what exactly is the first-issue economy? why is it so popular?
2024-09-16
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when it comes to "starting", many people first think of the starting lineup of the first players to appear in sports games. today, this word is no longer a term exclusive to the sports circle. the "decision" of the third plenary session of the 20th cpc central committee made a systematic deployment on "building a unified national market", which specifically mentioned "actively promoting the start-up economy".
first store, first exhibition, first show, first performance... since this year, first store and first release have become a new highlight in my country's consumer market, and the term "first release economy" has also entered the public's field of vision. so, what is the first release economy? what is the charm of the first release economy? let's take a look.
what is the initial public offering economy?
the decision of the cpc central committee on further deepening reform and promoting chinese-style modernization, adopted at the third plenary session of the 20th cpc central committee, emphasized: "improve the long-term mechanism for expanding consumption" and "actively promote the first-release economy". as an emerging business model, the first-release economy started with the "first store" economy and expanded from brand stores to multiple fields such as first releases, first shows, and first exhibitions. this has formed the first-release economy phenomenon, bringing new momentum to the consumer market and new experiences to consumers, and expanding new space for promoting the continuous expansion and quality improvement of my country's consumer market.
compared with the first store economy, the first launch economy has a richer connotation. the first launch economy, which evolved from the first store economy, has expanded from the original brand stores to multi-category stores covering retail, catering, entertainment, life services, etc. in terms of content; it has expanded from physical stores to spiritual and cultural activities such as performances and shows in terms of form; in terms of effect, it has changed from a single store to a multi-format linkage and the formation of a first launch economy ecosystem, and has evolved from the establishment of stores and the association of business districts to the resonance of multiple formats such as first launches and first shows, promoting a new economic form. therefore, the connotation of the first-release economy can be summarized as follows: first, it has rich and unique resource advantages, including economic strength, location advantages, concentration and influence, rich historical and cultural heritage or fashion characteristics, an open and inclusive social atmosphere, and a consumer group that is more receptive to new things, which can attract brands to set up first stores at different levels, launch first shows at different levels, or launch different types of technologies; second, the supply of grassroots facilities is sufficient, and there is sufficient carrying capacity for the first-release content, including business premises, commercial service facilities, transportation, accommodation and entertainment facilities, which can echo and coordinate with the first-release content; third, the brand value is coupled with the resources of the city where it is located, extending from a single first-release content to the upstream and downstream industrial chains and forming an industrial ecosystem, from the first launch display of new products to the promotion and sales of the entire industry network system, forming a superimposed and mutually promoting effect.
the first-launch economy has distinct characteristics. new products, new content, and new scenarios cater to the ever-increasing needs of consumers, presenting a personalized, diversified, and experiential consumption development trend. first, "first" means the first time, the first, and the first. the levels range from international level (such as the global first), national level (such as the first in the country, the first in the country) to regional level (such as the first store in south china, the first in north china), and then to city level (such as the first in hangzhou, the first in shenzhen) and even county level (such as the first in anyuan). second, the scope of the first launch is relatively wide, covering many categories such as brand stores, new products, and new technologies, involving spiritual and cultural commodities such as daily consumer goods and life service products, such as talk show debuts, concert premieres, and new song releases. third, it is demonstrative and driving, with a strong radiation effect. in the process of stimulating consumer demand, from a single store or a certain technology or even a single show, the relevant industrial factor resources are aggregated and expanded into a network, thereby driving the development of upstream and downstream industries and related fields, and forming a replicable and popularizable model to produce a cumulative effect and achieve positive results in a larger range.
the current status and future trends of ipo economic development
01
current status of initial public offering economic development
the "first-launch economy" originated from the first-store economy. as early as around 2005, some international chain brands expanded into the chinese market, using their first store in the domestic market, or "first store," as a test field and weather vane, and most of the locations were in core landmark areas of first-tier cities. this has also become a landmark store in the process of its development in the domestic market, and has a huge economic and social impact on the brand itself and the city where it is located. reporting it as a news event will further promote the brand awareness and influence of these first stores, and have a significant driving effect on consumption in brand stores and the regions where they are located. subsequently, first stores have gradually become an important measure of the competitiveness of many commercial facilities, and the increasingly fierce competition for the location of first stores is testing the comprehensive strength of major shopping malls and commercial landmarks.
after 2015, cities such as shenzhen, chengdu and hangzhou included the scale of first stores in their city marketing as one of the indicators of city competitiveness, thus officially opening the prelude to the first store economy becoming an economic phenomenon. as the agglomeration effect of first stores rapidly increases and their influence grows, shanghai, as the leading city in the yangtze river economic belt, has unique conditions and has demonstrated strong strength in the field of first stores. in 2018, shanghai took the lead in proposing the "first store economy" in its first store promotion, which has become a beautiful business card for shanghai shopping brands.
