Business Insight | How does fashion retail grasp high quality in the high growth trend?

Business Insight | How does fashion retail grasp high quality in the high growth trend?

Under the general trend of consumption recovery, the national cultural tourism and retail industry is eager to create a new boiling point for this "small and long holiday".

   During the May Day holiday, there was a surge of people all over the country, which undoubtedly brought great confidence to the cultural tourism and retail industry. According to the Ministry of Culture and Tourism, In 2023, there will be 274 million domestic tourism trips during the May Day holiday, which will recover to 119.09% in the same period of 2019 on a comparable basis; Domestic tourism revenue reached 148.056 billion yuan, returning to 100.66% in the same period of 2019 on a comparable basis.

Beijing, Shanghai, Guangzhou, Chengdu, Chongqing and other key consumer cities have made outstanding achievements. According to the data of Beijing Municipal Bureau of Commerce during the May Day holiday, the passenger flow of 60 key business districts in Beijing reached 34.989 million person times, up 76.5% year on year. During the holiday period, the passenger flow of Qianmen Dashilan Business District, Di'anmenwai Business District, Wangfujing Business District and Daxing Airport Business District increased 5.5 times, 5 times, 2.6 times and 2.2 times respectively year on year. The passenger flow of 11 key business districts, including the Asia Olympic Business District, Sanlitun Business District and CBD Business District, increased more than twice year on year.

The monitoring of the big data laboratory of the consumer market (Shanghai) shows that the amount of offline consumption payment in Shanghai is 34.36 billion yuan, and the amount of online consumption payment is 24.58 billion yuan. As a popular tourist destination, Guangzhou has also achieved a big increase in cultural and tourism consumption. According to the preliminary calculation results of the Guangzhou Municipal Bureau of Culture, Radio, Television and Tourism, the city received 10.58 million citizen tourists during the May Day holiday, an increase of nearly 54% year on year.

According to the data report of the "May Day" platform, during the "May Day" period, the average daily consumption amount of the national retail, catering, wine and travel, transportation and other industries has increased significantly over the same period of 2019, with retail industry growing the most, at 212%.

Among them, the growth of passenger flow or retail sales from fashion and high-end lifestyle retail has not only injected a shot in the arm into the small and long holidays just passed, but also highlighted the key role of the Chinese fashion and high-end lifestyle consumer market in such a first year of recovery and the evolution of high-quality consumption.

   According to the data of Yintai Department Store, the May Day holiday in 2023 (April 29 May 3) will increase by 64% compared with the May Day holiday in 2022 (April 30 May 4). Benefiting from the tourism boom, the retailers in the tourist attractions have achieved strong growth. Taking Yintai Department Store as an example, the river store of Yintai Department Store opposite Hangzhou Songcheng Scenic Area almost doubled its passenger flow. The Kaiyuan Bell Tower store near Xi'an Bell Tower Scenic Area saw a 130% increase in passenger flow. Hefei Yintai Center, which is close to the Changjiang Road Pedestrian Street in Hefei, was opened in the second phase. The passenger flow during this holiday increased by 241% year on year.

   The first project of the "Urban Retreat Urban Micro vacation" series newly created by Ryan Group, Shanghai Panlong World, opened on the first day of the small and long holiday, according to official data During the May Day holiday, the passenger flow (excluding park green space) exceeded 1.1 million, the maximum daily passenger flow exceeded 270000, and the turnover exceeded 25 million.

Lingnan Tiandi's passenger flow continued to rise, doubling year on year; Project sales rose nearly 25% year on year. In addition to local residents, tourists from the Greater Bay Area and other provinces have become one of the main consumers of this holiday. Marco Polo hotels in the business district are hard to find, and the occupancy rate for the first three days of the holiday is as high as 100%. The May Day holiday in 2023 of Hongqiao World will increase its passenger flow by more than 10% compared with that in 2021, and set a new high in the single day passenger flow in 2023. The sales volume will increase by nearly 90% compared with that in 2021.

The revenue of Hangzhou Mansion during the May Day holiday increased by 68.30% over 2022 and 156.69% over 2019 before the epidemic.

According to statistics, from April 29 to May 3, the visitor flow from Chengdu Yanlord Land Plaza increased by 351% compared with 2022. The passenger flow and retail sales of the May Day holiday in Suhewan Vientiane World reached a new peak since its opening last year.

   On the other hand, it cannot be ignored that although the resilience and recovery speed of the retail industry of fashion luxury goods and high-end lifestyle are once again highlighted, the average travel budget for the wider retail consumer market and the wider population is also showing varying degrees of imbalance-- The trend of fast paced travel with tight schedule and tight schedule highlights, which undoubtedly reveals the objective situation of a large number of people with short vacation time planning and low travel budget.

   In many figures, there are also some individual decline indexes worthy of attention. According to the May Day travel reports released by multiple platforms, the per capita consumption amount data is indeed not blindly optimistic. According to the data from the Ministry of Culture and Tourism, the per capita tourism consumption during the May Day holiday this year is about 540 yuan, down 10.46% from the same period in 2019. In the face of more and more budget conscious consumers, How to effectively realize high-quality growth and economic boost of travel consumption in the high passenger flow dividend?

This is the only way for the overall consumer market.

