作者：李宁 来源 ：新华每日电讯 近日，《咬文嚼字》编辑部发布"2025年十大流行语"，其中代表"情绪经济"的"谷子（经济）"入选，以"经济"为词根的"上门经济""悦己经济"等进入备 选。这反映出，无论是购买一款令人上头的玩偶盲盒，还是向网络"树洞"倾泻感情烦恼，年轻一代的消费习惯展现出从"性价比"转向"心价比"的趋势。 从个体来看，这容易让年轻人将幸福感与消费绑定，形成"花钱才能快乐"的错误认知。从行业来看，商家为快速获利纷纷复制"爆款"，导致产品同质 化，造成资源浪费。从社会层面看，这种消费风气会强化"物质定义价值"的观念，让情绪消费从精神体验退化为物质攀比。更有商家将情绪产品包装成"心 理疗愈神药"，声称能替代心理咨询解决抑郁、焦虑等问题。这种误导模糊了"情绪消费"与心理健康支持体系的边界，甚至可能让真正需要专业心理干预的 人错过时机。 引导"情绪消费"回归正轨，需要多方协同发力。消费者要培养理性消费意识，注意甄别、把握好情绪消费的边界，不要掉入种种概念"陷阱"。商家也需 转变思维，聚焦轻量级情绪疏导功能，回归正常商业逻辑，避免过度夸大、涸泽而渔。同时，监管部门也应高度重视新趋势中的不合理现象，严厉打击 ...

在"没有淡季的6A级景区"胖东来抛出"百万年薪+60天带薪假"震撼招聘的同时，一场更深层的消费革命正在中国乡镇悄然发生——从"性价比"到"心价比"， 人们不再只为商品买单，更在为诚信、情感与尊重投票。 云乡镇致力于把乡镇好物搬到线上展销促进城乡资源要素流动 让好产品走出大山，走上餐桌 深入源头，精选粮油果蔬、新奇特产，打造"一镇一品"，让消费成为一次城乡之间的信任握手。 胖东来抛出"百万年薪+60天带薪假"震撼招聘 而在这场静默却汹涌的变革中，广东中科产业研究院旗下的"云乡镇"平台，早已以"新消费+乡村振兴"双轮驱动，构建出一个连接城乡、赋能产业、温暖人 心的超级生态系统。 为什么云乡镇能与胖东来"同频共振"？ 因为它不只做商业，更做"心业"——一个有温度、有使命、有成果的赋能平台，正通过五大生态闭环，重塑乡镇经济脉络：云店+公益直播间+乡镇产业博 览会+县域文旅推广+百业联盟，从产品到品牌，从产地到餐桌，从线下到云端——全链路打通，让乡镇好物不再"藏在深闺人未识"。 云乡镇平台构建了一个连接城乡、赋能产业、温暖人心的超级生态系统。 让每一次购买，都是一次情感连接 云乡镇不止卖货，更搭建心桥。在这里，消费是认 ...

