Every day of the new consumption era, countless new goods, services, consumption mode, fresh electricity, online education, medical beauty, new energy vehicles, Internet finance…. It’s overwhelming.
On the occasion of March 15, China’s leading business query platform Tianyan Chau released big data insight into the new consumption industry, presenting the other side of the new consumption era to the public from the perspective of consumer rights protection.
Fresh electricity business: scale skyrocketing should pay more attention to consumer rights and interests
In 2020, the giant participates in the war, the fresh electricity business industry is raging. Heavenly eye check big data shows that during the three years from 2018 to 2020, the number of domestic fresh electricity related enterprises is 56,000, 72,000, 89,000, showing a steady upward trend. According to the network economy and social estimates, in 2020 fresh electricity business annual transaction size is about 364.13 billion yuan, a year-on-year growth of 42.54%.
Fresh electricity business is hot triggered by various giants and capital salivate. According to the big data shows that in 2020, community group buying and fresh electricity business financing amount of more than 10 billion yuan. Interestingly, with the gradual expansion of the market, the phenomenon of abnormal operation in the fresh electricity business industry shows a slight increase year by year.
In terms of administrative penalties, between 2018 and 2019, there were more than 500 administrative penalties related to consumers’ rights and interests (such as false publicity, quality issues, price issues, contract issues, service issues, etc.). Among them, administrative penalties related to consumer rights and interests decreased slightly in 2019 compared with 2018, but increased significantly in 2020, which may be directly related to the substantial increase in business volume.
Online Education: Opportunities and Risks Coexist Industry expansion should not ignore the rights of consumers
In 2020, the home-learning trend will drive the rapid development of the online education market. The online education market reached 257.3 billion yuan in 2020, up 35.5% year on year, according to data from iResearch Consulting. The data also shows that from 2018 to 2020, there are 506,600, 606,900 and 705,800 enterprises related to online education in China, showing a significant growth trend.
According to the “2020 Education Industry Development Report” previously released by Tianyangcha, the number of financing in the online education industry in the first half of 2020 reached 91, with the financing amount exceeding 14.4 billion yuan, a year-on-year growth of 275%.
Different from the rapid growth of financing scale, the administrative penalties related to consumer rights and interests in the online education industry decreased slightly year by year during the three years from 2018 to 2020, and the number of abnormal operations in the online education enterprises in 2020 also decreased significantly compared with that in 2019.
However, the report also pointed out that the rapid development of the online education industry has brought about hidden concerns for the protection of consumers’ rights and interests. For example, consumers should pay special attention to the relevant information when choosing education and training institutions, which only provide “education consulting” but provide “education training”.
One third of industry penalties are related to the rights and interests of consumers
Beauty is one of the goals that many people pursue in their life.
Data from iResearch Consulting shows that China’s medical beauty market has a compound growth rate of 22.5 percent from 2014 to 2019. In the “appearance level anxiety” under the rendering of public opinion, only one step away from the world’s largest medical beauty market. However, data from Deloitte shows that in 2019, China’s penetration rate of medical beauty is only 3.6%, which is far behind Japan’s 11%, the United States’ 16.6% and South Korea’s 20.5%. There is a huge space for market imagination.
From 2018 to 2020, there are 34,000, 42,000 and 50,000 medical and aesthetic related enterprises in China respectively, showing a steady upward trend, according to the data from Sky Eye Survey. False publicity and qualification problems are common in the medical beauty industry, and about 10 percent of medical beauty companies have received administrative penalties, according to a guideline on upgrading their appearance level previously released by Sky Eye Survey.
During the three years from 2018 to 2020, the number of administrative penalties related to consumer rights and interests in the medical beauty industry accounted for a relatively high proportion of the total administrative penalties, accounting for about 1/3, much higher than that in other industries. In terms of abnormal operation, the information of abnormal operation in the medical beauty industry showed a gradually increasing trend during the three years.
New energy vehicles: New forces gradually mature but abnormal businesses are increasing year by year
In 2020, the state and local governments issued continuous policies to encourage the development of new energy vehicles. In October of that year, the New Energy Vehicle Industry Development Plan (2021-2035) was issued, elevating the new energy vehicle industry to the height of national development strategy. Statistics from the Ministry of Public Security show that the number of new energy vehicles in China reached 4.92 million by the end of 2020, an increase of 1.11 million vehicles over 2019, and an increase of more than 1 million vehicles for the third consecutive year.
From 2018 to 2020, there are 122,000, 159,000 and 228,000 new energy vehicler-related enterprises in China, showing strong growth momentum. During the three years, there were 788, 1186 and 1310 abnormal operations of new energy vehicles-related enterprises, increasing year by year. In 2020, administrative penalties related to consumer rights and interests in the new energy vehicle industry will be reduced compared with that in 2019.
On the other hand, a number of “new car-building forces”, driven by Internet capital, are stealing the limelight in 2020. The product quality is not inferior to the international advanced level, as well as the customized personalized service for domestic users, which makes the topic of new energy vehicles full, and makes the new power of car making become a new power of consumption.
Internet finance: Industry penalties halved in three years Strict regulation benefits consumers
With the rapid development of Internet finance, consumer finance has rapidly penetrated into ordinary consumers. According to the data of Skycheck, from 2018 to 2020, there were 59,000, 73,000 and 85,000 enterprises related to Internet finance, showing a growing trend.
After undergoing strict regulation and consolidation, the consumer finance sector grew by 38.13 percent, 24.12 percent and 15.92 percent from 2017 to 2019, respectively, according to central bank data. Although the growth rate has slowed down year by year, the gradual maturity and normalization of the industry has also given more protection to the rights and interests of consumers.
It is worth noting that the number of business anomalies in the Internet finance industry shows an increasing trend of fluctuation, and the occurrence of business anomalies in 2020 has a small decrease compared with that in 2019.
On the other hand, the administrative penalties related to consumer rights and interests in the Internet finance industry gradually decreased from 2018 to 20203, only 50% of that in 2020. This may be because the strengthening of regulation has an obvious positive effect, and the ultimate benefit is bound to be consumers.
Eye check to help the new era of consumption at ease consumption
According to the data of the National Bureau of Statistics, the total retail sales of consumer goods in China exceeded 39 trillion yuan in 2020, among which, the growth rate turned positive in the third and fourth quarter, and the year-on-year growth rate reached 4.6% in the fourth quarter, showing strong consumer confidence. As an important thrust of the double cycle, new consumption not only represents the upgrading of consumption activities itself, but also is expected to accelerate the overall recovery of the economy.
For consumers, the most intuitive feeling brought by new consumption is the improvement of service experience and commodity quality. But at the same time, the commercial marketing in the new consumption era has been really pervasive. At this point, the commercial query platform represented by Sky Eye Search is particularly rare. Through the eye check, consumers can eliminate marketing interference to obtain objective and neutral business information; Before consumption, congenital eye, ahead of time to avoid risks, at ease to enjoy new consumption.
Reprint indicated source：Shine Trader Limited Live information