(開啟字幕) 曾志偉美誠月餅獨佔鰲頭，中國月餅茅台卻賣不動，銷情40年來最冷，降級消費的時代來臨了，202040917

Summary

In this Mid-Autumn Festival discourse, the speaker reflects on the tradition of mooncake gifting and its economic implications. They note a significant decline in mooncake sales, attributing it to economic downturn and changing consumer habits. The discussion highlights how mooncake consumption has shifted from a cultural necessity to a luxury, with a surge in cheaper, lower-quality mooncakes. The speaker also touches on the broader economic trend of consumption downgrade, affecting not just mooncakes but also luxury goods like Moutai and cars, suggesting a societal move towards frugality and cost-effectiveness.

Takeaways

• 🥮 **Mid-Autumn Festival Traditions**: Mooncakes are traditionally given as gifts during the Mid-Autumn Festival, symbolizing respect and connection.
• 🌕 **Economic Shifts**: The script discusses how mooncake giving has evolved from a cultural necessity to a luxury, reflecting broader economic changes.
• 📉 **Declining Sales**: There has been a significant drop in mooncake sales, with official data showing a double-digit decline this year compared to previous years.
• 🍪 **Consumption Downgrade**: Mooncake consumption has been downgraded from a staple to a luxury item, with cheaper alternatives becoming more popular.
• 💸 **Economic Impact**: The reduction in mooncake sales is indicative of a larger economic trend where companies are cutting back on employee benefits and commissions.
• 🌐 **Regional Differences**: The script highlights differences in mooncake production and consumption between Hong Kong and mainland China, including the prevalence of machine-made mooncakes.
• 🏭 **Production Costs**: The cost of producing mooncakes in Hong Kong is higher due to the use of quality ingredients and the brand reputation, compared to mainland China.
• 📦 **Live Commerce**: The rise of live-streaming sales, particularly the success of Zeng Zhiwei selling Meicheng mooncakes, has disrupted traditional mooncake sales channels.
• 📈 **Market Dynamics**: Despite the overall decline, certain brands and sales tactics have thrived, showing that there are still opportunities within the market.
• 🌏 **Globalization and Inflation**: The script touches on how globalization and inflation affect consumer behavior, leading to a preference for cost-effective products over luxury items.

Q & A

What is the main topic of the transcript?

The main topic of the transcript is the economics of Mid-Autumn mooncakes, including the cultural significance, the changes in mooncake consumption, and the impact of economic trends on mooncake sales.

Why were mooncakes considered a necessity in the past?

Mooncakes were considered a necessity in the past because they were traditional gifts for the Mid-Autumn Festival, and not giving them to relatives and friends, especially in business or the workplace, was seen as impolite.

What does the speaker recall about the distribution of mooncakes during his childhood?

The speaker recalls accompanying his father to distribute mooncakes to relatives and friends from the beginning of the year up to the Mid-Autumn Festival.

How has the practice of giving mooncakes changed over the past decade?

The practice of giving mooncakes has changed as it has become less common, especially among relatives and friends. It used to be a part of workplace culture, but this has significantly decreased in recent years.

What is the economic impact of the reduced mooncake distribution?

The reduced distribution of mooncakes has led to a decrease in sales and a shift from considering mooncakes a necessity to a luxury item. This reflects a broader trend of consumption downgrade in the economy.

What is the current state of mooncake sales according to the China Baking Industry Association?

According to the China Baking Industry Association, mooncake sales have significantly dropped this year, with a double-digit percentage decrease.

Why has the consumption of mooncakes been downgraded?

Mooncake consumption has been downgraded due to economic factors and the impact of the epidemic, which has reduced the number of gift recipients and changed consumer behavior.

What is the role of live streaming in the sale of mooncakes?

Live streaming has become a significant channel for selling mooncakes, with celebrities and influencers using their platforms to promote and sell mooncakes directly to consumers.

How does the price of mooncakes on platforms like Taobao reflect the current market situation?

The low prices of mooncakes on platforms like Taobao, with some being sold for as low as one yuan, indicate an oversaturated market and a significant drop in the value of mooncakes.

What is the difference between Hong Kong mooncakes and those made in mainland China?

