially for some young and middle-aged people, and make use of the links between shopping malls and credit institutions, so that we can expand some credit consumption.

In these six aspects, safety consumption, green consumption, service consumption, brand consumption, Internet consumption and credit consumption are the main tasks we should do in expanding consumption in the future.