证书
"Night economy" is detonated, LED demand or welcome rebound May 26 , 2021

■ Recently, as many places have launched important measures to promote the development of the night economy, the night economy and other seasonal consumption is becoming a new growth point of the economy.

By the end of 2020, the scale of China's nocturnal economy exceeded 30 trillion yuan, up 5.0% year on year, and is expected to grow to 36 trillion yuan in 2021, according to the latest development report of China's nocturnal economy in 2021 released by iiMedia.

Huachuang Securities pointed out that the development of night economy can not be separated from lighting, LED lighting, LED display is an important element to maintain the order of night economic life and create night scenery.The European Cup, the Winter Olympics and other large events will stimulate the LED display demand rebound.And as the cost of LEDs falls as the technology matures, new markets for downstream applications are opening up.


Data from the latest development report of China's night economy in 2021 shows that the scale of China's night economy is expected to increase to 36 trillion yuan in 2021.Among them, Beijing, Shanghai, Guangzhou and other cities vigorously promote the development of night economy, and tap the consumption potential through the quality upgrading of night consumption, and become the benchmark cities for the development of night economy.Although restricted by climate and other factors, China's night economy presents the characteristics of "strong in the south and weak in the north" as a whole, the prosperity of online economy has brought opportunities for high-latitude cities to develop night economy.


The core idea

The market size of China's night economy is expected to exceed 36 trillion yuan in 2021

Night economy is a new increment of economic development. Therefore, in order to stimulate consumption during the epidemic period, Chinese governments have strengthened their support for night economy. At the same time, the service market of night consumption places increases and people's night consumption demand increases, so the development scale of China's night economy will continue to grow.Statistics show that the scale of China's night-time economic development exceeded 30 trillion yuan in 2020 and is expected to grow to 36 trillion yuan by 2021.


Night economy involves rich forms of business and diversified consumption scenarios

North shenzhen economic developed area, such as night rich economic forms, including catering, shopping and so on the night and formats, as well as bars, KTV and so on is given priority to with night forms, in the past some unpopular at night culture class activities also gradually become the carrier of continues the nocturnal city, formed the night market, bar street, late-night dining room, bookstore in the middle of the night, such as special products,It is a benchmark for other cities to develop nighttime economy.


The differentiated development opportunity of regional night lies in the enhancement of cultural and artistic content

Experts believe that during the epidemic period, although all parts of the country are actively developing the night economy, but generally, the country's night economy presents the characteristics of "strong in the south and weak in the north", but the rapid development of online economy has brought opportunities for the development of night economy in all parts of the country.In the future, the most attractive nighttime activities for consumers are shows such as drama and musicals, as well as themed exhibitions such as art and fashion, by late-night canteens and 24-hour bookstores.


The main mode of nighttime economy development

Investigation and analysis of foreign night economy consumer data

More than half of New Yorkers go out at night once or twice a week, and 35% go out at night three or four times a week.Restaurants were the most popular destinations, by bars and clubs, and concerts, cinemas, museums and party venues.


Case 1: London, UK

Before the outbreak of the epidemic in 2020, London's night economy was mainly composed of bars, restaurants, concert halls, theatres, etc., which was closely related to the city's cultural atmosphere.The development of London's night economy has absorbed the advantages of the city's characteristic culture, developed a variety of business models, and has been actively promoted and constructed by the government, which has ranked high on the global nightlife list.


Case 2: New York City, USA

A number of cities in the United States have set up offices to manage nightlife, and introduced nighttime economy "light bearer" to strengthen nighttime economic governance.New York, Washington, Pittsburgh, Orlando and other U.S. cities have created "night mayors" or similar executive positions.Among them, there are more than 25,000 nightlife venues in five districts of New York City. In the management of night economy, New York adopts the administrative mode of night mayor plus nightlife advisory committee.


Analysis of the economic background of China's night economy development

Statistics show that the per capita consumption expenditure of Chinese residents has maintained an increasing trend year by year from 2015 to 2019.In 2020, due to the impact of the epidemic, the per capita consumption of Chinese residents will decline, with the national per capita consumption spending falling to 21,210 yuan, a nominal drop of 1.6% compared with the previous year.Analysts believe that the increase in per capita consumer spending and willingness to spend has laid a potential economic foundation for the development of the nighttime economy.

