国泰海通｜批零社服：春节消费高景气，关注性价比、情绪价值和体验——2026年春节消费调研观察

Core Viewpoint - The article highlights the high consumer sentiment in offline retail and service consumption during the Spring Festival, with increased foot traffic in lower-tier markets and a surge in offline spending [1]. Group 1: Investment Insights - The tourism and travel sector exceeded expectations during the Spring Festival, with a positive outlook for related sectors such as hotels and scenic spots [2]. - Certain brands experienced long queues during the holiday, indicating potential for better-than-expected data [2]. - The adjustment of China-US tariffs is recommended to benefit cross-border e-commerce [2]. - The report includes insights from various cities, focusing on the performance of gold and jewelry, dining, hotels, supermarkets, and trendy toys during the Spring Festival [2]. Group 2: Sector Performance - Hotels: Leading hotel groups are expanding into lower-tier markets, with minimal price differences among brands. Many consumers in these areas are less familiar with hotel brands, relying on online travel agencies for bookings [2]. - Dining and Tea: Warm weather, new product launches, and subsidies contributed to strong offline consumption, with lower-priced tea and fast food performing better in lower-tier markets compared to high-tier cities [2]. - Gold and Jewelry: Expectations for price increases in gold by February 28, with promotional activities during the Spring Festival leading to high demand. Consumers are becoming more price-sensitive, with a focus on value [3]. - Supermarkets: There is a noticeable difference in customer flow, with lower-tier markets showing strong demand for experiential shopping. Popular items include prepared foods and gift boxes, with a preference for offline purchases [3]. - Trendy Toys: Young consumers drive demand, with holiday traffic boosted by student vacations. Limited edition and IP collaboration products are particularly popular [3].