Development Prospect of China’s New Consumer Economy in the New Situation—Concurrently Discussing the Impact of COVID-19

As the world’s most potential consumer market, China’s new consumer economy, which consists of new demand, new supply, new fields and new technologies, is full of vitality. In recent years, influenced by the economic and social development, the constantly updated consumption concept and with the rapid development of technology in the Internet field, the new consumption economy such as health care, education, entertainment and tourism is changing with each passing day. In addition, under the influence of COVID-19, “Contactless delivery” continues to be popular in online shopping, takeaway, and online consultation. Combined with the impact of the epidemic, this paper makes an in-depth analysis of the development of China’s new consumer economy, as well as the opportunities and challenges.

During the "SARS" raging in 2003, e-commerce began to emerge in China; many e-commerce giants in China have developed since then. Not only did Alibaba's business stagnate during the epidemic, but the number of members and information posted on the website increased substantially. Specifically, the average daily number of new members exceeds 3000, and the daily average number of new business information is about 10,000, up about 50% and 300% respectively over the same period. In addition, JD also has a similar development path during the "SARS" period (Li et al., 2020). Now, coincided with the opportunity of China's economic transformation to high-quality development, which industries will stand out, can the new consumer economy become the new kinetic energy and new opportunities for China's future economy?

Connotation and Characteristics of the New Consumer Economy
Since the reform and opening up, China's economic and social development has continued, and its consumption level has been continuously improved, with obvious characteristics of the times. Li Rongqing (2015) summarized several important stages of China's social consumption: The stage of material acquisition , the main feature of this stage is the people's pursuit of material enrichment and satisfaction; The quality acquisition phase (2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015), after the material is satisfied, consumers are more inclined to pursue the diversity of In the new era, great changes have been taken place in China's economic and social foundation. Unbalanced and inadequate development has become a major contradiction that restricts people's pursuit of a better life. In this context, consumption methods, consumption levels, consumption content and consumption structure must be comprehensively improved and upgraded (Mao & Ye, 2017).
Hu Yangyang and Zhang Tongquan (2018) believe that with reference to Maslow's hierarchy of needs, there is a similar evolutionary process of consumption behavior from traditional material consumption to spiritual and cultural consumption. On the whole, the essence of the new consumer economy is the stage change of residents' consumer demand, especially with the innovation of network technology and the enrichment of social media. The new consumer economy is constantly changing the business model, and its concepts and definitions are constantly expanding. According to the data from National Bureau of Statistics, the total per capita service consumption expenditure was 9886 yuan in 2019, an increase of 12.6% over the previous year, accounting for 45.9% of the per capita consumption expenditure of residents, which has become an important part of household consumption expenditure. As shown in Table 1 The total number of inbound and outbound tourists was 300 million, an increase of 3.1% year-on-year. Night tours, tourism learning, and in-depth experience tourism have become the highlights of the tourism industry.

2) Intelligent consumption boom emerges
In the new consumption economy, intelligent consumption not only means the full use of high-tech means in all aspects of consumption, but also includes consumers' increased consumption of information products and information And the online medical consultations such as Ping an Health Cloud and Lilac Garden have increased by more than 10 times.
3) Environmentally friendly and shared consumption patterns are popular Environmental protection consumption has gradually become a new consumption model that conforms to economic development. Similarly, the sharing economy has gradually been accepted by consumers. And the traditional concept of consumption is different is that in the new economic model of consumption, consumers pay more attention to whether consumer behavior environmentally friendly, but also more concerned about the sustainability of the resource. Energy-saving home appliances, water-saving appliances, and green food are not only gradually favored by consumers, but also become the main propaganda content of businesses.
As early as 2017, Apple announced that it is committed to creating new products such as iPhone, iPad and Mac to achieve 100% recyclable materials or re-

