2026年生活经济报告-北大国发院

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The demand structure has fundamentally shifted from "having" to "quality," with rising needs for personalization, service, and emotional value, while traditional supply struggles to adapt, leading to supply-demand mismatches and "involution" [5] - Life communities have become key carriers for expressing and stimulating demand, with decentralized UGC platforms (like Xiaohongshu) enabling micro-life needs to be seen, connected, and stimulated, forming a "demand expression-connection-stimulation" cycle [5] - The life economy reshapes supply-side logic, with companies achieving precise innovation through community insights, flexible production, and online-offline integration, fostering "prosumers" and super individuals, thus driving high-quality supply [5] - The life economy exhibits endogenous stability, with demand anchored in individual lifestyles and aesthetics, leading to more rational decision-making and lower return rates, while community interactions create reputation constraints that compel supply quality improvement [5] - Policies need to actively embrace the life economy by encouraging the use of life big data, supporting co-creation in production and sales, promoting online-offline integration, and proactively planning for AI empowerment and governance, transforming the aspiration for a "better life" into an economic growth driver [5] Summary by Sections Research Background Assessment - The research is conducted by the National Development Research Institute of Peking University, a leading think tank with deep academic and policy influence in economics and management [3] - The report integrates diverse data sources, including iResearch, the World Bank, and Xiaohongshu, and is based on a robust theoretical framework and rich policy research experience [3] - The report is an academic research document proposing a "life economy" theoretical framework, combining policy recommendations and industry insights [3] Scope and Boundaries Confirmation - The life economy encompasses a wide range of sectors, focusing on service consumption (cultural tourism, experiences, Citywalk), physical consumption (apparel, home appliances, 3C, beauty), digital content (UGC community, AI-generated content), and individual entrepreneurship (super individuals, micro-enterprises) [4] - The primary market is the mainland China market, with a focus on active users of online life communities (like Xiaohongshu), primarily young individuals seeking personalized and quality lifestyles [4] Key Data Capture and Presentation - Nearly 90% of consumers are very or somewhat concerned about new product releases [7] - Service consumption accounts for 46.1% of per capita consumer spending [7] - Citywalk-related content has a browsing volume of 2.1 billion times on Xiaohongshu [7] - Citywalk-related tags have a playback volume of 4.52 billion times on Douyin [7] - Xiaohongshu's user search penetration rate is 65% [7] - 50% of Xiaohongshu's platform traffic is allocated to ordinary users [7] - In 2023, the final consumption expenditure of Chinese residents accounted for 39.13% of GDP [7] - The average consumption propensity of Chinese residents in 2021 was 0.56 [7]