AI and Quality Boost New Consumption
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In a rapidly changing economic landscape, the integration of artificial intelligence (AI) into the consumer sector is set to redefine how consumers engage with products and services. The ongoing push for new consumption patterns is not just a trend; it signifies a transformative shift that experts believe will enhance consumption quality and expand market opportunities. By fostering the intersection of “AI + consumption,” stakeholders can unlock significant potential in various sectors, including health, home, and entertainment.
The concept of "AI + consumption" embodies the application of AI technologies to enhance consumer experiences and product offerings. As AI becomes increasingly embedded in everyday life, its presence is felt in digital devices and household appliances alike. For instance, according to Shen Jianqing, Chief Economist at JD Group, the swift advancement of AI technology has ushered in a new era of intelligent upgrades for digital products and home appliances. This evolution is not just about individual devices becoming smarter; it involves creating interconnected systems that can perceive and respond to users' needs in real-time. For example, modern refrigerators can now detect food spoilage and suggest recipes based on available ingredients, while smart TVs can offer personalized viewing recommendations based on user preferences.
Investment advisor Yu Xiaoming emphasizes that the policy support for new consumption models is critical in accelerating the growth of the “AI + consumption” sector. He points out that smart home products like intelligent speakers and lighting systems are likely to see continued market expansion. The automotive sector is also experiencing this transformation, with smart connected vehicles gaining traction. Devices equipped with AI capabilities, such as smartphones and tablets, are expected to rejuvenate the consumer electronics market, driving further engagement and sales.
The potential for innovation in the consumer sector is vast, as AI technology can give rise to new products and experiences. Researcher Fu Yifu from Xingtou Financial Research Institute believes that the applications of AI in various fields such as elder care, education, and cultural tourism will emerge as new consumption hotspots. For example, AI-powered devices designed for elderly health management can provide personalized health monitoring and assistance. In the realm of cultural tourism, AI can create immersive experiences that enhance travelers' engagement with destinations, offering tailored recommendations based on individual interests.
To nurture and expand these new consumption models, experts agree that robust policy support is essential. The government's focus on “two new” policies—new technologies and new consumption—has led to a surge in demand for high-tech and energy-efficient products. Data from the Ministry of Commerce indicates that in 2024, over 90% of sales in the home appliance replacement program will involve first-level energy efficiency products. This shift has catalyzed a double-digit growth in retail sales of high-efficiency and smart appliances for four consecutive months.
Shen Jianqing suggests widening the scope of subsidies for replacing old products to include high-value items such as computers and smartphones. This expansion, particularly for high-end, intelligent, and green products, would stimulate demand and encourage the renewal of consumption while fostering new productivity advancements. The push for upgrading household appliances, such as smart toilets and robotic vacuums, highlights a growing consumer preference for technology-enhanced living.
In terms of creating new products and consumption scenarios, Cheng Shi, Chief Economist at ICBC International, advocates for invigorating service consumption across sectors like culture, entertainment, tourism, sports, and education. By focusing on these areas, there is an opportunity to elevate consumer experiences and meet the diverse and personalized demands of the population. Developing and promoting new consumption models—such as digital, green, and health-oriented consumption—will play a critical role in optimizing and upgrading consumption structures.
The Ministry of Commerce has recently announced its commitment to further supporting the growth of new consumption, emphasizing sectors such as winter sports and senior care. By promoting digital, green, and health-focused consumption, the government aims to innovate diverse consumption scenarios and activate consumer potential through various initiatives. This approach is not just about enhancing existing markets but also about creating entirely new avenues for growth.
As AI continues to permeate the consumer space, the implications are profound. The ability to analyze consumer behavior and preferences through AI technologies will lead to more personalized marketing strategies, improved product designs, and enhanced customer service. For example, companies can utilize AI algorithms to predict trends and consumer needs, allowing them to tailor their offerings accordingly. This level of customization not only increases customer satisfaction but also fosters brand loyalty.
Moreover, the integration of AI in consumer products can lead to significant efficiency gains. Smart home devices can optimize energy usage, contributing to more sustainable living practices. As consumers become increasingly aware of their environmental impact, the demand for green technology will only grow, further driving innovation in the “AI + consumption” space.
However, as the sector evolves, challenges remain. Companies must navigate privacy concerns and ensure that consumer data is handled responsibly. Striking a balance between personalization and privacy will be crucial in maintaining consumer trust. Additionally, as competition intensifies, businesses will need to continuously innovate to stay relevant in a crowded marketplace.
In summary, the convergence of artificial intelligence and consumption represents a pivotal moment in the evolution of consumer markets. The potential for AI to enhance product offerings and consumer experiences is immense, promising a future where technology and consumption are seamlessly intertwined. With strong policy support and a focus on innovation, the landscape of consumption is poised for significant transformation, ultimately benefiting consumers and businesses alike. As this journey unfolds, it will be essential for stakeholders to remain agile and responsive to the dynamic changes in consumer preferences and technological advancements, ensuring a sustainable and prosperous future for the industry.
