Core Insights - The core viewpoint of the articles emphasizes the transformation of consumer behavior in China over the past decade, highlighting a shift from traditional experience-based decision-making to a more strategic, insight-driven approach in market and brand management [1][3][12] Group 1: Consumer Trends - The past decade has seen a profound evolution in China's consumer market, transitioning from the "New Premium Era" to "Meaning and Value" as the central theme for 2026 [1][3] - 75.2% of consumers are now engaging in psychological account switching, indicating a willingness to spend significantly on experiences they value, while being frugal in everyday purchases [5] - The consumer market is moving from a focus on scale and speed to a deeper engagement with consumer values, necessitating that companies provide products that offer meaningful benefits beyond functionality [6][7] Group 2: Key Trends for 2026 - The 2026 China Consumer Trend Report identifies ten key trends, with "Rational-Emotional Coexistence" and "Quality Calculation" being crucial for understanding current consumer behavior [8] - 77.8% of consumers are shifting from quantity-based consumption to a focus on quality, seeking products that provide personal growth or emotional recognition [8] - The trend "Local Flavor" is reshaping commercial geography, emphasizing the importance of local culture and experiences in consumer decision-making [8] Group 3: Business Strategies - Companies are advised to separate brand budgets from performance budgets, as brand equity is essential for sustainable growth, while performance marketing addresses immediate sales [9] - The concept of "Brand Consensus" is introduced, emphasizing the need for companies to build a coherent narrative that resonates emotionally with consumers [9] - Companies should develop three core capabilities: trend foresight, user empathy, and systemic aesthetics to navigate the evolving market landscape [11] Group 4: Future Opportunities - The "Three New" opportunities identified include new scenarios (emotional healing, daily highlights), new expertise (niche market specialization), and new intelligence (AI integration in services) [10][11] - Companies must cultivate trend foresight by establishing dedicated strategic insight teams to differentiate between fleeting trends and long-term shifts [11] - The ultimate competitive advantage in the user-centric era is establishing deep emotional consensus with consumers, transforming brands into "Consensus Brands" [12]

Core Insights - The 2026 Consumer Trends Conference hosted by Zhimeng in Beijing highlighted the evolution of consumer trends over the past decade and identified structural opportunities for brands in 2026 [1][3] - Zhimeng Consulting presented ten key consumer trends for 2026, emphasizing the shift from capturing attention to building public value consensus among consumers [5][8] Group 1: Consumer Trends - The ten consumer trends identified include: rational-emotional coexistence, quality calculation, spiritual nomadism, daily highlights, empathetic experiences, local trends, insiderism, health tuning, brand consensus, and AI scenario power [5] - Brands are urged to focus on creating public recognition and emotional resonance rather than merely competing for attention in a saturated market [5][10] Group 2: Market Dynamics - The market is experiencing an overload of choices, with over 20 million new consumer products introduced in 2024 alone, leading to a challenge for brands to differentiate themselves [8][10] - The proliferation of short video accounts and content has resulted in a noisy environment where consumers struggle to discern valuable information, leading to a sense of brand indifference [10][11] Group 3: Brand Consensus - Brand consensus is defined as a multi-layered process that includes cognitive consensus, value consensus, emotional consensus, and experiential consensus [12][13] - Cognitive consensus refers to the unique position a brand holds in consumers' minds, often encapsulated in a memorable phrase or symbol [13] - Value consensus focuses on the brand's value stance and lifestyle proposition, exemplified by brands like Bosideng, which connects its products to broader public values [15][17] - Emotional consensus is about the stable emotional experiences a brand evokes in consumers, often stemming from relatable stories or experiences [18][20] - Experiential consensus occurs when consumers instinctively associate a brand with specific situations, as demonstrated by Vivo's focus on concert photography [20][22] Group 4: Role of Centralized Media - Centralized platforms like Weibo are crucial for building brand consensus, as they facilitate public discussions and shared memories [25][28] - The process of creating brand consensus involves multiple stakeholders, including media, KOLs, and consumers, contributing to a collective understanding of the brand [26][28] - Successful brands become part of the social narrative, transcending individual marketing efforts to establish a lasting presence in consumers' minds [26][28]