Hong Kong mooncakes are often seen as a brand and are typically more expensive due to the use of high-quality ingredients. In contrast, mainland China mooncakes are often cheaper and may not undergo the same quality control processes.

What is the impact of the perceived authenticity of Hong Kong mooncakes on their sales?

The perceived authenticity of Hong Kong mooncakes has been impacted by revelations that some brands may not be as 'Hong Kong' as they claim, which has led to a decrease in sales as consumers become more price-conscious and seek out cheaper alternatives.

How does the transcript describe the current economic trend in China?

The transcript describes the current economic trend in China as one of consumption downgrade, where people are prioritizing cost-effectiveness over brand and quality, reflecting a shift from a wasteful to a frugal economy.

Outlines

00:00

🥮 Mid-Autumn Festival Mooncake Economics

The speaker begins by greeting the audience on the Mid-Autumn Festival and reminiscing about the tradition of gifting mooncakes during the festival. They discuss how mooncakes were once a necessity for gifting in Chinese culture, especially in business and workplace settings, and how the practice has evolved over time. The speaker shares their personal experience of mooncake distribution and how it was seen as a form of etiquette. They also touch upon the economic aspect, noting the reduction in mooncake consumption and its shift from a necessity to a luxury item due to economic changes and the impact of the pandemic. The narrative includes a reflection on how mooncake sales have significantly dropped and how the cost of mooncakes has been reduced to as low as one yuan on platforms like Taobao.

05:01

🌕 The Changing Market for Hong Kong Mooncakes

The speaker delves into the specifics of the Hong Kong mooncake market, highlighting the high cost of production due to the use of quality ingredients. They compare the branding and pricing of Hong Kong mooncakes to those made in mainland China, noting the significant price difference and the shift in consumer preference towards more affordable options. The paragraph discusses the decline in sales of Hong Kong mooncakes and the rise of cheaper alternatives, including the phenomenon of live-streaming sales and the success of certain brands like Meicheng mooncakes. The speaker also addresses the issue of counterfeit mooncakes and the consumer trend towards buying directly from mainland brands to avoid fakes.

10:04

📉 The Impact of Economic Downturn on Mooncake Sales

This section discusses the broader economic implications affecting mooncake sales. The speaker points out that the unsaleability of mooncakes is a reflection of a larger economic downturn, comparing it to other industries like luxury cars and high-end retail. They mention how the pursuit of cost-effectiveness over quality is becoming more prevalent, leading to a significant drop in sales for high-end mooncake brands. The paragraph also touches on the globalization of mainland China's influence and the serious issue of inflation, contrasting the current era of frugality with the past era of wasteful consumption.

15:04

🌉 Economic Shifts and Consumer Behavior

The final paragraph ties together the economic shifts with changes in consumer behavior. The speaker reflects on the attitudes of mainland Chinese consumers towards Hong Kong and how these attitudes have evolved over time. They discuss the trend of mainland consumers seeking out more affordable dining options and the impact this has had on Hong Kong's retail industry. The speaker concludes by mentioning their own tour group business, highlighting the current economic climate's effect on travel and tourism, and encourages sign-ups for upcoming tours with a special offer before the price increase.

Keywords

💡Mid-Autumn Festival

The Mid-Autumn Festival, also known as the Moon Festival, is a traditional Chinese festival celebrated on the 15th day of the 8th month of the lunar calendar. It is a time for family reunions and the appreciation of the full moon, often accompanied by eating mooncakes. In the script, the speaker uses this holiday as a backdrop to discuss the economics of mooncakes and how gift-giving practices have evolved over time.

💡Mooncakes

Mooncakes are a traditional Chinese bakery product typically eaten during the Mid-Autumn Festival. They are round pastries, often filled with sweet or savory ingredients, symbolizing unity and completeness. The script discusses the cultural significance of mooncakes, their role as gifts, and how their consumption and distribution have changed with economic trends.

💡Etiquette

Etiquette refers to the conventional rules of behavior in social or professional contexts. In the video script, the term is used to describe the social expectation to give mooncakes as gifts during the Mid-Autumn Festival, reflecting the importance of maintaining relationships through gift exchange.

