In 2020, the size of my country's nighttime economy market will exceed 30 trillion!

It is reported that the 2020 China Nighttime Economy Forum, with the theme of "Digital Economy and Scene Creation", issued the "Wuxi Consensus on the High-Quality Development of the Nighttime Economy", which proposed that it is necessary to accelerate the deep integration of "digital technology + nighttime economy", lead by digitalization, networking, and intelligence, strengthen the application of new technologies such as big data, cloud computing, Internet of Things, and artificial intelligence in the field of nighttime economy, create a number of innovative demonstration cases of digital economy application scenarios, and release new vitality for urban development.

The president of China Tourism Academy said that 5G, mobile Internet, smart communications, payment innovation, etc. are changing production and lifestyle. Urban lighting companies such as Liangye Technology, Mingjiahui, and Haoersai have transformed from being oriented to engineering companies to being oriented to the night economy; digital economy leaders such as Meituan, Alibaba, and JD.com, and high-tech companies such as Huawei, DJI, and iFlytek are competing to participate in nighttime consumption activities.

The "2020 China Nighttime Economy Development Report" shows that digital technology is reconstructing the supply side, demand side and supply chain of the nighttime economy, and reshaping the industrial development pattern; digital technology continues to achieve quantitative increases and qualitative improvements in promoting the development of the nighttime economy industry.

The night-time economy is a new track for urban competition, a new symbol of urban vitality, and a new engine for building urban brands, promoting industrial integration, and promoting consumption upgrades. The night economy is an important part of the urban economy. It is an important way to highlight the urban style and characteristics, enhance urban vitality, expand consumption space, improve consumer services, and promote more prosperous urban economy.

At the same time, the development of the night economy also echoes the requirements of the Central Economic Work Conference to "enhance the fundamental role of consumption in economic development" and "enhance the protection and improvement of people's livelihood during development." According to statistics, China’s nighttime consumption accounts for approximately 60% of total retail sales. The size of the nighttime economy market in 2018 was 22,859.22 billion yuan. As governments across China increase their support for the nighttime economy and the service market for nighttime consumption venues increases, China's nighttime economy development scale will show explosive growth and is expected to exceed 30 trillion yuan in 2020.

At present, governments in many places have introduced policies to promote consumption, and "lighting up the night economy" has become a keyword invariably.

The Beijing Municipal Bureau of Commerce issued the "Beijing Measures to Further Promote the Nighttime Economy and Promote Consumption Growth" and launched 13 specific measures to strive to build Beijing into a globally renowned "Night City" consumer brand. Shanghai issued the "Guiding Opinions on Promoting the Development of the Nighttime Economy in Shanghai" and uniquely established the "Nighttime District Chief" and "Nightlife CEO" systems, which are served by the district chiefs of each district and personnel with management experience in nighttime economy-related industries.

On July 20, 10 departments including the Chongqing Municipal Commerce Commission, Culture and Tourism Commission, and Planning and Natural Resources Bureau issued the "Opinions on Accelerating the Development of the Nighttime Economy and Promoting Consumption Growth." The "Opinions" propose that Chongqing's goal for developing the night economy is to increase the proportion of the night economy in urban consumption year by year. By 2025, it will basically form a "1+10+N" night economy development pattern with reasonable layout, diversified business formats, complete functions, distinctive features, standardized management, coordinated regional development, and deep integration of business, tourism, culture and sports. Among them, "1" means that the city's nighttime economic core area has been basically built based on the "Two Rivers and Four Banks" core area; "10" means that 10 high-quality nighttime economic demonstration areas have been successfully created in "one district and two groups"; "N" means that nighttime economic clusters have been built in each district and county.