过去一年，成分党、装备党、健康党……各个领域的"专业玩家"层出不穷，"要玩就玩到点子上"成为年 轻人新的消费准则。年轻人的消费逻辑里，"不同"比"认同"更重要，他们通过消费彰显独特审美，耳夹 耳机、设计师包袋、复古薄底鞋……每个单品都要"写着自己的名字"。同时，这届年轻人发明了一种很 新的"省钱逻辑"：少买点、买好点、用久点。钱要花在"刀刃"上，还要花在心窝上，过去一年，年轻人 舍得用消费给自己喂颗"糖"。此外，华流真正成为顶流，"中式审美"强势圈粉年轻人。数据显示，一件 能当六件用，"瑞士军刀"式产品越来越受消费者的欢迎。 上证报中国证券网讯（记者 杨翔菲）12月29日，天猫发布2025年度六大消费趋势：专业玩家、穿出人 设、长期主义、情绪氪金、华流当道、一物封神；年度消费关键词则是"乐意"——现在年轻人的消费观 主打"看心情"，其消费哲学是："千金难买我乐意，为我乐意散千金"。 ...

新浪科技讯 12月29日午间消息，今日2025天猫发布年度六大消费趋势：专业玩家、穿出人设、长期主 义、情绪氪金、华流当道、一物封神。 今年年度消费关键词："乐意"，现在年轻人的消费观主打一个看心情，他们的消费哲学是这样的："千 金难买我乐意，为我乐意散千金"。 新浪科技讯 12月29日午间消息，今日2025天猫发布年度六大消费趋势：专业玩家、穿出人设、长期主 义、情绪氪金、华流当道、一物封神。 今年年度消费关键词："乐意"，现在年轻人的消费观主打一个看心情，他们的消费哲学是这样的："千 金难买我乐意，为我乐意散千金"。 责任编辑：韦子蓉 责任编辑：韦子蓉 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier, Gree Electric, Anta Sports, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - The A/H snack and retail sectors have shown strong performance, while overseas Nike has negatively impacted sportswear performance [4][11]. - The report highlights a recovery in overseas consumer sectors and anticipates the implementation of supportive consumption policies in the A/H markets [3]. Performance Review by Sector - **Snacks**: The snack sector saw a weekly increase of 5.7%, with companies like Qiaqia Food and Three Squirrels rising by 6.0% and 7.5% respectively. The performance is attributed to seasonal sales and expectations for new products in Q1 2026 [5][13]. - **Retail**: The retail sector increased by 2.3%, driven by the rapid expansion of Wancheng Group's stores and positive same-store sales growth [6][14]. - **Overseas Cosmetics**: This sector rose by 2.4%, with notable increases from ELF Beauty and Estée Lauder [6][14]. - **Luxury Goods**: The luxury sector increased by 0.8%, with Samsonite benefiting from high-end consumer recovery [6][14]. - **Domestic Sportswear**: This sector experienced a decline of 0.3%, with Li Ning showing a 7.5% increase due to the opening of a flagship store [6][14]. - **Gold and Jewelry**: This sector fell by 1.9%, with Chow Tai Fook and other companies facing price increases and market volatility [6][14]. - **Overseas Sportswear**: This sector declined by 2.6%, primarily due to Nike's poor performance, which saw a 13.0% drop [6][14]. Valuation Analysis - The report indicates that most sectors are currently valued below their average over the past five years. For instance, the expected PE for the overseas sportswear sector is 31.2 times, which is 59% of its historical average [9][15]. - Other sectors such as domestic sportswear, gold and jewelry, and luxury goods also show lower expected PE ratios compared to their historical averages, indicating potential investment opportunities [9][15].

Core Insights - The core viewpoint of the articles emphasizes that 2026 will mark a pivotal year for Chinese consumption, focusing on the reconstruction of consumption around "meaning" and "value" [3][9][18] Group 1: Consumption Trends and Changes - The report by Zhimeng Consulting outlines ten years of structural changes in Chinese consumption, highlighting a shift from "scale expansion" to "quality enhancement" [5][9] - Key trends identified include "value new cycle," with consumers increasingly seeking deeper meaning and personal value in their purchases [10][12] - The past decade has seen a transition in consumer focus from material possession to the exploration of consumption significance and individual value [9][17] Group 2: Key Consumer Trends for 2026 - The ten core trends for 2026 include: rational-emotional coexistence, quality calculation, spiritual nomadism, daily highlights, empathetic experiences, local trends, insiderism, health tuning, brand consensus, and AI scenario power [10][12] - Rational-emotional coexistence is highlighted as a leading trend, indicating that consumers are "rational emotionalists," balancing practical needs with emotional satisfaction [12][14] - Quality calculation signifies the arrival of the "value-price ratio" era, with 77.8% of consumers preferring "less but better" consumption [14] Group 3: Future Predictions - The future of the Chinese consumption market is expected to undergo three significant transformations: accelerated structural upgrades, extreme vertical segmentation, and psychological value becoming a core competitive dimension [17] - Brands that excel in product quality, experience, and value expression will survive the upcoming market reshuffle [17] - The competition will increasingly focus on understanding user depth and creating psychological value, with a call for brands to concentrate on quality reconstruction, scenario reshaping, and consensus building [17][18]