in august 2019, the general office of the state council issued the "opinions on accelerating the development of circulation and promoting commercial consumption", which for the first time clearly proposed "adapting measures to local conditions, creating conditions, attracting well-known brands to open first stores and launch new products, driving the expansion of consumption, and promoting domestic industrial upgrading". in october 2019, the ministry of commerce and 14 other departments jointly issued the "guiding opinions on cultivating and building international consumption center cities", pointing out that "it is encouraged to introduce domestic and foreign brand first stores, flagship stores and experience stores and other formats". the first store is regarded as an important indicator for promoting the cultivation and construction of international consumption center cities. in the same year, shanghai, beijing and other places successively issued relevant policies and measures that meet their own conditions to promote the development of the first store economy, indicating that the first store has been valued in major cities across the country and is in a period of rapid development.
in 2020, the national development and reform commission and other departments jointly issued the "implementation opinions on promoting consumption expansion and quality improvement to accelerate the formation of a strong domestic market", proposing to "support central cities to strengthen the 'first store economy' and 'first launch economy'". this is the first time that the "first store economy" and "first launch economy" have been proposed at the same time in a national document, indicating that the first store is no longer limited to brand stores, but is expanding to more categories, larger scopes, and wider spaces, making the first launch economy officially one of the new economic forms. since then, the development of the first store economy and the first launch economy has become an important measure to create consumption hotspots and stimulate consumption potential. local governments have actively responded to the implementation and have introduced local support policies.
international consumer center cities are one of the important carriers of the first-launch economy. as the global economic environment continues to change and consumer demand becomes increasingly diversified, the construction of international consumer center cities is also constantly innovating and upgrading. not only have the five international consumer center cities of shanghai, beijing, guangzhou, chongqing and tianjin introduced strong policies to encourage brands to open first stores locally and actively develop the first-launch economy; new first-tier cities such as hangzhou, nanjing, suzhou and chengdu have also introduced support policies to create first-store economy and first-launch economy of different levels and characteristics.
at present, the first-launch economy has become an important engine for upgrading the energy level of urban business districts. from 2019 to 2021, the number of first stores in the country increased by more than 95% compared with the previous period. from the perspective of brand formats, the proportion of consumer brands has gradually decreased from the early commodity brands to catering, accommodation, culture and entertainment and other service consumption, which is consistent with the current increase in the proportion of service consumption. from the perspective of urban distribution, first stores are more inclined to first-tier and strong second-tier cities. among them, shanghai and beijing have the highest concentration of first stores, mainly global and national first stores. in 2023, shanghai introduced 1,215 first stores, a year-on-year increase of 13.2%, including 11 first stores above the asian level, and the total proportion of high-level first stores above the national level reached 13.7%, and the scale and quality continued to rank first among cities in the country. from january to april 2024, shanghai established 489 first stores of various types, including 3 new global or asian first stores, 55 national and mainland first stores, and the total proportion of high-level first stores was 11.9%, and the scale and quality reached a new historical high. in the first half of 2024, beijing added 485 new first stores, including the first brand stores as well as new flagship stores and innovative concept stores.
some of the first stores of new brands and new formats, as well as the first stores of regional brands, are located in new first-tier and second-tier cities such as chengdu, hangzhou, ningbo, xi'an, and wuhan. in addition, "non-standard" high-level first stores such as concept stores and flagship stores have become popular, and green environmental protection, pet-friendly, camping style, theme stores and other contents are being rapidly deployed. in addition, the first stores of local new brands are also on the rise.
the rapid increase in the influence of the first-launch economy has driven the first launch and first exhibition of new products, new technologies, various fashion items, and entertainment service products related to first stores to become consumer hotspots, resonating with first stores and their locations, becoming a consumer phenomenon, and gradually developing into a new form of consumption, and an important carrier of consumer market innovation. for example, beijing's "2023 global first launch festival and hard technology carnival" launched 12 global first launch centers represented by sanlitun taikoo li, wangfujing commercial street, beijing skp, etc., to build a first-launch and first-show platform for domestic and foreign brands. its goal is to attract more first-store new products with both good looks and connotation to land in beijing through multiple new product releases and new exhibitions, making beijing a gathering place leading international consumer trends. shanghai focuses on forming a brand agglomeration effect, driving the upgrading of the upstream industrial chain, accelerating the first launch of global new products, the landing of brand first stores, and the establishment of corporate headquarters by domestic and foreign brands in shanghai, and further promoting the formation of the "first launch economy" effect from "first launch" to "first store" and then to "headquarters", and the influence of the global new product first launch demonstration area is further enhanced.