The concept of "AI + consumption" embodies the application of AI technologies to enhance consumer experiences and product offerings. As AI becomes increasingly embedded in everyday life, its presence is felt in digital devices and household appliances alike. For instance, according to Shen Jianqing, Chief Economist at JD Group, the swift advancement of AI technology has ushered in a new era of intelligent upgrades for digital products and home appliances. This evolution is not just about individual devices becoming smarter; it involves creating interconnected systems that can perceive and respond to users' needs in real-time. For example, modern refrigerators can now detect food spoilage and suggest recipes based on available ingredients, while smart TVs can offer personalized viewing recommendations based on user preferences.
Investment advisor Yu Xiaoming emphasizes that the policy support for new consumption models is critical in accelerating the growth of the “AI + consumption” sector. He points out that smart home products like intelligent speakers and lighting systems are likely to see continued market expansion. The automotive sector is also experiencing this transformation, with smart connected vehicles gaining traction. Devices equipped with AI capabilities, such as smartphones and tablets, are expected to rejuvenate the consumer electronics market, driving further engagement and sales.
The potential for innovation in the consumer sector is vast, as AI technology can give rise to new products and experiences. Researcher Fu Yifu from Xingtou Financial Research Institute believes that the applications of AI in various fields such as elder care, education, and cultural tourism will emerge as new consumption hotspots. For example, AI-powered devices designed for elderly health management can provide personalized health monitoring and assistance. In the realm of cultural tourism, AI can create immersive experiences that enhance travelers' engagement with destinations, offering tailored recommendations based on individual interests.
To nurture and expand these new consumption models, experts agree that robust policy support is essential. The government's focus on “two new” policies—new technologies and new consumption—has led to a surge in demand for high-tech and energy-efficient products. Data from the Ministry of Commerce indicates that in 2024, over 90% of sales in the home appliance replacement program will involve first-level energy efficiency products. This shift has catalyzed a double-digit growth in retail sales of high-efficiency and smart appliances for four consecutive months.
Shen Jianqing suggests widening the scope of subsidies for replacing old products to include high-value items such as computers and smartphones. This expansion, particularly for high-end, intelligent, and green products, would stimulate demand and encourage the renewal of consumption while fostering new productivity advancements. The push for upgrading household appliances, such as smart toilets and robotic vacuums, highlights a growing consumer preference for technology-enhanced living.
In terms of creating new products and consumption scenarios, Cheng Shi, Chief Economist at ICBC International, advocates for invigorating service consumption across sectors like culture, entertainment, tourism, sports, and education. By focusing on these areas, there is an opportunity to elevate consumer experiences and meet the diverse and personalized demands of the population. Developing and promoting new consumption models—such as digital, green, and health-oriented consumption—will play a critical role in optimizing and upgrading consumption structures.
The Ministry of Commerce has recently announced its commitment to further supporting the growth of new consumption, emphasizing sectors such as winter sports and senior care. By promoting digital, green, and health-focused consumption, the government aims to innovate diverse consumption scenarios and activate consumer potential through various initiatives. This approach is not just about enhancing existing markets but also about creating entirely new avenues for growth.
As AI continues to permeate the consumer space, the implications are profound. The ability to analyze consumer behavior and preferences through AI technologies will lead to more personalized marketing strategies, improved product designs, and enhanced customer service. For example, companies can utilize AI algorithms to predict trends and consumer needs, allowing them to tailor their offerings accordingly. This level of customization not only increases customer satisfaction but also fosters brand loyalty.
Moreover, the integration of AI in consumer products can lead to significant efficiency gains. Smart home devices can optimize energy usage, contributing to more sustainable living practices. As consumers become increasingly aware of their environmental impact, the demand for green technology will only grow, further driving innovation in the “AI + consumption” space.
However, as the sector evolves, challenges remain. Companies must navigate privacy concerns and ensure that consumer data is handled responsibly. Striking a balance between personalization and privacy will be crucial in maintaining consumer trust. Additionally, as competition intensifies, businesses will need to continuously innovate to stay relevant in a crowded marketplace.
In summary, the convergence of artificial intelligence and consumption represents a pivotal moment in the evolution of consumer markets. The potential for AI to enhance product offerings and consumer experiences is immense, promising a future where technology and consumption are seamlessly intertwined. With strong policy support and a focus on innovation, the landscape of consumption is poised for significant transformation, ultimately benefiting consumers and businesses alike. As this journey unfolds, it will be essential for stakeholders to remain agile and responsive to the dynamic changes in consumer preferences and technological advancements, ensuring a sustainable and prosperous future for the industry.