Report Summary 1. Report Industry Investment Rating - There is no specific industry investment rating provided in the reports. 2. Core View of the Report - The global economy is turning weak. The Fed's actions, such as rate - cuts and short - term bond purchases, along with various economic indicators in the US and other countries, suggest a complex economic situation. The US's policy adjustments and economic trends, including consumer K - type differentiation, employment data, and retail sales, indicate potential economic challenges. Additionally, the AI - driven investment boom and the supply - demand imbalances in some industries are also significant factors affecting the global economic landscape [1][2] 3. Summary by Related Catalog Global Economic News - The Fed will start buying short - term Treasury bonds as needed to maintain sufficient reserve supply, with the New York Fed planning to buy $40 billion in short - term Treasury bonds in the next 30 days and expecting high - scale purchases in the coming months [1] - If SpaceX goes public at a $1.5 trillion valuation, Elon Musk's stake in the company could increase from $136 billion to over $625 billion [1] - Starcloud, an orbital data center startup, has achieved the first attempt to train a large - language model in space, with a satellite carrying NVIDIA's H100 GPU running an application based on Google's open - source model Gemma [1] - GE Vernova, one of the three oligarchs in the global gas turbine market, expects to sign 80 gigawatts of combined - cycle gas turbine contracts by the end of the year, and its gas turbine production capacity is almost sold out until 2029 [1] - The storage industry is facing unprecedented supply - demand tensions. DRAM shortages are expected to last until Q1 2027, with DDR demand growing 20.7% far exceeding supply growth, and NAND shortages expected to continue until Q3 2026 [1] - US AI five giants' capital expenditure in Q3 increased by 72.9% year - on - year, and except for Microsoft, the other four have negative free cash flows, with potential capital expenditure vulnerability worsening next year [1] - The former executive director of the Bank of Japan predicts that Governor Kazuo Ueda may raise interest rates up to four times before 2027, indicating a more aggressive tightening cycle [1] - There is an unprecedented surplus in crude oil supply, but Brent oil prices remain stable at $61 - 66 due to uncertainty about the effective supply from sanctioned countries. If sea - borne inventories move to land, oil prices may drop significantly [1] Global Economic Logic - The Fed cut interest rates by 25 basis points and resumed expanding its balance sheet by buying $40 billion in short - term bonds monthly [2] - Las Vegas gambling revenue decline shows a consumption trend similar to the early warning signs before the 2008 financial crisis [2] - The US issued a new National Security Strategy, adjusting its economic relations with China and aiming to revive its economic autonomy [2] - The Fed's Beige Book shows increased K - type differentiation among consumers, with high - income consumers maintaining spending while middle - and low - income families cut back [2] - ADP employment data shows that private companies cut 32,000 jobs in November, the largest decline since March 2023, with small businesses being the hardest - hit [2] - Japan's 10 - year government bond yield reached 1.96%, the highest since July 2007 [2] - Morgan Stanley expects AI - driven investment to expand the credit market, with the total issuance of investment - grade bonds surging to $2.25 trillion [2] - Google aims to double AI computing power every six months and achieve a 1000 - fold increase in the next 4 - 5 years [2] - NVIDIA CEO Jensen Huang believes China will win the AI competition due to a more favorable regulatory environment and lower energy costs [2] - Morgan Stanley strategists estimate that at least $5 trillion is needed for the AI data center construction boom in the next five years [2] - US data center planned capacity has soared to 245 gigawatts, with a 45 - gigawatt increase in Q3 alone [2] - US retail sales in September increased only 0.2%, far below expectations, indicating a consumer spending cut [2] - Economists worry that large - scale corporate layoffs in the US are an economic warning signal [2] - The US's return to the Monroe Doctrine and global contraction will have a profound impact on major global assets, and the global economy is turning weak [2]

