中国消费走出新赛道，跳出日本低欲望陷阱，升级逻辑藏惊喜

Core Insights - The recent discussions around the book "In the Light of Day" highlight concerns about whether China's consumption will fall into a "low-desire" trap similar to Japan's "lost thirty years" [1] Group 1: Consumption Trends - The China Online Consumption Brand Index (CBI) reached 62.65 in Q3 2025, marking a 4.4% increase from the same period in 2023 and a 0.92% increase from 2024, indicating a consistent quarterly growth since 2023 [4] - The CBI focuses on the proportion of high-quality brand purchases, reflecting a shift in consumer preferences towards quality over mere availability [4] - Japanese consumers, often labeled as "low-desire," are also exhibiting similar trends, with a notable presence of new local brands in the fashion market, indicating a preference for design and craftsmanship [6] Group 2: Consumer Behavior - Consumers are becoming more discerning, comparing prices for necessities while being willing to spend on items that provide emotional value [8] - In China, brands like DJI and Pop Mart have entered the top 10 of the CBI 500 list without engaging in price wars, demonstrating a focus on quality and brand value [9] - The Z generation is prioritizing experiential purchases, with travel-related spending accounting for 36.9% of emotional consumption, surpassing traditional material goods [13] Group 3: Market Dynamics - The consumption upgrade in China is supported by strong supply chains and platforms, allowing for rapid product iteration and innovation [16] - Major e-commerce platforms like Taobao and JD.com are shifting their focus towards quality content and brand value, facilitating the entry of new brands and innovative products [18] - The CBI index's characteristics of "month-on-month decline, year-on-year increase" suggest a stable brand foundation, with consumers concentrating on high-value brands during promotional periods [20]