Group 1 - Consumption is a key driver of economic growth in China, with a focus on enhancing consumer capacity and improving consumption conditions to fully unleash consumption potential [2] - The transformation of the consumption market is shifting from "quantitative expansion" to "qualitative improvement," showcasing the resilience and vitality of the Chinese economy [2] Group 2 - The "Night Tour Jinjiang" MR digital boat project in Chengdu utilizes mixed reality technology to enhance the cultural tourism experience, allowing visitors to interact with historical figures and environments [4][6] - The project has attracted approximately 2 million visitors and generated around 19.8 million yuan in revenue in the first half of 2025 [8] Group 3 - The "Not in Bookstore" in Xiamen has transformed from a traditional bookstore into a social and emotional consumption space, offering various activities that connect people and enhance the reading experience [11][12] - The bookstore's success reflects a broader trend of emotional consumption among young people, as they seek spaces for relaxation and social interaction [12] Group 4 - In Yanji, the coffee industry has seen significant growth, with over 900 coffee businesses established, integrating local specialties into product development [18][21] - The local government supports the coffee industry by promoting collaboration among businesses and enhancing the cultural and tourism aspects of coffee consumption [23]

Core Insights - The home furnishing industry is experiencing a contraction, with soft furniture seeking growth through international markets, while custom furniture struggles in a price war. Only Iole Home has achieved revenue and profit growth in the first half of the year, indicating a shift towards high-end design and emotional consumption [2][8]. Group 1: Market Trends - The rise of pet-customized home products is becoming a significant trend, with companies integrating pet spaces into home designs, reflecting a shift from functionality to emotional value [2][5]. - The pet economy is expanding, with the urban pet population in China expected to exceed 120 million by 2024, and the market size projected to reach 404.2 billion yuan by 2027, growing at a compound annual growth rate of approximately 9.9% [5]. Group 2: Company Strategies - Iole Home has strategically exited low-price competition and focused on high-end offerings, which CEO Wang Chunjun considers one of the company's best strategic decisions [2][8]. - The company has launched several high-end series, including the Stockholm Pro series, designed specifically for pet owners, emphasizing the integration of pet needs into home design [5][8]. - Iole Home reported a revenue of 669 million yuan in the first half of the year, a 1.8% increase year-on-year, and a net profit of 92.31 million yuan, reflecting a 103.18% increase, attributed to its competitive edge in mid-to-high-end brand differentiation [8][10].

Group 1 - The core viewpoint highlights the significant growth of China's tourism market, with domestic travel reaching 3.285 billion trips in the first half of the year, representing a year-on-year increase of 20.6% [1] - The integration of new technologies such as AI, virtual reality, and 3D displays is enhancing the tourism experience, making it more interactive and engaging for visitors [3][5] - The trend towards "smart tourism" is expected to account for over one-third of the tourism economy by the end of the year, indicating a shift in consumer preferences towards more immersive and emotionally fulfilling travel experiences [7] Group 2 - There is a growing preference among tourists for slow-paced vacations that emphasize emotional value, such as enjoying nature and relaxation, which is becoming a new choice for travelers [7][9] - The popularity of "emotion + tourism" products, such as scenic coffee shops and unique leisure activities, reflects a shift in consumer behavior towards experiences that promote relaxation and well-being [9][11] - The demand for composite tourism products that combine scenery, culture, and experience is rising, with searches for unique experiences like watching the sunrise from a hotel bed or enjoying stargazing from a hot spring significantly increasing [11][13]