Core Insights - The rise of Generation Z is reshaping consumer preferences, emphasizing value for money and quality-price ratio, which are becoming mainstream trends in the market [1][2] - Companies need to continuously understand market demands and enhance their competitive edge to adapt to these changes [1] Consumer Trends - Consumers are increasingly focused on extreme cost-performance ratios and single-category champions, with many Chinese brands successfully creating standout products [2] - Emotional consumption is gaining traction, with consumers valuing the emotional connection to products [2] - Comfort marketing is essential, as brands must communicate their values from the consumer's perspective rather than imposing their own views [2] Value Recognition - Consumers are willing to pay for products they perceive as valuable, as illustrated by a personal anecdote regarding a product priced higher due to its unique context [2] - The concept of value recognition is crucial, as consumers have already established their own value positioning for products before making a purchase [2] Brand Strategies - Companies like Dayao Beverage are focusing on high-quality price-performance strategies, ensuring that consumers receive better quality for lower prices [3] - Product quality is a key focus, with strict raw material selection and innovative production processes to enhance consumer experience [3] - Scene-based marketing is vital, with brands optimizing product suitability for common consumption scenarios [3] Industry Innovation - The beverage industry is undergoing innovation through new processes that enhance consumer experiences, as seen with products like "Good Comfort" from Yuanqi Forest [4] - Companies are investing in new technologies and processes to meet rising consumer quality demands [4] - A culture of allowing trial and error is encouraged within companies to foster continuous innovation [4] Strategic Growth - Traditional companies like New Hope Group are exploring business innovations while remaining within familiar sectors to mitigate risks [5] - The focus on product innovation should be narrowed to meet specific consumer needs, rather than overwhelming the market with numerous SKUs [5] Future Market Trends - There is a growing market for functional products as consumer health awareness increases, alongside opportunities for industrializing native products [6] - Cross-industry innovation requires a comprehensive understanding of supply chains, organizational structures, and market dynamics [6]

中经记者 孙吉正 北京报道 2025年12月6日—7日，由知萌咨询机构主办的"2026消费趋势大会暨趋势创新大会"在北京丽都皇冠假日 酒店举办。 作为行业瞩目的年度消费风向标，陪伴中国消费市场成长十年的年度中国消费趋势报告如期而至，知萌 《中国消费趋势十年变迁史》和《2026中国消费趋势报告》（以下简称"报告"）在大会现场正式发布。 知萌报告的发布现场，汇聚了来自消费各领域的政策专家、趋势领军者、专家与创新趋势实践者，通过 24场前瞻演讲与4场跨界圆桌对话，将消费趋势精准映射至具体产业。内容紧密覆盖食品饮料、家电家 居、户外运动、商业零售、大健康、汽车、AI、文旅等十大关键行业，实现了从趋势前瞻洞察到行业 应用实战的全面贯通与落地探讨。 2026年十大消费趋势首发 在报告正式揭幕首发后，知萌咨询机构创始人兼CEO肖明超发表了《小周期里的大转向：十年变迁 ·2026消费趋势发布》主题演讲，对知萌所持续研究的十年消费趋势变迁和报告进行了深度解读。 通过对知萌十年消费趋势报告的提炼和挖掘。他指出，十年间，商业经历了一轮从"高速增长"向"高质 量增长"的换挡，一场"消费话语权"的代际迁移，一场"技术角色"的根本性跃迁 ...

高盛分析师警告，当前拉斯维加斯博彩收入下滑的消费趋势，与2008年金融危机前的早期预警信号高度相似。报告指出，尽管航空需求等部分领域仍显 坚韧，但若疲软态势在未来向航空业等更广泛领域扩散，可能迫使美联储考虑更积极的降息政策。 高盛分析师指出，目前的消费者支出环境正在发出早期预警信号，其特征与2008年金融危机前夕几乎如出一辙，拉斯维加斯的博彩收入再次成为衡量 经济周期的"领头羊"。 据由Lizzie Dove领导的高盛分析团队发布的报告，拉斯维加斯的消费趋势已经开始走低，这重现了当年经济衰退早期的疲软迹象。与此同时，尽管目 前的消费环境呈现 K型分化和双轨特征 ，但这一早期信号值得市场高度警惕。 高盛认为， 投资者应密切关注直至2026年初的消费趋势。 虽然目前航空业需求依然坚挺，但若后续该领域需求开始下滑，将是经济疲软范围扩大的明 确信号，这可能会迫使美联储主席鲍威尔对更多的降息持开放态度。 财政部长贝森特此前传达的信息显示， 针对工薪阶层消费者的利好因素预计将在第一季度某个时候开始显现。 与此同时，高盛的分析框架为识别消费 者压力在旅游休闲领域的传导路径提供了重要参考。 衰退周期的传导路径 高盛分析师Li ...