💡Employee Benefits

Employee benefits are non-wage compensation provided to employees in addition to their regular wages or salaries. In the script, the speaker mentions that mooncakes were once given as employee benefits during the Mid-Autumn Festival, indicating a time when companies were more generous with such perks.

💡Bankruptcy

Bankruptcy is a legal status that companies or individuals enter when they are unable to repay outstanding debts. The script uses the concept of bankruptcy, particularly the British definition, to illustrate the idea of cutting back on spending, which is paralleled with the reduction in mooncake distribution and consumption.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. The script mentions inflation in the context of how the cost of goods, like mooncakes, has changed over time, affecting both their production and consumption.

💡Consumption Downgrade

Consumption downgrade refers to the trend where consumers opt for cheaper or more economical alternatives due to economic constraints. The script discusses this concept extensively, noting how the demand for luxury mooncakes has decreased in favor of more affordable options, reflecting a broader economic trend.

💡Live Streaming

Live streaming is a form of media where content is broadcast in real-time to an audience over the Internet. The script mentions live streaming in the context of Internet celebrities promoting and selling mooncakes, highlighting the impact of digital marketing on traditional products.

💡Branding

Branding is the process of creating a unique name and image for a product in the consumer's mind, mainly through advertising and design. The script discusses how certain mooncake brands, like Hong Kong mooncakes, are perceived as high quality and command higher prices, even though the actual production may not always align with the brand's reputation.

💡Parallel Imports

Parallel imports are goods that are imported into a country by someone other than the manufacturer or the manufacturer's officially authorized importer. The script touches on the issue of parallel imports of mooncakes, which were once popular but have since been marred by counterfeit products, leading to a loss of consumer trust.

💡Counterfeit

A counterfeit is a copy or imitation of something, often with the intent to deceive. In the context of the script, counterfeit refers to fake mooncakes that have flooded the market, particularly affecting the sales of genuine branded mooncakes and consumer confidence.

Highlights

Wishes for a happy Mid-Autumn Festival

Traditional etiquette of giving mooncakes during Mid-Autumn Festival

Mooncakes as a necessity in the past, reflecting social norms

Economic impact of mooncakes on business and workplace culture

Personal anecdote of mooncake distribution and family consumption

Change in mooncake giving practices over the years

Mooncake collection as a workplace culture in China

Economic shift leading to reduced mooncake benefits for employees

Comparison of British and Chinese views on bankruptcy and spending reduction

Impact of inflation on the perceived value of mooncake gifts

Significant drop in mooncake sales in China

Downgrade of mooncake consumption from necessity to luxury

Economic factors influencing the price of mooncakes on platforms like Taobao

The branding and production of Hong Kong mooncakes

Cost differences in mooncake production between Hong Kong and Mainland China

Impact of live-streaming celebrities on mooncake sales

Case study of Zeng Zhiwei's mooncake sales success

Economic analysis of mooncake sales figures and consumer behavior

Consumer downgrade trend and its impact on mooncake market

The role of live-streaming in the current mooncake economy

Reflection on the broader economic implications of consumption downgrade

Transcripts

Hello everyone,

today is September 17, 2024.

Today is the Mid-Autumn Festival.

I wish everyone a happy Mid-Autumn

Festival.

Friends at home and abroad are also

traveling thousands of miles away.

There is no bright moon in the spring river.

Today I will talk about the economics of Mid-Autumn mooncakes.

I remember. When I was a child,

I watched my father offer mooncakes

from the beginning of the year

to the Mid-Autumn Festival.

I would go everywhere with him and distribute them to relatives and friends.

Because mooncakes were a necessity in those days,

you didn’t give them to relatives and friends,

especially when

you were in business or in the workplace.

Colleagues, relatives and friends,

you will be considered rude.

Frankly speaking,

our family of five

only eats two boxes of mooncakes during the Mid-Autumn Festival.

But we also receive a lot of mooncakes

because you give them to others

and others give them to you.

This is a kind of etiquette

, just like New Year's pie. Red envelopes

are also a kind of etiquette

, but times have changed.

When I was teaching in mainland China more than ten years ago,

I rarely gave them to relatives and friends.