Core Insights - Sushi Lang has gained immense popularity in China, being referred to as the "Luckin Coffee of Japanese cuisine" due to its affordable pricing and social media presence [1][4][19] Group 1: Market Performance - Sushi Lang's parent company, FOOD & LIFE Companies (F&LC), reported a revenue of 313.15 billion yen for the first nine months of the 2025 fiscal year, marking an 18.3% year-on-year increase [4] - Operating profit surged by 68.4% to 29.2 billion yen, with international business revenue growing by 41.2% and segment profit skyrocketing by 118.9% [4] - F&LC's market capitalization surpassed 1 trillion yen in mid-August, making it the second Japanese restaurant company to reach this milestone, with a stock price increase of 204% over the past year [4] Group 2: Consumer Engagement - Sushi Lang has opened 65 stores across 13 cities in mainland China, with Guangzhou having the highest number at 18 stores [6] - The brand's pricing strategy includes sushi priced between 10 to 28 yuan, with limited-time offers starting at 8 yuan, appealing to young consumers [9] - The dining experience is gamified, with rewards and interactive elements that resonate with younger audiences, including collaborations with popular IPs [9][10] Group 3: Operational Strategy - Sushi Lang employs technology to minimize waste, with each sushi plate equipped with a chip that ensures freshness by automatically discarding items after traveling over 350 meters [10] - The brand has a strong social media presence, with over 1.2 million followers on Xiaohongshu and significant engagement on Douyin, contributing to its viral marketing success [12] Group 4: Competitive Landscape - The affordable sushi market is becoming increasingly competitive, with rivals like Hamazushi and Genki Sushi launching similar low-priced offerings [16][19] - Despite its rapid growth, Sushi Lang faces challenges in expansion, having closed three stores in 2024 and falling short of its overseas store opening targets [16] Group 5: Consumer Trust Issues - Ongoing concerns regarding food safety and the impact of Japan's nuclear wastewater discharge on consumer confidence in Japanese cuisine pose risks to Sushi Lang's brand reputation [19][20]

Core Insights - The article emphasizes the transition of China's economic model from an "investment-export" driven approach to a focus on domestic consumption, driven by the vast potential of its 1.4 billion population [1][4][6]. Group 1: Economic Transition - The shift in China's economic development goals is moving from GDP accumulation to enhancing quality of life, happiness, and security [4]. - The "new consumption" model encompasses various forms of consumption, including physical, service, digital, and emotional consumption, becoming a cornerstone for stable economic growth [3][4]. Group 2: Technological and Policy Drivers - The integration of new infrastructure such as mobile internet and logistics networks is bridging the consumption gap between urban and rural areas, promoting "consumption equality" [5]. - The government aims to establish a dual circulation economic model, enhancing domestic consumption as a key driver while facilitating urban-rural connectivity [7]. Group 3: Emerging Consumer Demographics - New consumer groups in rural areas, including "small-town youth," "silver-haired population," and "new farmers," are reshaping the consumption landscape [8]. Group 4: Emotional Capital in Consumption - Emotional capital, defined as identifiable and measurable cultural and social values, is crucial for enhancing county-level consumption [9]. - Emotional consumption can transform counties from value output points to value retention and creation hubs, fostering local economic growth [10]. Group 5: Consumption Types and Trends - Green and health-oriented consumption reflects a shift towards high-quality living, driven by consumer demand for safety and sustainability [13]. - Cultural and tourism experiences are becoming significant economic drivers, transforming local heritage into economic value through immersive experiences [14]. - The aging population is creating a demand for health and wellness services, establishing a new industry focused on elder care and social connection [15]. - Digital services are emerging as a new market, enhancing local living standards and providing access to urban resources [16]. Group 6: Strategic Framework for Development - A shift in development philosophy is necessary, prioritizing emotional consumption and creating a clear "emotional consumption map" for counties [18]. - Upgrading supply chains to foster emotional consumption market entities and creating distinctive emotional experiences are essential for enhancing local economic appeal [20]. - Improving infrastructure and regulatory environments will support the growth of emotional consumption, ensuring a safe and attractive market for residents and visitors [21]. - Innovative governance models are needed to foster a collaborative ecosystem for emotional consumption, encouraging community involvement and market innovation [22].

