黑蚁资本消费者趋势研究报告：重返县域新周期里的理智与情感

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The county-level market shows stronger consumer resilience compared to first-tier cities, with spending growth significantly higher in counties [10] - Consumers are shifting from a focus on identity symbols to practical value and emotional companionship, indicating a more rational consumption approach [22][41] - The demand for "experience-based" consumption is expanding, while functional optional spending is contracting [61][70] Summary by Sections Section 1: Changes in Life and Consumption - Work is becoming busier, with expectations for income and spending rising simultaneously [17] - The demand for identity labels has decreased, leading to more rational consumer behavior [17] - Spending is diversifying, with functional optional spending giving way to experience-based consumption [17] - Interest e-commerce is growing, and offline channels driven by cost-effectiveness are gaining traction [17] - Consumers are experiencing a contraction in perceived income, driving a shift towards rational spending [17] Section 2: County-Level Consumer Dynamics - The county market is characterized by a stable consumer base with high home ownership and low debt levels [7] - The emotional and practical support provided by community life is significant [7] - Despite a tight income balance, there is no overall reduction in spending, indicating a stable lifestyle [7] Section 3: Spending Changes - Essential spending remains stable, while discretionary spending is being reallocated towards experiences that provide immediate joy and long-term health benefits [61][62] - The importance of basic consumption functions is declining, with consumers increasingly valuing emotional and experiential aspects of spending [64][70] Section 4: Channel Changes - There is a notable shift towards interest-driven e-commerce and local life platforms, with traditional retail channels losing appeal [73] - The rise of modern retail formats like snack collection stores and discount stores reflects a preference for convenience and high cost-effectiveness [73]