从"外来者"到"价值合伙人" 2025年11月6日，第八届中国国际进口博览会上，《美之道：解码美的本质》（以下简称《美之道》）这部欧莱雅中国首部美的经济社会学专著迎来中国 首发。这绝非一场单纯的新书发布会，也不是一次常规的品牌营销，而是一份跨国企业与中国市场共生28年的价值答卷，更是一套为全球消费产业提供参 考的美丽经济学方法论。下面，我们就来拆解《美之道》的本质、价值与影响，让更多的人读懂这本书，让更多的人知道"美"是如何从感性概念变成驱动 经济的硬核力量的。 28年共生： 的中国答卷 要理解《美之道》，必先读懂它诞生的大背景，那就是欧莱雅与中国市场28年的共生史。这份历史，不仅是欧莱雅的成长史，更是中国化妆品行业的进化 史，二者相互成就，最终催生出这部聚焦美之社会经济价值的专著。 从市场背景看，中国化妆品行业的量级早已今非昔比。据中国香料香精化妆品工业协会发布的数据显示，中国化妆品市场规模自2023年起连续两年突破万 亿元，2024年交易额达10738.22亿元，同比增长2.8%，正式成为全球第一大化妆品消费市场。这一变化的背后，是国民收入提升与消费理念的迭代，消费 者对美的需求，从单纯的外在妆饰升级为对 ...

Core Insights - Jiangsu province has demonstrated strong consumer power during the JD 11.11 shopping festival, ranking second in national purchasing power and ninth in transaction growth rate, showcasing its position as a core player in the national consumer market [1][4] Consumer Power and Growth - Jiangsu's purchasing power ranks No. 2 nationally, with a transaction growth rate ranking No. 9, indicating robust economic strength [1][4] - Suzhou leads the province in purchasing power, while Xuzhou shows significant growth, emerging as a new growth engine [1][2] Local Consumption Trends - Local brands such as "Osmanthus Duck" and "Salted Duck" have gained attention, highlighting the appeal of regional products [1][2] - The top five categories with the highest transaction growth include sports cameras (258%), digital cameras (225%), trendy blind boxes (180%), and gaming laptops (158%) [2][3] Consumer Preferences - The average spending per person on gaming laptops, notebooks, mobile phones, air conditioners, and flat-screen TVs is notable, with amounts reaching 8,694 yuan, 6,538 yuan, 5,933 yuan, 5,156 yuan, and 4,995 yuan respectively [3] - Men's grooming products have seen a significant increase in repurchase rates, with an average of 5.7 items purchased per person for men's facial cleansers [3] Age Demographics and Shopping Behavior - Different age groups exhibit distinct shopping preferences: - Gen Z (00s) favors tech products like gaming laptops and tablets, with over 37% of users in these categories [3] - Millennials (80s) focus on essential baby products, with over 70% purchasing items like baby bottles and diapers [3] - The elderly demographic shows a blend of quality of life and image management, with 27% purchasing trendy personal care appliances [3] Overall Market Dynamics - Jiangsu's performance during the JD 11.11 event reflects its dual strength as an economic and consumer powerhouse, with diverse consumer needs being met through a wide range of products [4]

Core Insights - The male health market is rapidly expanding beyond traditional medical fields into diverse sectors such as health supplements, skincare, and fitness, driven by a growing awareness of health and wellness among men [1][2] - The shift from passive treatment to active health management reflects a broader trend of consumption upgrade and industry innovation, with a focus on comprehensive health needs including appearance management, physical enhancement, stress relief, and chronic disease prevention [1][2] Market Growth and Trends - The male health supplement market in China is projected to reach 99.6 billion yuan by 2025, with nearly half of this related to sexual health products, while other segments like prostate health and fatigue recovery are also emerging rapidly [2] - A significant portion of men aged 35-55 are experiencing health issues such as decreased testosterone levels and fatigue, making health supplements a necessity [2] - The market is moving towards rational consumption, with male consumers increasingly prioritizing scientific efficacy over marketing hype [2] Industry Dynamics - The number of health supplement-related enterprises in China has surpassed 8.288 million, with approximately 1.84 million new registrations expected in 2024, indicating a consistent growth trend over the past decade [3] - Online sales channels are becoming the preferred choice for consumers due to privacy concerns, with significant growth in categories like kidney health products [5] Male Beauty and Skincare - The male skincare market in China reached 16.53 billion yuan in 2023, with expectations for further growth driven by the Z generation's open attitude towards skincare [6] - Social media plays a crucial role in promoting male beauty products, reshaping modern interpretations of masculinity and self-care [6] - The market is witnessing increased specialization, with product lines expanding from basic skincare to include anti-aging and light makeup products [6] Fitness and Health Management - The fitness industry is becoming integral to male health management, with membership numbers projected to reach 87.525 million by the end of 2024, reflecting a 25.47% increase from 2023 [11] - The demand for professional and scientific training programs is rising, as male fitness enthusiasts seek targeted solutions for muscle gain, fat loss, and overall fitness [11][13] - The integration of IoT, AI, and health data is enhancing the personalization of fitness experiences, making home workouts more effective [13] Future Outlook - The male health industry is experiencing a significant transformation, driven by increased health awareness and consumption upgrades, moving towards a more mature and regulated market [14] - Future competition will focus on technological innovation, brand trust, and user experience, emphasizing the need for products and services that genuinely address male health needs [14]