Frankly speaking,

I was not the most familiar with them and I didn’t give them to them.

But more than ten years ago when I was teaching in mainland China,

they were rarely given to relatives and friends . A gift to the employees of

a university.

More than a thousand

teachers, administrators, and

other non-teaching staff may not all have a box of mooncakes.

I saw that they collected mooncakes one by one.

But when we, the faculty and staff,

receive a box of mooncakes,

the school receives at least two boxes

. Send a box to my

school department and also send me a box. I

received at least two boxes of mooncakes.

In those days, collecting mooncakes became a workplace culture.

Think about a school with more than 1,000 people.

Even if you collect two boxes, it

consumes 2,000.

How many schools and units are there boxes of mooncakes

? So in those days when the economy was good,

giving out mooncakes became a kind of employee benefit.

But in recent years, it has obviously disappeared.

In recent years, not only have employee benefits been reduced,

but also the previous commissions

have been recovered. It is said that people often laugh at the British bankruptcy.

The definition of bankruptcy in the UK is not bankruptcy.

They often use some common sense from Hong Kong or mainland China

to say that bankruptcy is bankruptcy.

The British government's bankruptcy only reduces spending

and no longer increases spending.

In fact, it does not reduce spending

because of inflation.

What originally cost 100 yuan has changed. It was 110 yuan

, but he said I only gave 100 yuan.

As a result, of course, we have to cut down on expenses.

The library may have to open for two days less,

administrative services will be reduced, etc.

But in fact, most of the Chinese companies are very large

if the British definition of bankruptcy is used.

Some of them have gone bankrupt

because they have cut back on expenses

and have given away less mooncakes.

To your friends in mainland China, listeners,

tell me if you have received mooncakes this year

or if you have reduced the collection of mooncakes in the past few years.

At that time, you still received bonuses for receiving mooncakes

. Now Is there any bonus?

Bonuses may not be many.

Several hundred moon cake golds

have been the case in the past

. Looking back at the official data this year

, the China Baking Industry Association

released a data.

This data is not a joke.

Chinese mooncakes have fallen deeply this year.

How come they have fallen so deeply?

In fact, it has been falling every year in the past few years.

Why did it drop more significantly this year, with

a double-digit drop

?

Because

mooncake consumption has been downgraded from a necessity to a luxury item,

and due to the epidemic,

there are fewer recipients of gifts

for some elderly people who have passed away

, right?

If a young man earns

two or three thousand yuan,

and you ask him to give away a few hundred yuan of mooncakes,

of course he can't give it away

, so even if he gives it to others, he will buy dozens of yuan .

Now mooncakes on Taobao cost one yuan each

because they are unsalable and cannot be sold for

one yuan

this year. How much has the mooncake fallen?

Last year, the official sales said 22 billion yuan

and 300,000 tons of mooncakes

have not yet been settled.

The original estimated sales were already 22 billion

300,000 tons,

which is 2 billion less than the expected sales.

But now it is obvious that it is not just

because you see Taobao and Pinduoduo today.

Today is the Mid-Autumn Festival. Many festivals

are still selling mooncakes for one dollar.

If you think about dumping

mooncakes for one dollar,

you will definitely not lose money

if you sell them for one dollar each. If you lose money

and have to pay for shipping,

it is better to throw them away.

So in fact, the cost of mooncakes may be a few cents. It’s just one,

but it involves a big issue of mooncake economics.

Let me first talk about Hong Kong mooncakes.

Hong Kong mooncakes have always been regarded as a brand,

but frankly speaking,

there are only a few handmade mooncakes

left in Hong Kong, and

the quantities made are also very small.

Now they are all They are all made by machines.

Some machines can

do it in a short time.

But the problem is that in mainland China, you can make a moon cake for a few cents.

Even in Hong Kong, it

is also

made by machines.

If I can't do it

, I estimate it will cost at least ten or twenty yuan for a mooncake

because I have made mooncakes before.

I cooperated with a Hong Kong chain cake shop to sell mooncakes for two years

. Then my friend

Zhishan and I

once cooperated to create a mooncake brand

. The era in Hong Kong

was also an era when the economy was relatively good.

