China’s Ministry of Commerce recently addressed the issue of “consumption downgrade”, a term which was brought up by the popularity of “shared economy” and the group-buying site “pin duoduo”. The spokesman said it is not accurate to say “consumption downgrading” takes place in China.
Gao Feng, the spokesman of the Ministry said the rising sales of good in the local market has reflected the trend of consumption upgrading.
Consumers are increasingly looking for quality goods produced by big-brand companies. Those products with good quality and sold at reasonable price have met the various demands by Chinese consumers.
The e-commerce development has met the demand of consumption from middle to small cities and rural areas, and reflected the trend of diversified competition.
The upgrading in the conception and mentality of consumption. The popularity of shared economy reflected the rationality of consumption, and the trend of green economy. (Source: ifeng.com)