Core Viewpoint - The global fragrance market is expected to maintain a growth rate of 4% to 6% over the next four years, with China's fragrance market projected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2028, indicating a strong trend in the fragrance sector despite overall pressure on the beauty industry [2][6]. Industry Overview - The fragrance segment has shown resilience, with companies like Estée Lauder and L'Oréal reporting growth in their fragrance businesses amidst declines in other product lines [6]. - The Chinese fragrance market is anticipated to exceed 33.9 billion yuan by 2028, with a 3.6% year-on-year growth in fragrance sales in the offline market for 2024, contrasting with a 7.9% decline in overall beauty sales [6]. Company Insights - Ying Tong Holdings, listed in Hong Kong, has faced market skepticism since its IPO, primarily due to its heavy reliance on brand agency agreements, with a significant portion of its brand authorizations expiring within a year [3][4]. - As of May 31, Ying Tong managed 72 external brands, with its own brand revenue accounting for less than 1% in Q1 of this year [4]. - The CEO of Ying Tong indicated plans to enhance their own brand, Santa Monica, through product refinement and potential partnerships or acquisitions to scale up [4]. Market Dynamics - The fragrance market is increasingly influenced by the "scent economy," with a notable rise in male fragrance consumption, which is expected to grow from 37.1% in 2023 to 40.1% in 2024 [5][7]. - The competition among brands is intensifying, with international brands still dominating the market, while domestic brands are beginning to emerge [8][9]. Future Trends - The white paper indicates that the consumer base for fragrances is shifting, with a significant increase in the proportion of fragrance users in first-tier cities [7]. - Ying Tong's strategy for introducing new brands focuses on proven success in foreign markets, product quality, and the willingness of brand owners to adapt to the Chinese market [9].

Core Insights - The global perfume market is expected to maintain a growth rate of 4% to 6% over the next four years, with China's market projected to grow even faster at a compound annual growth rate (CAGR) of 8% from 2024 to 2028 [2][7]. Company Overview - Ying Tong Holdings (06883.HK) became the "first stock" in the perfume sector after its IPO in June, but has faced market skepticism due to its heavy reliance on brand agency and low revenue from self-owned brands [2][5]. - As of March 31, Ying Tong Holdings had 22 brand authorizations expiring within a year, raising concerns as many luxury brands are shifting to self-operated models [5]. Market Trends - The perfume segment has shown resilience amid overall pressure on the beauty industry, with companies like Estée Lauder and L'Oréal reporting growth in their fragrance divisions despite declines in other product lines [6]. - The Chinese market is expected to surpass 33.9 billion yuan by 2028, with a 3.6% year-on-year growth in perfume sales, contrasting with a 7.9% decline in overall beauty sales [7]. Competitive Landscape - International brands continue to dominate the market, with Ying Tong Holdings introducing up to 10 new brands annually while evaluating over 100 potential brands each year [10][11]. - Domestic brands like "Guanxia" and "Wenxian" are emerging, but they have yet to make a significant impact in the top perfume rankings [11]. Consumer Behavior - The "scent economy" is on the rise, with increasing opportunities in second-tier and lower-tier markets, as well as a growing demand for men's fragrances [6][7]. - By 2025, over 50% of fragrance consumers in first-tier cities are expected to be part of the advanced consumer group, indicating a shift in market demographics [7].