02
first economic application scenario
first, the internationalization of business districts. the first stores and first launches are embedded in the upgrading process of urban business districts, and integrated with the city's advantageous resources to create a city-specific consumption area. beijing has introduced domestic and foreign brand headquarters, first stores, flagship stores, innovative concept stores, and chinese time-honored brands to settle in the local area, and gathered brands to hold new product launches, first exhibitions, and first shows in beijing, forming a fashion consumption highland with high professional concentration, high technological integration, high brand conversion rate, and strong resource integration. for example, with the "cultural golden triangle" of the forbidden city-wangfujing-longfu temple as the center, the first launch venues are arranged in a focused manner, including brand innovation concept stores, cultural and creative product flagship stores, etc., and at the same time, there are about 800 departure tax refund shops to create a characteristic business district with first-class international influence. shanghai has built six world-class business districts represented by nanjing road business district and xiaolujiazui business district, introduced mid-to-high-end international brands, launched 20 leading local brands, and pioneered the "may 5 shopping festival" shanghai global new product launch season, established a new product launch week, etc., with the characteristics of concentrated release of a series of new products to stimulate consumption potential and form a first-launch economy scale effect. for example, lego's global first launch of the "monkey king kid" series has attracted the attention of 2 billion people around the world, greatly enhancing shanghai's popularity and reputation as an international consumer center city. according to the "guangzhou key commercial functional area development plan (2020-2035)", guangzhou will build five world-class business districts represented by tianhe road-pearl river new town business district, etc. each business district will be differentiated by different positioning, and adopt the first store format, duty-free format and revitalization of guangzhou's "time-honored" brand promotion and other methods to promote the continuous expansion and quality improvement of the consumer market.
the second is to integrate with cultural tourism and life services and other service products to create a comprehensive brand consumption highland. beijing strives to build a gathering place for well-known domestic and foreign brands and an incubator for original brands. in 2023, it will introduce the first 4.0 super flagship store of indoor parent-child entertainment brands in asia, the first store of norwegian fashion lifestyle brands in beijing (north), and the first store of outdoor sports ceiling-level brands. the target customer groups of these first stores include not only local consumers in beijing, but also tourists and business people from other places, providing consumers with diversified consumption experiences. in 2023, chengdu will have a full bloom of niche fashion brand first stores, including equestrian, two-dimensional, racing clubs and other trendy sports and niche interest first stores. the categories of first stores are wider, which not only enhances the attractiveness to specific consumer groups, but also expands the scope of consumer objects and further expands the consumption space.
the third is to innovate consumption scenarios. take the first-release economy as the entry point to build an immersive fashion and trendy life chain. tianjin has introduced new formats of immersive, experiential, and participatory digital consumption, integrating "intelligence + life scenarios" to innovate consumer experience. in 2023, tianjin will introduce the first mall store of a home appliance brand, create an integrated store and immersive smart life experience, directly link technology with life, and build a smart life "energy ring". according to the needs of different customers, private customized services such as balcony scenes, bathroom scenes, and laundry scenes are carried out, and activities such as life aesthetics and workshop handicrafts are provided to create a new life experience for customers. chengdu media group's dongjiao memory transformed the "old factory" into a "trendy brand & business + performing arts space + design space" to create an immersive entertainment scene, attracting the first store of the italian fast fashion brand in the southwest and other places to settle in, becoming a new gathering place for passenger flow.
03
first release of economic development trends
as the driving effect of the first-time economy on regional development becomes increasingly apparent, major cities have introduced policies to encourage and guide the introduction of first stores, first exhibitions, first shows and other activities, and have provided various support measures and preferential policies, which have played a significant role in promoting the vigorous development of the first-time economy. it can be seen that the development of the first-time economy has become a trend, and driven by the digital economy, it mainly presents three major trends:
first, multiple formats are flourishing. the diversified and personalized characteristics of the consumer market are highlighted, and the matching formats are rich and colorful. in order to meet the needs of different consumer groups, concept stores such as flagship stores, theme stores, and black label stores are emerging in an endless stream. the number of first stores in new concept categories such as art, humanities, sports, environmental protection, and camping has increased rapidly, which has greatly enriched the content of the first-launch economy, injected new vitality into the consumer market, and released new consumption momentum.
second, there is competition differentiation among different cities. the first-launch economy has high requirements for urban resources. the current distribution of first stores is generally led by beijing and shanghai, and cities such as chengdu, guangzhou, hangzhou, shenzhen, and wuhan are accelerating their pace and actively promoting it. different cities are often limited by their own resource conditions and economic strength when attracting first stores. as the content of the first-launch economy becomes increasingly diversified, it has become a consensus that each city combines its own characteristics and advantages to match different content, and forms unique first-launch economic resources, which in turn feeds back to local economic development.