Core Insights - The Chinese e-commerce industry has transitioned from a traffic-driven era to a "hardcore competition" phase focused on technology and ecosystem collaboration by Q4 2025 [1][22] - Key trends include the commercialization of AI technology, the intensification of instant retail, the deepening of omnichannel operations, and the evolution of competitive dimensions [3] Group 1: AI Technology Commercialization - AI has shifted from a technology reserve to a key growth driver for e-commerce giants, with Alibaba making significant investments leading to substantial revenue growth in AI-related products [4] - JD has applied AI extensively in marketing and service, achieving over 90% coverage in intelligent customer service and an 18% increase in conversion rates for core categories [4] - Smaller merchants benefit directly from AI, with Pinduoduo's AI selection system improving ROI by 40% for partners, while Douyin and Kuaishou have reduced content production cycles by 50% [4] Group 2: Instant Retail Market Competition - Instant retail has become a critical battleground for growth, with Alibaba, JD, and Meituan competing fiercely, aiming for a trillion-yuan transaction scale within three years [6] - In Q4, the transaction volume for instant retail reached 220 billion yuan, a 65% year-on-year increase, with Meituan holding a 45% market share [6] - The market is projected to exceed one trillion yuan by 2026, with front warehouse models contributing over 50% of transaction volume [6] Group 3: Omnichannel Operations - The fragmentation of traffic has driven platforms to transition towards "omnichannel collaboration," with Douyin e-commerce integrating advertising and e-commerce traffic pools [8] - Traditional platforms are accelerating their content transformation, with Alibaba and JD enhancing their content capabilities to complement their existing strengths [8] - Omnichannel operations have become a standard in the industry, moving away from single-channel strategies [8] Group 4: Shift from Price Wars to Value Wars - As customer acquisition costs rise, platforms are shifting from price competition to "value wars," focusing on quality and service [9] - Pinduoduo's "billion support plan" aims to enhance merchant quality, while JD emphasizes "quality retail" strategies [9] - The emergence of "heart-price ratio" reflects a consumer trend prioritizing product quality and service experience over mere pricing [9] Group 5: Company-Specific Strategies - Alibaba is focusing on AI and instant retail as dual drivers for growth, but faces short-term profit pressures due to significant investments [12] - JD is leveraging high-frequency delivery to expand into local life services, showing promising conversion rates but facing challenges with ongoing losses [13] - Pinduoduo remains the only major player with positive net profit growth, emphasizing cost-effectiveness and agricultural product sales [15] - Douyin e-commerce is rapidly increasing its market share through deep integration of content and commerce, but still needs to cultivate user habits for shelf-based e-commerce [16] Group 6: Future Trends - AI is expected to fundamentally reshape the e-commerce landscape, with intelligent systems becoming new traffic hubs [17] - Instant retail is projected to evolve into a core business model, with continuous innovations in operational models [17] - The integration of content and commerce will become standard, with platforms adopting a closed-loop system for user engagement [17] Group 7: Strategic Variables - The focus for the next year will be on breakthroughs in AI technology and instant retail profitability models by major players like Alibaba and JD [22] - The progress of content platforms like Douyin and Kuaishou in shelf-based e-commerce will be crucial for determining the final shape of omnichannel integration [22]

Core Insights - The hotel industry has seen a notable highlight this year with the emergence of Intercity Hotels, which signed over 260 projects in a year, despite being a new brand with fewer than 100 existing locations [2] - Intercity Hotels has engaged in unique promotional activities, such as partnerships with Garmin and a cycling brand, offering extravagant rewards for extended stays, which has drawn significant participation [3][4] Group 1: Intercity Hotels' Strategy - Intercity Hotels targets high-end travelers who are discerning and have experienced various luxury accommodations, making them difficult to impress [6] - The brand focuses on providing a reliable travel base rather than traditional luxury services, emphasizing efficiency and support for business travelers [8][9] - The hotel has invested in practical details that enhance the guest experience, such as high-quality bedding, soundproofing, and thoughtful amenities [11][12] Group 2: Unique Promotions and Customer Engagement - The promotional campaigns, such as the "stay 100 nights" challenge, have attracted over 170,000 participants, indicating a strong engagement strategy [4][16] - The rewards offered, while seemingly impractical, resonate with customers seeking a break from their routine and a chance to indulge in whimsical experiences [16][19] - Intercity Hotels successfully creates an environment where guests can escape the pressures of calculation and enjoy their stay without the burden of cost-benefit analysis [19]

Core Insights - The holiday economy shows a steady increase, with a daily average of 154 million people traveling across regions during the first five days of the National Day and Mid-Autumn Festival, representing a year-on-year increase of 5.4% [1] - There is a notable increase in outbound and overseas travel flights, exceeding 12% [1] - Consumer spending is driven by two main themes: "cost-performance ratio" and "emotional value" [1] Travel and Tourism - Strong demand for homecoming and tourism travel is observed [1] - Different provinces and cities show growth in tourist reception and tourism revenue, although the growth rates vary significantly [1] - Movie consumption remains subdued, influenced by film quality, with ticket prices continuing to decline [1] Consumer Goods - The automotive sector performs well due to the impending expiration of subsidies and the launch of new models [1] - Home appliance consumption is affected by high base disturbances, but smart and green categories show strong performance [1] Real Estate and Land Market - Real estate sales see a holiday decline, with year-on-year variations due to base disturbances [1] - The land market remains relatively cold [1] Economic Indicators - Infrastructure investment is ramping up, with the issuance of special bonds at the fastest pace in recent years [1] - Post-holiday restocking drives accelerated port operations [1] - Production slows down before the holiday, while consumer goods prices show significant increases, particularly in food and beverages [1] - Industrial product prices experience a slight decline [1] - Liquidity remains ample, with the US dollar index returning above 98 [1]