In 2019 or in the relatively good times before,

the sales were very fast

, but now they are unsaleable.

Now they are unsaleable in Hong Kong,

and they are unsaleable in mainland China.

Why is the cost of making mooncakes in Hong Kong so expensive

?

First of all, your lotus seeds, egg yolks, lotus seeds

or leather

flour

are all of high quality.

Why do you need to buy some high-quality ingredients to make them

?

Because you are a brand

and you sell a box of

Hong Kong mooncakes for more than 200

yuan , the cheapest is

more than

100 yuan and 200 yuan per box.

You must make a high-quality

tin can with a certain quality in

all aspects . Mooncakes made in Mainland China

do not have to

undergo QC quality supervision

because consumption is now downgraded.

In the past, many of our relatives and friends asked us

to bring Hong Kong mooncakes as gifts

to our father-in-law, mother-in -law, father-in

-law, and mother-in-law during the Mid-Autumn Festival

because now there are fewer cases

. If you want to buy a box of mooncakes for a few hundred yuan in Hong Kong,

it is better to buy a few dozen yuan in mainland China. You can actually get

a box of mooncakes for 80 yuan.

There are also mooncakes for 20 yuan.

Now Taobao also has mooncakes for 1 yuan.

This is called the era of great downgraded consumption.

In the era of great consumption downgrade

, even if the sales volume of this year's mooncakes

drops,

the sales amount will drop sharply.

The original prediction was a 10% drop.

Now I found that it is definitely more than a 10% drop.

There is also a problem with

mainlanders buying Hong Kong mooncakes.

In the past, parallel imports were popular,

but they brought them. After a few years of parallel imports, I discovered

that there are a lot of fakes.

If you buy Maxim's, Kee Wah, and Ronghua products in mainland China,

you can either buy them from the official website

. If you don't buy from the official website,

the official website will be more expensive.

If you buy them in a street store,

they will always say they are parallel imports.

In fact, they are. As a result of piracy

, the quality of what you eat will be very poor.

So slowly, mainlanders are also buying mainland brand mooncakes.

Because

the first step in downgrading consumption is to have the opportunity to buy your fakes.

If you buy your fakes,

it is better to buy our own miscellaneous brands

, so some miscellaneous brands have emerged and

are now rising

. Plus What I said yesterday is

that now Internet celebrities

live broadcast to bring goods.

When the business is so strong,

of course it is great.

Of course, it can be completely skipped. Hong Kong Maxim's,

Hong Kong Ronghua, those

who have stores, rented shops

and employees

, and other Internet celebrities bring goods.

It is of course much more convenient

to have it delivered directly to your home after taking it.

So now Li Jiachao says that 10 companies have closed in Hong Kong and

17.6 companies have opened.

Why is

he only opening a company

and not a store

? Because the Meicheng mooncakes

are now making a big fuss all over the country.

This news has spread across the streets. We heard that

Meicheng mooncakes

were sold on Douyin.

How much money did Zeng Zhiwei bring?

It’s amazing.

There is data from

a few days ago. The data

from Meicheng Gift Box’s black truffle and custard mooncakes

just said that

top 3 mooncake sales expert

Zeng Zhiwei ranked first.

He sold a mooncake

that sold for 25,000 to 25,000 yuan. More than 40% of

the 50,000 boxes

came from Eric Tsang alone

because he is the general manager of celebrity

TVB

, right?

In Hong Kong, many people are blessing

Wang Jing and Miu Qiaowei. Zeng Zhiwei, who is blessing,

works with Sanyang Group to sell goods.

He only sells one type of mooncake

and sold 25,000 boxes.

Meicheng Mooncake has many types of mooncakes,

not just for promotion.

It is now estimated that the sales volume of Meicheng mooncakes has

reached more than 70 million yuan.

Douyin sales have reached 50 to more than 70 million yuan.

Zeng Zhiwei ranks first

in selling a mooncake,

surpassing Meicheng's official flagship store

Three Sheep Online

. Zeng Zhiwei ranked third in

the Mid-Autumn

Festival. It was amazing that

he sold so much money.

Some media outlets estimated that

the total sales of

the three-piece suit

during Xiao Yang's live broadcast

was as high as 42 million.