Challenges Facing the New Consumer Economy
1) The level of infrastructure intelligence needs to be improved J. Y. Chen, H. C. Li Open Journal of Business and Management The new consumer economy has strong intellectual characteristics. Whether it is shared cars, unmanned supermarkets or fresh home delivery, not only needs advanced business models, but also needs perfect infrastructure to support it.
In particular, it also puts forward new requirements for urban infrastructure planning. The birth of the sharing economy requires more shared areas in the city; the development of the "Otaku Culture" requires more intelligent facilities in the community; personalized customization requires more free exhibition space in the business center.
Obviously In cities, the emergence of intelligent express cabinets has effectively improved the logistics "last mile" problem, but the "last mile" conditions for the distribution of fresh products such as fish, shrimp, fruits and vegetables need to Matthew effect. Therefore, there is not only vicious competition among enterprises, but even illegal acts such as price collusion. Taking e-commerce as an example, Internet applications are no longer a blue ocean, and the penetration rate of online shopping users is nearing its peak. According to CNNIC (China Internet Network Information Center) data, as of June 2019, the size of Internet and online shopping users was 850 million and 640 million, respectively, and the growth rate was only 1.6% and 4.7% from the end of 2018, which means that the industry has entered the era of stock competition.
In the e-commerce field, the price war between Suning and JD in 2012 opened consumers' eyes and opened the door to price competition among e-commerce companies. Continued price competition will inevitably bring about problems such as declining service levels and sub-optimal quality, and is not conducive to the long-term stable development of the industry. The competition of e-commerce platforms also harms suppliers, and the rise of new e-commerce such as PDD has further aggravated the vicious competition of "Two Choose One" in the e-commerce industry. Companies including Tmall and JD require suppliers to only products that can be launched on this platform, such as Meituan and ELE, have not only mandated restaurants to "Two Choose One", but even there have been fights on different platforms to rob business.
In the era of big data, customers mean the market. Not only in the field of e-commerce, but also in the field of entertainment consumption such as music, games and livestreaming, there are also malicious competitions. Some livestreaming platforms have spent a lot of money to sign big-name stars in the fields of games and music for traffic, resulting in frequent malicious digging in the industry, leading companies to only focus on traffic, but have no time to improve technology and improve customer service. In addition, various video websites and music platforms have forced the locking of popular traffic stars and their works, resulting in some consumers needing to download multiple videos and music software at the same time, which undoubtedly increases the cost of consumption and reduces the consumption experience, which is not conducive to the long-term development of the entertainment and consumer industry.

3) Counterfeiting and infringement damage consumer rights
The biggest difference between the new consumption economic model and the traditional economy is that its market changes rapidly, the forms of transactions are diverse, the subjects of transactions are diversified, and the characteristics of product virtualization are obvious. While enjoying intelligence and convenience, consumers also face consumption risks such as counterfeit and shoddy products and online fraud.
First, the interests of consumers are damaged. In order to solve the bottleneck problem of corporate profit growth, large enterprises use mergers and acquisitions to gain access to the market, and use the entry barriers to scale effects under the new consumer economy. In addition, large platforms can use the infor-Open Journal of Business and Management mation of a large number of consumers to further block new competition (Chen, 2018). Furthermore, in a price market with asymmetric information, consumer rights and interests have been damaged to varying degrees. Various e-commerce, ticketing, and carpooling platforms have exposed price discrimination incidents, using the platform's big data to monitor the consumption behavior and payment habits of different individuals, and charge different individuals different fees.
Although companies can achieve profitability in the short term, in the long run, consumer loyalty to corporate brands has declined, corporate reputation has declined, and even legal sanctions that companies will face.
Secondly, consumers' personal privacy is violated. In the era of big data, consumers' personal privacy information has become an extremely important capital in the market, and has also become a resource that major enterprises are competing for. On the one hand, in the initial stage, major companies used low-price, gifts, discounts and other marketing methods to create a variety of business models such as multi-person group purchases, social pooling, and lot- Internet blessing are engaged in cross-industry operations. Usually, the basic business of an enterprise involves multiple industries such as e-commerce, financial management, catering, entertainment, medical and health. The industry supervision model is difficult to solve the above problems. In the long run, the lack of industry supervision, major regulatory authorities blame each other, and repeated supervision has seriously affected the normal business activities of Internet companies and increased the cost of rent-seeking.

Conclusion
This article takes the latest developments in industries such as online medical care, fresh food distribution and gaming entertainment as the starting point during the new coronary epidemic. It also focuses on the development of the new consumer economy under the current situation and further analyzes the opportunities and challenges it faces. In the short term, the impact of the epidemic on the economy is mainly concentrated in industries such as catering, tourism and transportation. If the epidemic further deteriorates or lasts longer, it will have a greater impact on the entire consumption and investment, further increasing the downward pressure on the economy. In the long run, China's economic foundation will continue to increase in resilience and its fundamentals will become more stable. Short-term shocks will not change the long-term trend of our economy.
For objective and subjective reasons, this article has the following deficiencies.
Firstly, the time factor: The short research time has caused the lack of research data to some extent. In the past four months, the COVID-19 has spread globally.
Short-term economic activity data are difficult to reflect the impact of COVID-19 on the Chinese economy, especially the long-term impact. Secondly, the space factor: The COVID-19 epidemic spreads faster than most people expected. This consumers need to enhance their identification ability, use tools such as the Internet in a civilized and reasonable manner, and enjoy the rights while actively practicing the consumer's main obligations.