More measures have been taken to enrich the nightlife economy as a new bright spot of consumption

category:Finance
 More measures have been taken to enrich the nightlife economy as a new bright spot of consumption


Put forward measures in many places

Rich Night Life

Chinas nighttime economy has existed since ancient times. The East Wind blossoms thousands of trees at night. More blown down, stars like rain. BMW carved cars are fragrant all over the road. Fengxiao sound, jade pot light turn, one night fish and dragon dance is a portrayal of ancient Chinasnight economy. Today, with Chinas economic development entering a new normal, stimulating consumption as an important driving force for Chinas economic growth, prospering the night economy, stimulating night consumption has become the consensus of many cities. In recent two years, many cities have issued night economy related policies.

Recently, Chengdu issued Opinions on the Implementation of Developing the Night Economy of the City to Promote Consumption Upgrading. Accelerate the building and upgrading of neighborhoods along Night Tour Jinjiang, and make Night Tour Jinjiang a characteristic brand of Chengdu Night Tour. We encourage medical and aesthetic brand organizations to extend their night service time and regularly carry out a series of activities such as new product experience, medical and aesthetic equipment experience, medical and aesthetic free clinic activities, medical and aesthetic lectures, and publicity of medical and aesthetic industry service standards at night. Extend the opening hours of public libraries at night, improve night service facilities, build brand bookstores, community bookstores, 24-hour self-study rooms, etc.

In July, Beijing printed and distributed the measures of Beijing on Further Prospering night economy and promoting consumption growth. We will build a world-renowned Night Capital consumer brand. By the end of 2021, a number of Night Capital landmarks, business circles and life circles with reasonable layout, standardized management, distinctive features and perfect functions will be formed throughout the city to meet consumer demand. In order to better serve the citys nighttime economic development and facilitate citizensnighttime travel, Metro Line 1 and Line 2 will extend their operation time from May to October every year.

In April, Shanghai issued the Guiding Opinions on Shanghais Promotion of Night Economic Development. We will build a number of landmark nightlife gathering areas, introduce and cultivate night cultural and artistic projects such as immersive drama, musicals, operas, etc. We will take an inclusive and prudent attitude towards night cultural and entertainment formats such as late-night cinemas, late-night bookstores, music clubs and staging shows, and actively develop night tours in Pujiang and museums.

In November 2018, Tianjin issued Opinions on Implementing Night Economic Development. A number of district-level night economic demonstration blocks should be built. Relying on featured catering street, gourmet street, brand catering shop and other catering concentration areas, the construction of catering-intensive nighttime economic agglomeration areas; relying on sports venues, libraries, museums, cinemas, parks, entertainment venues and other carriers, the construction of cultural and sports consumption-oriented nighttime economic agglomeration areas; relying on the personnel-intensive areas with concentrated universities, active entrepreneurship and innovation industries, the construction of convenient service-oriented areas Night economic agglomeration area; relying on streets and lanes with night consumption customs, closed markets, vacant commercial facilities, idle factories, etc., to build a peoples living night economic agglomeration area.

In addition, Chongqing, Qingdao, Hangzhou, Shijiazhuang, Nanjing, Xian, Nanchang, Ningbo and other places have introduced policies and measures to develop the night economy, promote the maturity of the night economy and stimulate new energy consumption at night.

Release ResidentsConsumption Potential

According to the data released by the Ministry of Commerce, in recent years, 60% of Chinas consumption occurs at night, and continues to grow at a scale of about 17%, which is an important driver of domestic demand in China. Large shopping malls account for more than half of the sales from 18:00 to 22:00 every day, and the night is the prime time for consumption. This situation is more evident on the 24-hour all-weather business platform.

According to Alibabas Night Economy Report of 2019, Taobaos turnover peaked from 21:00 to 22:00, with night consumption accounting for more than 36% of all-day consumption. From 23:00 to 3:00 a.m. the next day, tens of thousands of people were browsing and shopping in Tiancat. From 19:00 to 6:00 the next morning, during the rest period of the traditional credit institutions, the proportion of micro-lending by online commercial banks was as high as 26%.