Core Insights - The rise of tea hotpot has created significant queues in major cities like Beijing, Shanghai, and Wuhan, with some restaurants experiencing wait times of up to three hours [1][3] - The tea hotpot trend is characterized by a blend of traditional hotpot elements with innovative tea-infused broths, appealing to younger consumers seeking new dining experiences [4][10] Group 1: Market Trends - Tea hotpot has gained popularity in various cities, with brands like Hu Tea House and Qingting Hotpot leading the charge, often resulting in queues of over 200 tables on weekdays and nearly 600 on weekends [1][3] - Established hotpot chains are also entering the tea hotpot market, with new offerings like "Longjing Tea Hotpot" and "Spring Tea Hotpot" [3][4] Group 2: Consumer Preferences - The evolution of tea hotpot aligns with consumer demands for freshness and health, as the combination of tea and hotpot addresses the traditional concerns of greasy and heavy meals [10][12] - The trend reflects a broader shift towards experiential dining, where consumers are willing to pay for unique and visually appealing food presentations [5][15] Group 3: Industry Challenges - The hotpot industry is currently facing intense competition, with a reported net decrease of 27,126 hotpot outlets in the past year, indicating a challenging market environment [13][14] - Despite the innovative appeal of tea hotpot, the market remains limited, and brands may struggle to achieve large-scale success due to high competition and cost pressures [17][18]

Core Insights - The report highlights that "emotional value" has become a core necessity in the spiritual lives of young people by 2025, driven by the rise of emotional consumption among the youth [1] - The findings are based on a survey conducted by Soul App, which collected 2,338 valid responses, with approximately 70% of respondents being from Generation Z (post-1995 and post-2000) [3] Emotional Consumption Trends - Over 90% of young people recognize "emotional value," with many having experiences of paying for it, and nearly 40% are frequent consumers [3][4] - The average monthly expenditure on emotional consumption is 949 yuan, with 18.1% of youth willing to spend over 2,000 yuan monthly [4] Motivations and Preferences - The primary motivations for young people to pay for emotional value are "emotional tuning" and "gaining understanding and recognition," with women favoring self-rewarding consumption and men seeking understanding through consumption [6] - The top five categories of emotional consumption include physical goods (40.7%), experiential consumption (39.4%), social relationship consumption (28.1%), digital consumption (27.7%), and co-branded/IP-related consumption (24.9%) [6] Age-Related Consumption Patterns - Younger groups are more inclined to pay for social relationships and digital consumption, with the highest average spending in these categories observed among those aged 18-20 and 21-25, respectively [7] - Significant growth in interest for "AI companionship" and "digital avatars" has been noted, with post volumes and search volumes increasing dramatically on the Soul platform [7] Consumption Timing and Psychological Aspects - More than half of young people exhibit regular consumption patterns, with peak times occurring after 10 PM and during work breaks [9] - Emotional consumption serves dual purposes: 48.4% engage in it for emotional stability, while 34.9% do so to celebrate happiness [10] - The report indicates a shift towards a more rational and mature perspective on emotional consumption among young people, emphasizing the importance of diverse social networks for long-term emotional health [10]

每经记者｜石普宁 每经编辑｜唐元 在成都做"潮玩"，是一种怎样的体验？工作地点位于浣花溪畔的她，或许给了我们一个参考答案。 作为黑玩HEYONE（下称"黑玩"）IP品牌部的负责人，Yuki在这里找到了让无数打工人羡慕的工作与生活的平衡。她的工作节奏"紧凑，但不慌张"——从容 的掌控感和成都的烟火气，共同融入日常。 从北京到成都，Yuki有了更多属于自己的"六点后时光"。"以前回到家基本就是吃饭、刷手机、睡觉，我当时真的不知道，晚上六点以后，生活应该是什么 样子的。"她回忆道。 从被工作填满的惯性中"抽离"出来，Yuki放弃了北京头部潮玩公司的工作，来到成都，她的理由有两个：一是与成都的"契合"，二是与黑玩的"邂逅"。 图片来源：受访者供图 潮玩IP的"翻译官"：捕捉社会情绪 "其实大家可能很少有机会，能看到我们全系列的IP和产品。"站在布展现场，Yuki不时侧身为来来往往的同事腾出位置。 对于大众而言，潮玩很"火"，是一个能提供"情绪价值"的物品。而实际上，这门生意的内核，远比"贩卖情绪"要复杂得多。 "我们更像一个'翻译官'。"Yuki这样定义自己的角色。 这项"翻译"工作，始于对社会情绪的捕捉。比如，当设 ...

