Consumers can expect compensatory offline consumption.
I was informed that on May 8, the State Council issued guidance on how to prevent and control the normalization of the new coronary pneumonia epidemic. Among them, it is proposed that, under the premise of implementing prevention and control measures, fully open shopping malls, supermarkets, hotels, restaurants and other living places; by way of appointments and current restrictions, open parks, tourist attractions, sports venues, libraries, museums, art galleries, etc Indoor venues, and closed entertainment venues such as theaters and entertainment halls.
Affected by the epidemic, in addition to the necessities of daily life, the offline business has been shut down for more than 3 months, especially offline entertainment. Taking cinema as an example, affected by the outbreak at the beginning of the year, cinemas across the country have been in a state of closure since late January, and production and distribution have basically stalled. In the first quarter of 2020, the total box office of national films was only 2.246 billion yuan, a year-on-year decrease of 88%. The National Film Administration had previously estimated that the total box office losses in 2020 will exceed 30 billion yuan.
During the lockout period, the media industry has shown the differentiation between online and offline companies < / strong> Trends. A report released by Guoyuan Securities on May 8 sorted out the revenue growth of various segments of the media industry, including games, online reading and other online The entertainment sector ushered in explosive growth. Publishing, cinema and other offline sectors were severely affected by the epidemic.
Image source: Guoyuan Securities
The introduction of guidance, for the heavy hitIs good news for the offline entertainment industry . In terms of listed film and television companies, including movie theater leader Wanda Film, film and television production and offline live entertainment companies Huayi Brothers, movie announcement and ticketing platform Cat Eye Entertainment, Alibaba Pictures, etc., will all welcome good news.
After the opening of a limited number of venues, it remains to be seen whether the offline entertainment industry will welcome a large number of consumers. Fu Yifu, director of the Consumer Finance Research Center of Suning Financial Research Institute, argued in an article that after a long period of “home-stay peak”, as the epidemic prevention and control situation enters a stable stage, consumers can expect compensatory offline consumption .
The search results of the Baidu Index show that since April, the search frequency of keywords related to offline consumption, such as movie theaters, KTV, travel, and restaurants, has significantly increased.
Picture source: Baidu index