Data shows that the "night economy" has become the driving force for small and micro businesses in Shanghai, with more beautiful consumption at night | scale | economy
Small and micro enterprises account for 90% of the main body of the Chinese market, serving as a thermometer and barometer of consumer recovery, as well as a driving force for nurturing employment and creating economic vitality. Through data insight and research from Taobao Tmall, Alipay, Flying Pig and other platforms, the observation report of microenterprises released by online merchant bank yesterday shows that the "night economy" has become the driving force of many small and micro businesses in cities, and more and more small and micro businesses in Shanghai light up the night life in Shanghai by extending business hours and other ways.
The report shows that the night economy is growing rapidly, with a high proportion and diverse business formats. The market size is growing against the trend, and night consumption accounts for more than half of the daily consumption. 68% of small businesses nationwide are embracing the night economy, and more than half of small and micro businesses in Shanghai plan to delay their operations until after 21:00. Most community supermarkets are extending their operating hours. Since 2020, the Shanghai Nightlife Festival has focused on seven areas: night shopping, night dining, night tourism, night entertainment, night shows, night reading, and night activities, creating a "sleepless night" experience for the brightly lit Shanghai. This year, Shanghai has also released 100 good places for nightlife, which has attracted many small and micro businesses to actively participate.
According to data previously disclosed by Meituan, from January to May this year, the scale of online consumption orders for night services in Shanghai increased by nearly 40% compared to 2021, and night life service consumption after 22:00 accounted for 22% of the late night consumption period. Nanjing West Road Jing'an Temple, Nanjing East Road People's Square, Disney, Lujiazui Eight Hundred Companions, Wujiaochang University Road are the top five commercial districts in Shanghai's nighttime life service consumption scale index.
In addition to food and drink, the trend of IP entertainment and beauty and health care is also continuing to grow. In the nighttime consumer market, the industries with the highest revenue for small and micro businesses are supermarkets, convenience stores, and dinner hotpot. Interesting regional characteristics have also emerged in the urban night economy, with small and micro businesses in cities such as Shanghai and Beijing having the highest revenue in the beauty and hair industry, while high revenue in cities such as Chongqing, Wuhan, and Qingdao comes from the foot massage industry.
In addition, Professor Zhang Xiaobo from the Guanghua School of Management at Peking University released the "Survey of Small and Micro Business Operators in China" in the first quarter of this year, which also showed that the business situation of small and micro enterprises continued to improve, reaching the best state since 2021. The net profit margin increased by 3.7 percentage points month on month, and turned from negative to positive month on month. At the same time, the coverage of tax and financial support policies for small and micro enterprises continues to increase, and loan interest rates have decreased for five consecutive quarters. Small and micro operators have begun to actively recruit and stock up, and expand online channels.