Travel and Tourism - During the National Day and Mid-Autumn Festival holiday, the average daily cross-regional passenger flow reached 154 million, a year-on-year increase of 5.4%[6] - Outbound and international flight executions increased by over 12% compared to the previous year[6] - The migration scale index rose significantly, with a year-on-year growth rate increasing from 12.8% before the holiday to 17.9%[8] Service Consumption - Tourist numbers and revenue in cities like Shanghai and Hubei grew by over 10%, with Shanghai leading at a 23.74% increase[12] - The average ticket price for movies dropped to 37.1 yuan, down from 40.5 yuan last year, marking a continuous decline for the second year[20] Product Consumption - National and local consumption subsidies supported retail sales, with key retail and catering enterprises seeing a 3.3% year-on-year increase in sales during the first four days of the holiday[23] - Automobile sales surged, with a 68.35% increase in vehicle scrappage in Hubei during the holiday period[23] - Sales of energy-efficient appliances grew by 19%, while smart refrigerators and home products saw increases of 20.7% and 16.8%, respectively[23] Real Estate Market - New home sales in 30 cities saw a seasonal decline, with a year-on-year drop of 15.7% by October 6, attributed to last year's policy effects[27] - The land market remained cold, with a land transaction area decline and a reduced premium rate of 0.05%[27] Consumer Trends - Consumers are increasingly focused on "cost-performance" and "emotional value," with a notable sensitivity to prices reflected in slower growth rates for tourism revenue compared to visitor numbers[29] - High-value experiences, such as cultural tourism and local experiences, are gaining popularity, with hotel search volumes in regions like Xinjiang and Inner Mongolia increasing by 60%[33]

Core Insights - The upcoming "super golden week" during the National Day and Mid-Autumn Festival is expected to significantly boost the tourism market, with a notable increase in both domestic and international travel bookings compared to last year [1][2]. Group 1: Travel Trends - Cross-province travel orders have increased by 45% year-on-year, indicating a strong demand for long-distance travel during the holiday [2]. - The "please take 3 days off and rest for 12" strategy has led to a 26% increase in travel product bookings from September 26 to 28 [2]. - Domestic flight bookings have surpassed 11.89 million, with international flight bookings exceeding 1.79 million, reflecting a year-on-year growth of 3% and 13% respectively [2]. Group 2: Accommodation Insights - Hotel booking rates have increased by 3 percentage points compared to last year, with cities like Beijing and coastal areas such as Dalian and Qingdao showing strong performance [2]. - The search interest for "healing" hotels has surged by 60%, as travelers seek emotional connections and deeper experiences at destinations [3]. Group 3: International Travel - International travel bookings have seen a year-on-year increase of over 30%, with average spending per person rising by nearly 30% [5]. - Emerging destinations like Kazakhstan and Uzbekistan have entered the top ten international travel spots, alongside traditional favorites like Japan and Thailand [5]. Group 4: Inbound Tourism - Inbound tourism is becoming a key highlight of the cultural and tourism market recovery, with significant growth in bookings from countries like South Korea, Japan, and the United States [6]. - Tourists are interested in both iconic landmarks and unique experiences, such as exploring Beijing's hutongs and visiting the Terracotta Army in Xi'an [6].