He said that if the commission accounted for 1%,

they would be pretty good.

I believe it won’t account for 1%

or 10%, and it’s not surprising that

if it accounted for 10%, they would have earned 4.2 million.

So

everyone in Zeng Zhiwei’s situation is bleak.

He

is the best. He is unique

in mooncake economics.

Zeng Zhiwei can be outstanding

because he sells Meicheng mooncakes

.

The current wholesale price of Pinduoduo for Cheng mooncakes

is 18 yuan per box. Zeng Zhiwei and Three Sheep

are buying three boxes for 169 yuan.

In fact, they sell three boxes.

They want to sell three boxes together.

If Pinduoduo’s cost calculation

makes 110 yuan per box,

it is really not a joke.

So you can earn up to more than 100 yuan per box,

so the profit is very deep.

But why are there still so many people who can sell tens of millions of dollars

and sell tens of thousands of boxes and

tens of millions of dollars of business?

The reason is because of downgrading consumption

. First of all,

there are some People don’t know that this brand is not a real Hong Kong brand.

He said that Hong Kong Meicheng Mooncakes

and Hong Kong Meicheng Mooncakes

used information to deceive them.

Especially northerners

thought that friends of Hong Kong Maxims Mooncakes

were a company registered in Hong Kong. They

registered a lot last year. The trademark

is just a name rented

in a shared office building of a secretariat and an accounting office

in Hong Kong.

It has no location and

no employees.

Then it uses the reputation of a Hong Kong company to do business.

The designer does not know if it is really a Hong Kong

Meicheng. The official brand says that

there is no law that stipulates that Hong Kong companies cannot make mooncakes in the mainland.

Many

Hong Kong companies make mooncakes in the mainland

, but at least the sales department

, marketing department

, designer

or product testing

must be in Hong Kong to be called a Hong Kong brand,

but it is not

Hong Kong. The registered company

then operates in Guangzhou

and builds a factory

in Foshan. The factory in Foshan does not just make mooncakes.

Some netizens visited the mooncake factory.

At the same time, there are several production lines

for the production of plastics and

other non-edible items.

Is there a risk of product contamination?

This is not allowed. And Zhizhi,

so first of all,

it deceives some people who don’t know,

but some people

, especially Cantonese people,

know that Meicheng mooncakes are not a real Hong Kong brand

. Of course, they know

it, right?

Although during the live broadcast,

there were Eric Tsang,

Eric Tsang’s daughter-in-law, and

a cousin.

These Hong Kong artists

said it was really like a Hong Kong brand

, and they said it was delicious,

a well-known Hong Kong brand,

a high-end well-known Hong Kong brand,

but

there are always some Cantonese people

who know clearly that they are not Maxim’s mooncakes. Why are you willing to sell

a few things

?

Because it is cheaper than

160 yuan for three boxes.

Even if you buy it in a supermarket in mainland China,

there are some that cost more than 30 yuan per box,

but the packaging is not so beautiful.

There is no blessing from Zeng Zhiwei,

no blessing from crazy little Yang Ge.

Now it is 160 yuan for three boxes and delivered to your home.

This is Downgrade your consumption,

otherwise you buy genuine Maxim’s mooncakes

or Santa Ana mooncakes.

Maxim Mooncake also has a brand

called Diana mooncakes

, which mirror Santa Ana.

If you sell Santa Ana, it will cost more than 100 yuan

and 200 yuan per box. Maxim’s mooncakes will also cost more than 200 yuan per

box, so Even if you know you can’t do it,

you still have to downgrade your consumption

because you have no other choice.

The economy is not good.

Commissions are being pursued to recover the previous commissions.

So it’s not just about mooncakes,

but in all walks of life across the country.

South Korea’s JoongAng News

reported that

the unsaleability of Chinese mooncakes

is the largest in 40 years. Why does Crisis

say this?

You will know

that Moutai has the worst sales in ten years.

The bulk wholesale price of Moutai this year

has dropped by 15% compared to last year.

So if you enter a Moutai store, you will cut the price and dump it

, which means you will lose money.