Core Insights - The article highlights a significant shift in consumer behavior towards experiential shopping, moving from mere consumption to seeking emotional and sensory experiences in retail environments [1][4][25] - The rise of the "experience economy" is evident, with consumers desiring more than just products; they seek engaging interactions and memorable experiences [1][18] Group 1: Consumer Trends - Data from the National Bureau of Statistics indicates that from 2013 to 2024, per capita service consumption expenditure in China increased from 5,000 yuan to 13,000 yuan, with its share of total consumption rising from 39.7% to 46.1% [1] - Over one-third of young consumers prefer shopping in physical stores not just for purchasing but for the atmosphere and inspiration [1] - The emergence of the "He Economy" reflects a growing trend where male consumers are increasingly focused on self-care and grooming, with online sales of men's skincare products projected to grow nearly 20% year-on-year in 2024 [5][9] Group 2: Company Initiatives - Watsons has launched new in-store experiences targeting men, children, and health, enhancing sensory experiences and emotional satisfaction for consumers [1][14] - The "Male Equipment Supply Station" has been introduced in key cities, featuring a rugged industrial design to create a dedicated shopping space for male consumers, significantly improving product visibility and shopping convenience [5][14] - Watsons plans to expand the "Male Equipment Supply Station" to 300 stores nationwide, tapping into the previously underdeveloped male consumer market [14][25] Group 3: Children's Market - Watsons has created a "Children's Selected Zone" in select stores, offering over 250 products tailored for children aged 3 and above, reflecting the shift towards a more refined and emotional approach to children's consumption [12][18] - The introduction of children's makeup services and play areas in stores aims to enhance the shopping experience for families, allowing parents to shop while their children are entertained [18][25] Group 4: Health and Wellness Focus - Watsons is leveraging its health and beauty heritage by establishing health experience centers in multiple cities, aiming for a threefold increase in health product sales over three years [21][25] - The company is also integrating AI technology with the launch of an AI health consultant, providing personalized health advice and enhancing the consumer experience [25]

Core Viewpoint - The rise of "he economy" and increasing consumer spending among men have led to a significant growth in the demand for electric shavers in China, with retail volume and value experiencing substantial increases in 2023, although a market saturation is expected in 2024, resulting in a decline in both volume and value [1][12]. Market Overview - The electric shaver is a portable personal care device powered by electricity, designed for shaving without the need for water or shaving cream, making it convenient for quick use or travel [2]. - In 2023, the online retail volume of electric shavers in China reached 61.06 million units, a year-on-year increase of 49.62%, while retail value reached 9.4 billion yuan, up 22.08% [12]. - By 2024, the online retail volume is projected to decrease to 56.19 million units, a year-on-year decline of 7.98%, with retail value dropping to 8.6 billion yuan, down 8.51% [12]. Market Policies - The Chinese government has implemented various policies to support the development of the small appliance industry, including electric shavers, creating a favorable environment for market growth [5]. Industry Chain - The upstream of the electric shaver industry includes suppliers of materials like stainless steel, tungsten steel, plastics, and rubber, as well as components like motors and batteries. The midstream involves design, research, and production, while the downstream consists of sales channels such as supermarkets, specialty stores, and e-commerce platforms [8]. Consumer Demographics - The primary consumers of electric shavers in China are aged 18-30, accounting for over 50% of the market, followed by those aged 35-50 at approximately 37.9%. There is a notable increase in female consumers purchasing electric shavers for gifts or household use, now making up 40% of the market [10]. Competitive Landscape - The electric shaver market in China is divided into three categories: international high-end brands (e.g., Philips, Braun), domestic traditional brands (e.g., Feike, Superman), and emerging cross-border brands (e.g., Xiaomi, Skyworth) [16]. - The number of portable electric shaver brands in China reached 227 in 2024, a year-on-year increase of 43.67%, with model numbers increasing by 51.60% to 855 [18]. Company Analysis - **Feike Electric**: Focuses on personal care and kitchen appliances, with a revenue of 4.147 billion yuan in 2024, where personal care products accounted for 95.39% of total revenue [22]. - **Skyworth Group**: Engaged in various smart appliances, with a total revenue of 65.01 billion yuan in 2024 and a gross profit of 8.808 billion yuan, reflecting a gross margin of 13.55% [24]. Development Trends - The future of electric shavers is expected to be influenced by the proliferation of 5G technology and the Internet of Things, leading to smarter features and personalized designs that cater to the preferences of younger consumers [26].