the third is to form an ecosystem through integrated development. the first-release economy aims to accelerate consumption upgrades and also promote economic development. the first-release content covers multiple formats such as retail, catering, life services, and entertainment and sports. through the "first release", the flow of people will be attracted to promote consumption. the spillover effect will have an impact on economic growth, fiscal revenue, related industries, and other aspects, and thus give birth to new formats and new models, forming an industrial ecosystem featuring first releases, thereby promoting urban development.
how to promote high-quality development of the initial public offering economy?
the first-time economy is full of charm, but we should also see that due to factors such as capital and technology, the development momentum of the first-time economy in some regions is not strong, and the resource integration capacity and service environment need to be improved. first, the diversified supply of service products is insufficient. at present, the growth rate of service consumption in my country is significant. although the service formats in the first-time economy have increased, the service consumption field is still facing problems such as insufficient supply and insufficient formats. first, there are few first-time stores of brands in industries such as health, elderly care, and medical care. the first-time economy is not closely integrated with service products, and the internationalization of service formats is not high, which makes it difficult to meet the diversified service consumption needs of consumer groups. second, there are few comprehensive first-time contents, and the supply of composite cross-border integrated first-time contents is insufficient and the supply form is relatively single. second, the scale of first-time stores is relatively small, and the resource integration capacity needs to be improved. first, the competitiveness of the industrial chain and supply chain in the commercial field is not strong, and the ability to integrate upstream production resources and dominate the allocation of factor resources is relatively weak. it has not yet occupied a core position in the product supply chain, and it is difficult to absorb the aggregation of commodity resources across the country and even the world. second, the degree of digitalization of enterprises is not high, and the adaptability of both supply and demand needs to be improved. third, the connection between commercial enterprises and import and export innovation pilot (demonstration) zones is not smooth, and the upstream and downstream supply chain coordination and import and export cross-border coordination mechanisms are incomplete, making it difficult for central cities to effectively play a leading and driving role. finally, the service environment needs to be further improved. the service standards of new formats in the first-time sector need to be standardized. new formats such as short videos and live streaming have emerged rapidly, which bring convenience to consumers while also easily infringing on their legitimate rights and interests.
to this end, we must actively promote the initial public offering economy, drive industrial upgrading, enhance urban commercial vitality, promote a higher level of dynamic balance between supply and demand, and better meet the people's needs for a better life.
first, the first-launch economy should be closely integrated with the city's positioning and regional environment to create a unique city brand business district. first, give full play to the leading role of "first-launch" in enhancing the city's brand, integrate first-launch with traditional business districts, drive traditional businesses to improve service quality through the first-store new product display and service demonstration, and rely on the first-store brand image and local business district culture to form its own business characteristics, endow traditional business districts with a wider range of cultural communication functions, and make them a guide to high-quality life and a vane of charming fashion; second, integrate the first store or the first launch of new products with industrial upgrading, drive the development of multi-level and diversified commodities, derive new service functions and categories, form a business service industry chain with the first store as the leader, integrating procurement, r&d, design, settlement and logistics integration, enhance the value creation ability of commercial enterprises, and give full play to the radiation effect of the first-launch economy; third, promote the breakthrough of brand first stores in connecting cross-border mechanisms, and drive commercial enterprises to integrate their domestic and foreign resources and expand the scope of commodity supply with new cross-border formats.
second, enhance the supply chain position of first-launch leading enterprises. first, use digital means to coordinate the management of first-store resources, accelerate the establishment of an integrated data processing system, establish a production and sales information sharing mechanism with the manufacturing end, establish a rapid response system for consumer demand, and enhance the position of first-launch leading enterprises in the supply chain; second, strengthen cooperation with online platforms, shift from the venue display of first stores, first shows, and first exhibitions to the carrier of conveying life attitudes and lifestyles to consumers, provide consumers with all-round and multi-level service content, and enhance service functions.
third, optimize the supply of diversified services. first, enrich the types of services such as catering and accommodation, education, medical care, cultural entertainment, sports, tourism, and elderly care, further increase the density of cultural activities such as art performances, enrich the types and content of cultural products, introduce high-quality life service providers to set up first stores, and meet the diversified needs of consumers; second, focus on the development of first stores in the cultural and creative industries, introduce more new formats of art and entertainment for the first time, and activate the new generation of urban culture; third, improve the network of reception facilities such as urban public transportation, catering, shopping, and accommodation, improve consumer experience, and escort the healthy development of the first-time economy.