The role of night economy in promoting economic growth should not be underestimated. Worldwide, in 2017, Londons nighttime income reached 26.3 billion pounds, which is expected to reach 30 billion pounds by 2030; in 2015, the nighttime economy provided San Francisco with a turnover of 6 billion dollars; in 2018, Seoul hosted nearly 4.3 million people after opening the Night Owl Market, with a total sales of 11.7 billion won. According to the data of Ministry of Commerce, the size of night economy market in China will reach 2285.92 billion yuan by 2018. With the increase of government support for night economy and the increase of service market in night consumption places, the scale of night economy development will show explosive growth, which is expected to exceed 30 trillion yuan by 2020.

In addition, from the relevant policies of provinces and municipalities to develop night economy, it can be found that increasing infrastructure construction to promote the development of night economy has become the consensus of provinces and municipalities. The landing of transportation, power supply and 5G network projects will surely lead to a new round of economic growth.

Great space for the future

Recently, the Beijing Municipal Bureau of statistics investigated the night consumption of 3058 residents in 16 districts of the city. 75.5% of the respondents had daily night consumption activities, of which 81.4% consumed less than 300 yuan per night. The most popular nighttime consumer activity is catering, accounting for more than 70%. Films and art shows, sightseeing or parks, shopping and fitness accounted for about 50%.

Compared with the urban night economy in developed countries, the dividend of Chinas night economy has not yet been fully released. Night Economy was first put forward by Britain in 1970s. It covers a variety of formats, including food, travel, shopping, entertainment, sports, exhibitions, performances. But in terms of implementation, France, Spain and other countries carry it forward. Taking Paris as an example, its development of night economy is not only limited to the traditional areas represented by single entertainment consumption such as bars and catering, but also expands to more fields such as art, culture, deduction, retail and so on, which further develops French art and culture.

At present, Chinas cultural tourism market is in a rapid development stage. With the improvement of peoples living standards, the demand for diversified spiritual and cultural products is becoming more and more urgent. According to the statistics of Beijing Municipal Culture and Tourism Bureau and Beijing Performance Industry Association on the performance market in 2018, the number of performances, audience numbers and box office revenue have all reached a new high, among which musical and opera performance is the most eye-catching. The number of musical performances increased by 16.9% and the number of audiences increased by 26.7%, reaching 429,000.

The Opinions on Further Stimulating the Potential of Cultural and Tourism Consumption, just issued by the State Office on August 23, has issued guidance on promoting cultural and tourism consumption. Both policy opinions refer to the development of the night economy, clearly put forward the idea of enriching the night cultural performance market, optimizing night catering, shopping and performing arts services in cultural and tourist sites, and put forward that by 2022, 30 cultural and tourist destinations should be nurtured to promote cultural and tourism consumption. Tourist Performing Arts Exquisite Project. At present, many cities are exploring to enhance the connotation of night economy and culture and shape night experience projects with urban cultural characteristics. More and more night tour projects have been launched. Star summer activities in Gubei Water Town of Beijing, night trips in Huangpu River in Shanghai, night trips in Chongqing, night trips in Datang City in Xian and night trips in Mekong River in Lancang River in Xishuangbanna are all very popular. According to statistics, the overall conversion rate of Chinas tourism and performing arts industry is only 1.2%. With the increase of consumer demand in the field of consumer culture, the market will have a huge space for future growth, which will become a new bright spot to stimulate economic growth. Source: Responsible Editor of Securities Times: Yang Qian_NF4425

The Opinions on Further Stimulating the Potential of Cultural and Tourism Consumption, just issued by the State Office on August 23, has issued guidance on promoting cultural and tourism consumption. Both policy opinions refer to the development of the night economy, clearly put forward the idea of enriching the night cultural performance market, optimizing night catering, shopping and performing arts services in cultural and tourist sites, and put forward that by 2022, 30 cultural and tourist destinations should be nurtured to promote cultural and tourism consumption. Tourist Performing Arts Exquisite Project. At present, many cities are exploring to enhance the connotation of night economy and culture and shape night experience projects with urban cultural characteristics. More and more night tour projects have been launched. Star summer activities in Gubei Water Town of Beijing, night trips in Huangpu River in Shanghai, night trips in Chongqing, night trips in Datang City in Xian and night trips in Mekong River in Lancang River in Xishuangbanna are all very popular.

According to statistics, the overall conversion rate of Chinas tourism and performing arts industry is only 1.2%. With the increase of consumer demand in the field of consumer culture, the market will have a huge space for future growth, which will become a new bright spot to stimulate economic growth.