Core Insights - The online consumption power of male users in China is increasing, particularly among those under 30, with a notable rise in high-end spending over 2000 yuan, driven by self-indulgent and stress-relief consumption needs in gaming, trendy toys, sports, and technology products [1][3] Group 1: Gaming - Male users account for nearly 70% of the gaming market, with the industry experiencing sustained growth during the summer season [1][3] - In May 2025, a total of 144 game licenses were issued, marking a new monthly high, which is expected to boost search traffic for gaming on platforms like Baidu starting in July [3] Group 2: Trendy Toys - The domestic IP toy market is growing robustly, with sci-fi mecha IPs being particularly popular among male consumers [1][3] - EDC (Everyday Carry) products have emerged as a rapidly growing segment, with 80% of EDC users being male, and sales during the 2025 618 shopping festival saw over a fourfold year-on-year increase [3] Group 3: Sports - Males are the primary audience for sports viewership, and there is a continuous increase in fitness-related demands [1][3] Group 4: Technology Consumption - Young and middle-aged males exhibit dual characteristics of tech-savvy and quality-oriented consumption, with rapid growth in outdoor cameras and gaming consoles [1][3] - By April 2025, the monthly active user (MAU) count for male users in China is projected to reach 634 million, reflecting a 2.2% year-on-year increase [1]

Core Viewpoint - The article discusses the rise of the game "Emotional Anti-Fraud Simulator," which initially launched as "Lao Nu Game" and quickly became a sensation, sparking controversy and discussions about its themes and implications in society [2][3][4]. Group 1: Game Overview and Reception - The game, which involves themes of emotional fraud and revenge, has sold over 1 million copies on Steam, generating more than $4.3 million in revenue by June 30, 2025 [3]. - The initial controversy surrounding the game's title and content contributed to its popularity, leading to a rapid rebranding and significant media attention [2][3]. - The game is noted for its immersive storytelling and high production quality, with real-life events influencing its narrative, enhancing player engagement [11][14]. Group 2: Industry Trends and Market Potential - The success of "Emotional Anti-Fraud Simulator" reflects a growing trend in the interactive gaming industry, particularly in the realm of romance and emotional themes, with over 30 similar games launched in 2023 [20][21]. - The game demonstrates the potential of male consumer spending, as it recouped its development costs within five days, highlighting a shift in male consumer behavior towards self-focused spending [24][28]. - The rise of "He Economy" indicates a new growth point in consumer spending, with brands increasingly targeting male consumers through specialized products [29].

Core Viewpoint - The article discusses the rise of the game "Emotional Fraud Simulator," which has sparked significant controversy and interest, reflecting deeper societal issues related to male consumer behavior and emotional experiences in the context of modern relationships [2][4][49]. Group 1: Game Overview and Reception - "Emotional Fraud Simulator" was initially launched as "Diving Girl Game" and quickly became a hit, selling 100,000 copies on Steam and generating over $4.3 million in revenue by June 30, 2025 [7]. - The game has been criticized for its portrayal of women, with some media labeling it as misogynistic, while others praise it for addressing real-life issues of emotional fraud and manipulation [6][16]. - The game's narrative allows players to experience a form of virtual revenge against emotional scams, resonating with many players who feel wronged in real life [26][12]. Group 2: Industry Trends and Consumer Behavior - The success of "Emotional Fraud Simulator" highlights the potential of male consumer power, as it recouped its costs within five days of launch [40]. - The gaming industry has seen a surge in interactive narrative games, with over 30 new titles released in 2023, primarily focused on romance and emotional themes [32]. - There is a growing trend of male consumers shifting their spending towards self-improvement and personal interests, as evidenced by increased sales in gaming equipment and male grooming products [45][46]. Group 3: Societal Reflections - The game reflects broader societal issues, such as the decline in marriage and birth rates, and the emergence of a "lonely economy" where individuals seek fulfillment through virtual experiences [48]. - The incorporation of real-life events and characters in the game enhances its relatability and emotional impact, making it a unique product in the gaming market [22][25]. - The article suggests that the popularity of such games should prompt a deeper examination of the underlying societal problems rather than being viewed solely as entertainment [49].