Core Insights - The article discusses the rise of emotional consumption among young consumers in China, highlighting how purchases are increasingly driven by emotional value rather than just functional needs [10][21] - The emotional economy is projected to grow significantly, with estimates suggesting it will reach 23,077.67 billion yuan in 2024 and exceed 45,000 billion yuan by 2029 [10] Group 1: Pet Economy - The pet economy has evolved from merely "keeping pets" to "emotionally nurturing" them, with many pet owners viewing their pets as family members [13][15] - Pet-friendly environments are becoming more common in shopping centers, with amenities like pet parks and cafes designed to cater to pet owners' emotional needs [11][12] - The willingness to spend on pets has increased, with services ranging from custom clothing to elaborate memorial services, reflecting a shift towards emotional companionship [14] Group 2: Trend of Blind Boxes - The popularity of blind boxes, particularly from brands like Pop Mart, illustrates a shift from buying toys to purchasing happiness, with consumers seeking emotional fulfillment through collectibles [16][18] - The sales performance of Pop Mart's store in Zhengzhou is notable, achieving annual sales of 20 million yuan, indicating strong consumer interest in emotional products [16] - The trend is supported by collaborations with popular IPs and themed events, enhancing the emotional experience associated with purchases [17] Group 3: Electronic Pets - The emergence of AI-powered electronic pets represents a new frontier in emotional consumption, with products like "萌UU" providing companionship and emotional support [19][20] - The market for AI toys is rapidly expanding, with sales increasing significantly, indicating a growing consumer preference for intelligent companionship [19] - The demand for emotional value is shifting from passive acceptance to active creation, suggesting a future where emotional consumption will dominate spending [20]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a shift towards emotional consumption, with brands that possess differentiated product capabilities and deep consumer insights gaining traction [31] - The report highlights the strong performance of the jewelry sector, particularly in high-end and fashion segments, driven by consumer preferences and innovative marketing strategies [31][39] Summary by Sections Retail Market Overview - The retail index closed at 2384.72 points, down 0.51% for the week, outperforming the Shanghai Composite Index, which fell 1.30% [6][13] - Year-to-date, the retail index has increased by 6.51%, lagging behind the Shanghai Composite Index's 13.97% rise [13][15] Key Industry Dynamics - The report emphasizes the successful autumn ordering meeting of Chao Hong Ji, showcasing strong demand for new products rooted in traditional craftsmanship and innovative designs [25][26] - The jewelry sector, particularly the high-end and fashion categories, is benefiting from emotional consumption trends, with brands like Lao Pu Gold and Chao Hong Ji recommended for investment [31][39] Company Performance Highlights - Lao Pu Gold reported a revenue of 12.354 billion yuan for H1 2025, a 250.9% increase year-on-year, with a net profit of 2.268 billion yuan, up 285.8% [33][36] - Chao Hong Ji achieved a revenue of 4.102 billion yuan in H1 2025, reflecting a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [39][40] - The report also highlights the performance of other companies such as Mao Ge Ping and Ru Ben, which are experiencing significant growth in the cosmetics sector [32][42] Investment Recommendations - The report suggests focusing on high-quality companies in the emotional consumption theme, particularly in the jewelry and cosmetics sectors, with specific recommendations for Lao Pu Gold, Chao Hong Ji, and Mao Ge Ping [7][31][32]