China night economy development scale and forecast

Data show that the scale of China's nighttime economy has grown rapidly since 2016.China's nighttime economy exceeded 30 trillion yuan by the end of 2020, up 5.0% from the same period last year, and is expected to exceed 40 trillion yuan in 2022.Analysts believe China's night economy will continue to grow as governments across the country increase support to stimulate consumption, and as the market for nighttime services expands and people's demand for nighttime consumption increases.


The consumption analysis of typical business forms of night economy

Buy things

The survey shows that the main channel of Chinese consumers shopping at night in 2021Q1 is online channel, accounting for 75.9%.Analysts believe that with the development of new consumption modes such as live streaming e-commerce and short video shopping, the proportion of online sales channels in night shopping continues to expand.Due to the epidemic, offline sales channels have been affected to varying degrees in the past year, resulting in a relatively low proportion of offline shopping consumption.


Article amusement

Data show that in China's nighttime cultural activities in 2020, the most attractive activities for consumers are all kinds of performances, and cultural venues, markets, 24-hour bookstores and other cultural venues are also favored by consumers.Ai media consulting analysts believe that under the policy to push around, art galleries, museums and other places of cultural and art have extended opening hours to night, and 24 hours bookstore, cultural market all over the country in succession, this makes the night greatly increases the enrichment degree of cultural activities, provides consumers with more good night consumption experience.


Eat drink

Data show that in 2021Q1 Chinese consumers night food consumption, takeout accounted for 61.8%;In terms of consumption amount, 73.2% of the consumers whose consumption at night takes up 40% or less of the whole day's consumption, and only 4.9% of the consumers who take up 60% or more.Ai media consulting analysts believe that online take-out delivery platform development is the important reason for the consumption boom, but compared with offline food consumption, food industry business mode is relatively single, hard driving the development of other economic forms at night, so to improve the enthusiasm of consumers to eat out at night is the night of economic development needs to solve a problem.


Typical city representative of night economy

Typical city: the night capital

Through the continuous transformation and upgrading of the business district, to create the life service industry demonstration block and the late-night canteen characteristic catering, Beijing's night economy is constantly active, while driving each business district to gradually restore vitality.Night, according to the Beijing eastern area economic activity is higher, more welcome, wangfujing and sanlitun CBD business circle, one night, sanlitun, wangjing CBD business circle economic activity in the top three, and, according to data from sanlitun, wangfujing commercial circle during the 2020 National Day night commodity consumption amount year-on-year growth of 21.2% and 16.2%, respectively,Business circle consumption activity has recovered.


Typical city representative: night Shanghai

The total nighttime consumption in Shanghai dropped by 80% in February 2020 compared with December 2019, but the city's nighttime economy recovered quickly with the opening of the first Shanghai Nightlife Festival in early June.As of September 2020, the total amount of night consumption in Shanghai has reached 6.9 times that in February, which is much higher than the average level of first-tier cities.Data show that in the first three quarters of 2020, the night consumption in Shanghai is concentrated between 18:00 and 22:00, with 74.7% of the night consumption taking up the most active period.

Typical city representative: night guangzhou


Data show that in yuexiu district of guangzhou night travel consumption more active region is, tianhe district, and zhuhai, accounted for 20% or more, the gap between small, with the three administrative districts have well-known shopping centers or entertainment consumption center and actively develop the potential of these resources have bigger relationship, such as zhuhai relying on pazhou, guangzhou tower,The annual Guangzhou International Light Festival has become a name card of the city of Guangzhou by actively carrying out "Tourism +" cultural creative activities.


Summarization of the development of nighttime economy industry in China

Although each city is developing night economy actively, night economy still presents the characteristics of strong south and weak north at present.Experts believe that the economic level, climate conditions, living habits, regional culture and other factors jointly create the night economy in the spatial distribution of the different characteristics.But on the other hand, the prosperity of the digital economy provides more possibilities for the night economy from online consumption, so the Internet economy has advantages compared with the night economy in developed areas.


China night economy consumption development trend analysis

Chinese youth groups are the active subjects of nighttime economic consumption. As for nighttime entertainment items, they like watching movies the most, accounting for more than 50%, by parties, sports and fitness and KTV, accounting for more than 30%, while the preference degree of new consumption forms such as screenplay, escape from secret rooms and paid study rooms is relatively low.


At night, young people prefer leisure programs that allow them to sit quietly, or sports, fitness and KTV programs that can release pressure, which are more suitable for consumption at night.But for a specific social scene, play the script to kill at night, escape room and other experiential consumption items, is also a good choice.


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