This is one of

the Porsches whose sales have dropped compared with last year. After

downgrading consumption by 33%,

you can drive back to mainland China

and drive

a Xiaomi car. A Porsche looks similar to a Xiaomi car,

but one side costs more than 1 million

and the other side costs 200,000.

Of course you buy the 200,000 one

. It is now popular among mainlanders

and is cost-effective.

Of course, it is cost-effective.

The safety risks

have been forgotten.

Mooncakes are also

very cost-effective.

Now Hong Kong people go back to the mainland to consume

beef, sheep, and pigs, which are more delicious than wagyu beef.

But have you ever considered

what feed cattle eat?

Wagyu is regulated

. Why is Wagyu called Wagyu?

Why can A1 to A5

have supervision to

monitor whether the feed they eat

and the grass they eat are organic?

Is the water it drinks up to standard?

All are regulated.

The pastures in the UK are regulated,

but there are no pastures in China.

However, people eat once and a half once

a week and go north to consume for one or two days a week.

It doesn’t matter.

They don’t pay much attention to these things.

This is

the definition of downgraded consumption.

We no longer pay attention to the so-called standards of

hygiene and safety,

but we strive for cost-effectiveness, delicious

food, large items, and convenience.

This is what happens when the economy is bad,

so Porsche dropped another 33%.

Tiffany’s flagship store in Shanghai

was reduced by half. Shops

are actually all over China,

so this can explain why

more and more mainland independent travelers come to Hong Kong.

However, it seems that there is no improvement in Hong Kong’s retail industry

because Hong Kong people go north to spend.

They eat a few hundred yuan a meal,

which is a problem for mainland shops .

It's generous

because the mainlanders themselves save

a few hundred yuan for a meal

and they think they eat well

, so their attitude towards Hong Kong people is much better now.

When I taught in Shenzhen a few years ago,

their attitude towards Hong Kong people was not that good

because mainlanders are willing to

It’s good

to tip the mainland

men to open a bottle of wine

and open a bottle of Maotai.

That’s not the case now.

Instead of Maotai, they drink Tiandi No. 1

, so Hong Kong people go there to consume .

And they have a good service attitude towards Hong Kong people

, so people go north to consume

here. It is a very important reason

, but

when Hong Kong people come to consume,

it is a downgrade for Hong Kong people.

For them, it is an upgrade.

But when mainlanders come to Hong Kong,

they continue to downgrade.

In the past, they came to buy bags

on Canton Road

and went to Excellence

to buy cosmetics at Sa

Sa. If you downgrade your consumption

and don’t mind it anymore,

just go back to mainland China brands

instead of SK-II

and Shiseido

, right?

I just want to use mainland brands

and choose products with higher price-performance ratio , so there is nothing I can do

in this era of downgrading consumption .

Of course, this is not just

the globalization

of mainland China

. Inflation is now serious

, but China is a developing country.

China, as a developing country,

should It is a contradiction to

see downgraded consumption when things are

booming and booming

, because

Adam Smith

already said in his economic interpretation of The Wealth of Nations

more than 200 years ago

that waste is actually an effective tool for the development of capitalism.

"The Fable of the Bees"

itself is A kind of waste,

but waste can bear fruit

, but now the era of waste has passed,

and now we have entered the era of frugality , which is

also a good thing

, at least it is more environmentally friendly.

Now we must learn to be environmentally friendly, which

is also good for the earth.

Anyway,

I will talk about it here today. The tour group was launched yesterday

and many people signed up immediately.

Many people also left their names to inquire

after the Mid-Autumn Festival. My colleagues

may reply after the holiday.

Thank you for your support.

I have put the link below

for Taipei, Chiayi, and Chiayi on

December 15th, 5th and 4th. My fee for

the Tainan tour group was HKD 8,800.

If you sign up before September 30, you will

be charged HKD

. In fact, last year I charged more than HKD 4,000

but it did not include accommodation

. This year, it was more than HKD 8,000 including accommodation,

so there was not much increase in price. I also had

to pay for one meal

at Michelin. The restaurant run by the chef

had a great time last year.

Our family will also go there.

I hope everyone can sign up

.

There will be discounts before September 30th.

After September 30th, the original price will be charged.

Thank you for your support.

Bye bye.