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[CCTV2] Nie Huihua: What’s Behind the Rise of Pet and Online Celebrity Economy?

According to Nie Huihua, Deputy Dean of National Academy of Development and Strategy, Renmin University of China, Chinese young generation are more willing to spend their money on pets, for online celebrities or just jump on the bandwagon.

Their consuming behavior or choice is not driven by any authority designation, nor by enterprise’s publicity, but purely a spontaneous act on their own. Nie explained that new consumption forms such as short video, chic shop, and pet economy are thriving in China, the primary reason for this is national income growth leading to an upgrade of consumption. Meantime, only when the bigger economic environment is maintained stable or positive can upgraded consumption be possible, otherwise, however creative or innovative the marketing tools are, consumers won’t have the motivation or ability to buy their products.