For the fashion luxury retail industry, which has always been committed to high-quality and high-end business, it has brought different ideas and strategies in the just concluded holidays - through the excavation of local culture, art, science and technology, as well as a cohesive youth community, and other differentiated business features to strengthen its IP attributes... May Day holiday, It is not only a critical period to witness and test the continuous innovation of fashion retail industry, but also points out the directions for reference for the effective upgrading and boosting of a larger consumer market.

Obviously, the flow of people during the holidays has brought intuitive performance growth to the retail industry, making each holiday a "marketing arena" for major shopping centers or commercial complexes. This year's May Day holiday is particularly special. On the one hand, consumers' enthusiasm for traveling after three years of repression has been greatly released, and high passenger flow dividends have become the engine of fashion and luxury retail taking off again. On the other hand, consumers have not yet fully recovered from the economic pressure, so "high-quality consumption and experience" has undoubtedly become the attraction they pay most attention to.

   As a fashion destination, the retail industry, with its own brand advantages, Continuing the concept of curatorial retail, we launched high-quality experience with different characteristics.

On the eighth anniversary of the May Day holiday, Chengdu Ocean Ocean Taikoo Li launched the "All Around" urban life art experience exhibition. In the exhibition, eight groups of architecture and art teams from different fields, together with eight international brands on the site, jointly created eight independent art experience spaces and eight time limited creativity reflecting the essence of urban life in Chengdu. For example, Burberry drew inspiration from the brand's iconic elements and the elements of the 2023 autumn and winter series, and creatively launched customized art stickers; Inspired by the night life in Chengdu, Byredo presents the eighth anniversary special "The Taste of Night".

During the May Day holiday, Hangzhou Mansion held several exhibitions, such as the Space Flight Art Exhibition and the International Classic Photography Art Exhibition. The two interactive experiences were very fruitful, attracting 22000 attendees, and the cumulative sales exceeded 660000.

There are more than 2000 square meters of large roaming experience space, eight theme exhibition areas, which tell about aerospace development and universal science knowledge. The exhibition contents include national aerospace, space and other model exhibits, giving guests a sense of future, science and technology immersion experience. International classic video art exhibition, with more than 10 kinds of space interactive devices, comprehensively presents the original works of art and art paintings in the global collection. The exhibition contents include light and shadow, new media, painting, photography, installation, etc. Bring guests a "magnificent art journey" beyond imagination.

   For the retail industry located in the city center, the youth community is still a powerful tool to attract young customers. One day before the holiday, Shanghai Foreshore Taikoo Lane opened the "Bond Music Season", gathering music labels, bands, DJs, college associations, etc. to launch a 6-day music carnival. In order to hit the young customers with "childlike interest", Shanghai Suhewan MIXC cooperated with Disney China to hold the theme activity of "Kidult Playground Big Kids Club". The giant Mickey sculpture attracted "Big Kids" to clock in and review the development of Mickey's classic animation works, classic scenes in the movie world And Disney's 100th anniversary series of retro paintings.

Faced with the travel enthusiasm during the small and long holidays, many fashion retailers launched a new "consumption+play" project to create an integrated high-end experience of shopping, travel and leisure for tourists. The first project of the "Urban Retreat Urban Micro vacation" series newly created by Ruian Group, Shanghai Panlong World, was opened on the first day of the small and long vacation. Its concept is to integrate culture, nature and business, create a new scene of urban lifestyle, and bring "a new world in the park" with "culture culture awakening, nature natural integration, and future urban renewal".

The opening craze met a crowd of people on May Day. Panlong World launched various experience activities during the holiday, including public art festival, outdoor life festival, Modern Farmer market, light show, intangible cultural heritage theme exhibition, cartoon exhibition, Han suit parade and other activities.

In addition to taking vacations in the city, retailers located in tourist destinations also take advantage of "geographical advantages" to launch local cultural projects such as "consumption+play". For example, Yintai Department Store Shaoxing Jindi Store and Shaoxing Water Travel's Wupeng Watertown Tour combine to launch activities such as "boat tickets as money" and "consumption for boat tickets", so that tourists can experience the dual interests of consumer shopping and water travel in one step.

Lingnan Tiandi actively responded to Foshan Chancheng District to create a never ending folk culture and tourism feast, and launched a number of theme activities combining Lingnan local culture. In addition to continuing the Guochao Temple Fair in the ancient town of Foshan on March 3, the birthday of the Northern Emperor, it also promoted the immersive modern dance drama "Sword and Hairpin Circle" integrating Cantonese opera, modern dance and drama during the holiday; In conjunction with Foshan City Library, we launched the Lingnan Culture Salon, which is described as "changing places and reading interesting"; Together with the running groups in Guangzhou and Foshan, we carried out a unique Lingnan jogging youth community activity. From day to night, we continued to export the most Lingnan and Foshan cultural content through a variety of activities, bringing tourists the most authentic high-quality cultural experience.

Diesel in Renhengcang Street, Suzhou, during the holiday season, in addition to presenting the latest models, the pop-up store will also jointly create a special dining space with Suzhou local brand Honglou · CENE.

The high passenger flow bonus during the holiday has always been a battleground for retailers. Faced with the particularity of the May Day holiday this year, retailers all over the country have combined their own advantages to play a different brand of quality and have also achieved remarkable results.

However, this small and long holiday is just the starting point of a new round of retail upgrading. In the long run, major retailers still need to strengthen their IP attributes through culture, art, technology, community and other methods to achieve differentiated high-quality operations. WWD

   Writing Eva Liang Editor in chief yalta picture source Brand or group official

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