Group 1 - The core viewpoint of the report is that the Chinese consumer market is undergoing a profound transformation, influenced by economic fluctuations, technological innovations, and cultural confidence, leading to a reconfiguration of consumer psychology and behavior [1][15][20] - The report highlights the dual existence of "rational consumption" and "emotional consumption," where consumers seek both value for money and emotional satisfaction, indicating a shift in consumer priorities [1][15][20] - Generational differences and regional disparities shape the market landscape, with distinct consumption values and behaviors emerging from different age groups, such as Baby Boomers, Generation X, Millennials, and Generation Z [1][24][30] Group 2 - Approximately 90% of future consumption growth is expected to come from non-first-tier cities, necessitating brands to adopt localized and refined operational strategies rather than a one-size-fits-all approach [2][26][29] - The report identifies four differentiated development models for cities: emerging hotspots, public service advantage cities, tourism-driven cities, and cities facing housing price pressures, each requiring tailored marketing strategies [2][29] - The emotional connection and cultural recognition are becoming increasingly important for consumers, particularly among Generation Z, who prioritize brands that resonate with their values and interests [1][25][30] Group 3 - Technological innovations are reshaping consumer experiences, with personalized recommendation systems evolving from "precision" to "understanding," enhancing engagement and satisfaction [3][4] - The report emphasizes the importance of brands becoming "spiritual partners" for consumers, especially during economic downturns, by focusing on cultural and emotional fulfillment rather than mere material possession [3][4] - Six brand case studies illustrate the growth logic in the new consumption era, showcasing how brands leverage emotional value, cultural empowerment, and innovative strategies to connect with consumers [4][5]

Group 1 - The 21st Summer Annual Meeting of the 2025 Yabuli Forum concluded successfully, focusing on the theme "Refining and Steady Progress - Corporate Development in the New Global Situation" [1] - Hundreds of government leaders, entrepreneurs, and scholars gathered in Guangzhou to discuss how companies can respond to challenges and seize opportunities in a more complex and volatile domestic and international market environment [1] Group 2 - Gao Yunxi highlighted that all sectors are experiencing a transition where high-quality supply gradually replaces low-quality supply, and brands are continuously upgrading [3] - Consumers have shifted their focus from "cost-performance ratio" to "quality-price ratio," and now to "emotional-price ratio" products [3] - Products that meet the "emotional-price ratio" must not only provide basic functionality but also satisfy additional dimensions of consumer needs, such as health, quality, and organic materials [3] - Factors like product packaging, brand tone, and the emotional value conveyed have become significant in consumer decision-making [3]

Group 1 - The Chinese cultural tourism industry is undergoing a profound transformation driven by AI technology and consumption upgrades, with domestic travel expenditure expected to reach 3.15 trillion yuan in the first half of 2025, a year-on-year increase of 15.2% [1][31] - The number of domestic travel trips is projected to be 3.285 billion, reflecting a year-on-year growth of 20.6% [1][31] - The shift in consumer demand from "cost-performance ratio" to "emotional value ratio" indicates a growing emphasis on unique experiences and emotional connections during travel [2][11] Group 2 - The "supply-demand intelligence" model proposed by the company aims to address the long-standing mismatch between supply and demand in the cultural tourism sector by leveraging AI technology for collaborative evolution between demand and supply sides [4][12] - This model focuses on creating a closed-loop system for precise demand perception and intelligent supply response, utilizing advanced AI technologies [4][12] - The integration of AI technology is moving towards a platform-based ecosystem, breaking down data silos and enhancing collaboration across the industry [5][13] Group 3 - The transition from "cost-performance ratio" to "emotional value ratio" reflects a deeper consumer desire for meaningful experiences rather than mere sightseeing [2][35] - Tourists are increasingly seeking emotional engagement and personal growth through their travel experiences, which necessitates a shift from standardized offerings to personalized, impactful experiences [2][11] - The industry's pain points include inefficient decision-making and homogenized experiences, which are exacerbated by information overload and a lack of personalized service [38][39] Group 4 - The cultural tourism industry is becoming a strategic pillar of the national economy, with significant growth in both consumer spending and industry revenue [31][28] - The market is experiencing a layered development trend, with traditional attractions maintaining strong profitability while new projects face challenges due to inadequate planning [31][28] - The overall AI application rate in the industry is 53%, with larger enterprises showing higher adoption rates compared to smaller businesses [33][34]