Interpretation of macro data for the first quarter...

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• Spring Festival boosted online and offline consumption. As the growth rate of all industries became positive, various media spending will be promoted.

‘100 trillion’ and ‘poverty alleviation’ are of great historical significance

According to the National Bureau of Statistics, the GDP of year 2020 is 101.5986 trillion yuan. Although integers do not have any special meanings in the traditional principles of economics, they have a significant impact on individuals and groups from the perspective of behavioral economics. Specifically, China was the only major economy that achieved positive economic growth after experiencing the epidemic and simultaneously achieved a historic breakthrough in GDP.

Table 1: GDP growth rate of the world's major economies 2015-2020

The national per capita disposable income was 32,189 yuan and increased by 2.1% after deducting price factors, which was basically in line with economic growth. Farmers’ per capita disposable income was 17,131 yuan, increasing 3.8% after deducting price factors. On February 25, President Xi Jinping announced that China successfully eliminated absolute poverty at the National Poverty Alleviation Summary and Commendation Conference.

Breaking through 100 trillion and eliminating absolute poverty are a satisfactory answer to the previous 13th Five-Year Plan. Looking ahead to 2021, the overseas dynamics of the epidemic is uncertain while the implementation of China's new "five-year plan“ is determined. Therefore, how to seize the opportunities at the national strategic level and enjoy the dividends is an indispensable factor for marketers to add to medium and long-term plan (for details of the "14th Five-Year Plan", please refer to the 10th express). In addition, media buying and brand marketing are both worthy investment in the long run.

The  consumption recovery was obvious in Jan and Feb 2021

Based on the latest economic data released by the NBS on March 15, total retail sales of consumer goods in Jan and Feb 2021 increased by 33.8% YOY. Compared with the data in the same period in 2019, it increased by 6.4%, showing that the consumption trend has basically recovered.

Picture 1: Monthly Growth Rate of Total Retail Sales of Consumer Goods and GDP

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