国泰海通｜轻工：情绪消费驱动，“犒赏经济”正当时

Core Insights - The rise of the "Reward Economy" signifies a new consumption paradigm, acting as a new engine for domestic demand and consumption expansion. This concept refers to consumers purchasing non-essential goods or experiential services within their financial means to gain immediate pleasure, self-affirmation, and psychological healing in response to work and life pressures [1][2]. Group 1: Definition and Characteristics - The "Reward Economy" represents a significant shift in consumer decision-making logic, differing fundamentally from the traditional "lipstick effect." While the latter involves consumers shifting to cheaper non-essential products during economic downturns, the current "Reward Economy" showcases a more proactive and differentiated consumption behavior, where spending is driven by self-care and psychological well-being rather than merely functional needs [1][2]. Group 2: Drivers of the "Reward Economy" - The recent popularity of the "Reward Economy" is driven by two main factors: 1. Top-down recognition from state media, which acknowledges the value of the "Reward Economy" as a reflection of the public's aspirations for a better life and an important manifestation of released consumption potential [2]. 2. Bottom-up market dynamics, where cultural and creative companies are launching new products that attract market attention [2].