On December 22, 2023, Ren Zeping's annual speech "Ignite Hope - Top 10 Forecasts of the Chinese Economy in 2024" was held in Shanghai. As a representative of new consumer brands from China to the world, Miniso was selected as an annual forecast case to deeply interpret Miniso's globalization path and super brand methodology, providing a new model for Chinese new consumer brands to go global.
In this annual speech, Ren Zeping approached from a macro perspective, analyzing, elaborating, and looking forward to the top ten predictions for the Chinese economy in 2024 from multiple perspectives such as emerging industries, artificial intelligence, new energy competition, new trends in consumption upgrading, and big health. It is understood that Zeping's macro Tiktok number saw more than 10 million people, and more than 20 million people watched it online throughout the network. It has spread to hundreds of millions of people, making it onto today's headlines, microblogs and other hot lists.
Ren Zeping emphasized the opportunities for Chinese brand globalization in his annual forecast, with Miniso as a representative case study of "Chinese brand globalization". Ren Zeping pointed out that in the future, Chinese consumer brands will be able to expand globally. One is consumer goods with strong technological attributes, and the other is consumer goods with strong emotional attributes. Products that can have emotional connections with global consumers can reach a more diverse group. Mingchuang Youpin combines the two major resource advantages of "China's ultimate supply chain+global super IP" to create a leading IP retail group in the world. With IP inclusive services, it satisfies the emotional value of global consumers, leads new trends in interest consumption, and walks a unique path of Chinese brand globalization.
According to public information, Ren Zeping is a postdoctoral fellow at the School of Economics and Management of Tsinghua University and a Ph.D. in Economics from Renmin University of China. Previously worked at the Development Research Center of the State Council, Guotai Junan Securities, and Fangzheng Securities. Ren Zeping's annual speech has great influence and has become an important information reference for observing the global economy, understanding the Chinese market, and seizing development opportunities. His numerous predictions are constantly being verified in China.
Interest consumption has become a global trend
At the end of October this year, Dr. Zeping accompanied some entrepreneurial students to exchange ideas at Miniso. During the communication process, Dr. Ren Zeping and Ye Guofu, Chairman and CEO of Miniso Group, unanimously believed that interest consumption is a global trend and an opportunity for Chinese brands to overturn the inherent global consumption pattern.
Ren Zeping predicts that Generation Z is becoming the main consumer force, and satisfying their own needs and emotional value has become a new fashion for consumption. Cross border collaborations, social networking, and new ways of consumption are becoming more and more common.
The concept of "interest consumption" was first proposed by Ye Guofu in 2020. In his view, being dominated by interests is the biggest consumption characteristic of this generation of young people. The era of solely focusing on consumer prices and functions has passed, and young people are now willing to pay for emotional value. "The essence of consumption is happiness." Ye Guofu said that happiness is the collective pursuit of all humanity, and IP is the shortcut to "happiness".
Focusing on the "interest consumption" needs of young people, Mingchuang Premium released a new positioning of "lifestyle brand with IP design as its feature", focusing on the category that can provide emotional value, strong IP attributes, and differentiation. Blind box, doll, and perfume are three global strategic categories. Data shows that in 2023, Miniso's global blind box product sales exceeded 20 million units, and the cumulative revenue of aromatherapy products exceeded 1.8 billion yuan.
In Ren Zeping's view, MINISO is the first brand to IPize daily necessities, and IP co branding is the characteristic of MINISO leading interest consumption and the key to building content. As an "IP co leader" with deep cooperation with over 80 well-known IP partners worldwide, Miniso has broken the ceiling of product innovation and market expansion through IP co branding and incubation of its own IP explosive products. By creating a massive number of IP co branded products and combining IP extension with store scenes, Miniso has built an easy to visit IP amusement park, providing consumers with an immersive IP consumption experience and continuously creating a lifestyle trend consumption highland that is loved by young people.
In his speech, Ren Zeping said, "Behind good products and brands, there must be good content. During the upgrade process, we have found that Miniso has continuously transformed from a retail company to a content company that leads global trend consumption."
A New Solution to Breaking the Situation for Chinese Brands Going Abroad
In 2023, the wave of Chinese companies going global is surging. Ren Zeping predicted in his speech, "China's strong manufacturing capabilities and vast overseas market space will usher in a strong outbreak period of Chinese brand globalization. More and more domestic products such as cars, mobile phones, electronics, culture, and IPs will set sail in the global market, go out, and go global."
As one of the most globalized new consumer brands, Miniso has been accelerating its overseas market expansion since launching its globalization development strategy in 2015, with its footprint covering regions such as North America, Europe, the Middle East, Southeast Asia, and Latin America. As of September 30, 2023, MINISO has 6115 global stores, including 2313 overseas stores.
In May of this year, Miniso opened its first global flagship store in Times Square, New York, becoming the first Chinese brand to settle in Times Square. This also means Miniso has entered the "finals" of global consumer brand competition. Not only that, Miniso stores are also located in major core energy business districts around the world, including the bustling Lafayette department store in Paris, the Westfield shopping center in London's top tier business district, Oxford Street in London, and more. Ren Zeping said, "Establishing a foothold in developed countries is the tough battle for Chinese brands to go global. Miniso has repeatedly broken new milestones in the globalization of Chinese brands."
Why can Miniso be popular worldwide? Make the world frantically pay for Chinese brands and products. "In the United States, products of the same quality are more expensive than Miniso, and products of the same cost-effectiveness are far inferior to Miniso, and there is no global IP design," said Tom Harris, chairman of the Times Square Alliance in New York, after experiencing Miniso's first global flagship store. Ren Zeping summarized that Miniso uses China's strong supply chain as a moat, deeply connects global consumers with "Chinese speed" and super IPs, satisfies the emotional value of global consumers with IP inclusiveness, and holds the discourse power of global trends.
When products are endowed with emotional value, combined with the cost-effectiveness and quick response capabilities brought by high-quality supply chains, Miniso's global brand potential can be rapidly enhanced. The selection of Ren Zeping's annual speech case indicates that Miniso is unleashing a stronger global super brand momentum. Miniso has opened up the era of inclusive IP with high cost-effectiveness, achieved happy inclusiveness, led the global trend of lifestyle, and walked out of the innovative path of Chinese brand globalization.