At midnight on September 1st, Lexin (NASDAQ:LX)’s quality installment shopping mall Installment Le launched the 5th installment shopping festival “snapping horn” with 12 interest-free installment promotions. On that day, the transaction volume of Installment Mall increased by 769% compared with the usual day, an increase of more than 90% over the same period last year, and even exceeded the transaction volume of 618 this year, setting a single-day record this year. Among them, the iPhone XS Max has become the most popular item, selling an average of 1 unit every three seconds, vivo iQOO 5G version mobile phone more than 10,000 people booked waiting to buy, AJ, Supreme and other trendy brands were snapped up.
During the installment shopping festival (September 1 to September 15), mobile phones, computers, digital products, watches and jewelry, sports shoes, fashion clothing, beauty and personal care, travel and other categories will launch coupon discounts, and there will be 12 interest-free periods on the 1st and 15th. The 256G version of an iPhone XS Max has a price of 8199 yuan after the coupon, compared with the 1400 yuan discount at the beginning of the product, and the 12 interest-free monthly payment does not exceed 813 yuan. On September 1, the transaction volume of Apple’s full range of products increased tenfold compared with the daily one.
The person in charge of the installment music mall introduced that since the beginning of this year, Lexin has launched a new consumption platform strategy, and in the construction of its own scenes, it has also taken frequent actions: the installment music app has launched a new version, which not only shortens the distance with young people, but also fits their usage habits; The introduction of big brands and trendy brands has accelerated significantly, especially the preferred e-commerce platforms such as Secoo, Kaola, and Yanxuan have also entered the installment music one after another, which has greatly enriched the SKUs of the mall. Lexin’s second-quarter financial report shows that benefiting from the “new consumer platform strategy”, the overall number of users of the installment platform exceeded 50 million, a year-on-year increase of 71.7%, despite the general slowdown in the growth rate of industry platform users.
A major focus of the new consumption platform strategy is to fully tap the consumption needs of young people. The increase in the selection of “ultimate single products” by the installment Mall is an example. The data shows that Beats Powerbeats Pro wireless headphones that are resistant to water and sweat and can be used by professional athletes as usual during intense exercise, smart washing machines with sterilization integrated washing and drying, DJI sports cameras suitable for shooting extreme sports such as diving and skiing, and black technology facial cleansers that meet the whitening and tightening of the face and other products, sales on September 1 increased by more than 2 times compared with usual. The overall transaction value of smart digital and smart home appliances also increased by 398% and 628% respectively compared with daily life.
Technology consumption pursues professional coolness, while fashion consumption reflects personality trends. With “Chinese New Rap”, “Idol Trainee”, “This! is the rise of variety shows related to “tide” such as “street dance”, and sports shoes have become a popular source of pictures posted by post-95s and post-00s friends this year. Air Jordan, adidas YEEZY BOOST and Converse All Star have been sought after at the installment shopping festival, and in the past August, the sales of these three brands increased by more than 139% month-on-month, and on September 1, Air Jordan sales increased by more than 710% compared with the same period last year. In addition, the joint cooperation between traditional brands and trendy brands has also become a trend. For example, the trendy brand VIISHOW co-branded Doraemon sweatshirt, LILBETTER co-branded Pikachu jacket, Supreme × Nike× NBA sneakers are all popular installment tips at this shopping festival. This year, trendy brand clothing is one of the categories with the largest increase in sales outside of 3C digital. On September 1, the transaction volume of fashion brand clothing increased by more than 179% compared with the daily day.
In addition to chasing the new, the revival of traditional culture has also driven new staging hotspots. The Palace Museum’s “Palace Culture and Creativity” entered the installment music mall in early August, and the Forbidden City’s joint lipstick was once out of stock in seconds, and the Forbidden City Shanhai Wenyuan stationery series also increased by more than 130% on September 1. According to the “New Cultural and Creative Consumption Trend Report” released by the Institute of Cultural Economy of Tsinghua University, in the past year, the number of people visiting museums online was 1.5 times that of museums nationwide, of which 100 million users were “post-90s”. Inspired by traditional culture, the antique illustration class has become the most popular installment training course for installments, and nearly 30,000 users plan to sign up for the study.
Since 2019, “grass consumption” has become popular. On the first day of the installment shopping festival, the sales of Li Jiaqi’s lipstick, Yang Mi’s same foundation, and Li Xian’s same perfume all increased explosively, Yang Mi’s same Estée Lauder foundation liquid was about 4 times the sales of similar products, and Li Xian’s sales of the same Chanel perfume in August increased by more than 150%. In addition, young people are keen on face value installment, and the sales of brands such as Watsons, L’Oreal, Hanshu, Membrane Family, WIS, YSL and other brands increased by more than 200% compared with usual on September 1.
In addition, the data shows that although the number of installments and the order amount of installments hit a new high on September 1, the average monthly payment was only 335 yuan, down 27% year-on-year, and the average usage limit was less than half of the total credit limit of users. This shows that although the post-90s and post-95s young people have formed an advanced consumption awareness, they attach importance to credit consumption moderation. According to the report of the First Financial Business Data Center, as the core group of online consumption installment payments, the vast majority of them can achieve rational consumption, and more than 90% of the post-90s generation will not use up the quota of Huabei, credit cards and so on.
(Responsible editor: Wang Qingyu)