Several years ago, I started writing articles about consumption downgrading and authored several in-depth pieces on the retail industry. Back then, I clearly identified two companies that would benefit from consumption downgrading: Pinduoduo and MINISO. Later, I also researched VIPSHOP and Meituan.
At this moment, if you ask me about my views on these two companies, I remain very clear: Pinduoduo and Meituan are the two domestic retailers I am most optimistic about, and their potential may exceed most people's expectations. On the other hand, the potential of MINISO and VIPSHOP might not be as high as many imagine.
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