"过去4年最终消费对中国经济增长的平均贡献率达到56.2%，比'十三五'期间提高8.6个百分点。消费领 域新产品、新业态、新模式层出不穷。"国家发展改革委秘书长袁达近日在国新办举行的"高质量完 成'十四五'规划"系列主题新闻发布会上介绍。 与传统消费相比，新消费的核心在于"新"字，它可以是新的东西，也可以是在传统消费形式上的创新。 业内人士认为，每一代年轻人的喜好不同，表达个性、交友的方式也不同，由此催生了不同的消费需 求。新消费的崛起，是消费市场对品质、体验和个性化追求的结果。它不再局限于传统的消费模式，而 是通过技术创新和业态融合，创造出全新消费场景和体验。 申万宏源证券首席经济学家赵伟表示，近年来，消费需求侧对情绪价值的关注度提升。2024年消费者购 物"为了取悦自己""彰显个性"的消费动机占比，较2021年分别提升9个百分点和1个百分点。随着消费动 机的转变，具有"悦己"属性的消费市场规模实现较大增长，如谷子经济2024年市场规模达1689亿元，同 比增长40.6%。 "我妈经常说我这么大个人了怎么还成天买玩具、抽盲盒，其实我就是图一个开心。"今年29岁的王君颜 说，自己并不会刻意盯着产品上新，一般在 ...

Core Insights - The rise of new consumption in China is driven by changing consumer preferences, focusing on quality, experience, and personalization, moving beyond traditional consumption models [1][7] - Emotional value in consumption has gained importance, with consumers increasingly purchasing for self-pleasure and individual expression [2][3] - The market for emotional consumption is expanding significantly, with the "Guzi economy" projected to reach 168.9 billion yuan in 2024, reflecting a 40.6% year-on-year growth [2] Industry Trends - The new consumption landscape is characterized by a shift from mass consumption to personalized consumption, with consumers willing to pay for quality and unique experiences [7][8] - The "Z generation" is driving this trend, emphasizing the importance of emotional value and quality-price ratio in their purchasing decisions [7] - The market for trendy toys, including blind boxes and collectibles, has become a hot investment area, showcasing strong IP operation capabilities and innovative business models [4][8] Company Performance - Pop Mart, a leader in the trendy toy sector, reported a revenue increase of 165% to 170% year-on-year for Q1 2025, with domestic revenue up 95% to 100% and overseas revenue soaring by 475% to 480% [4] - Lao Pu Gold, a major player in the gold jewelry market, achieved a sales performance of approximately 9.8 billion yuan in 2024, marking a 166% increase, and a net profit of about 1.47 billion yuan, up 254% [5] - Mixue Ice City, a popular tea brand, saw its stock price rise by 43.21% on its debut, reflecting its strong market presence with 46,479 stores globally and a retail revenue of 58.3 billion yuan in 2024 [6] Market Outlook - The new consumption sector is expected to continue growing, with significant opportunities in emotional consumption, the silver economy, and AI-driven consumer experiences [8] - The Chinese market is on track to become the largest consumer market globally, supported by rising incomes and enhanced consumer demand [8]

体验城市空中跳伞、到离境退税商店"扫货"、打卡影视剧取景地同款照片……近年来，新消费热度攀升， 催生出更多跨领域、跨场景的新消费业态，带动辖区消费持续增长。数据统计显示，2025年上半年重庆两 江新区直管区社会消费品零售总额（简称"社零"）超过790亿元，同比增长7.4％。 值得一提的是，情绪消费正在成为驱动消费市场增长的新引擎。近年来，潮玩经济、文旅经济等多个垂直 细分领域逐步进入大众市场，占领一席之地。光环购物公园联名"荒野之国"IP打造的消费新场景，开放首 日拉动了20％的客流增长。重庆欢乐谷举办国潮文化节，将游戏IP与文化旅游深度融合，联动《王者荣 耀》《百事X黑神话悟空》《葫芦娃》IP打造沉浸式体验街区，让游客成为主角，冲进重庆热门景区前 五。 在潮玩经济带动下，泡泡玛特、卡皮巴拉等品牌快闪西南首站活动相继来到重庆，点燃了潮玩爱好者的热 情。"我今天拿下了隐藏款。"来自贵州的夏琝琳逛了一圈下来特别开心。她说，在线下举办的快闪活动 上，有机会选到心仪的全款式盲盒及周边产品，让人心情特别愉悦。 "荒野之国"全国巡展首站在光环购物公园举办。张玮真 摄 两江新区汽车直播狂欢节上，问界汽车体验顾问张均丽正在进 ...

Core Insights - The new consumption trend is driven by emotional consumption, which is becoming a significant growth engine for the market [1][4] - The retail sales of consumer goods in the Liangjiang New Area are projected to exceed 79 billion yuan in the first half of 2025, reflecting a year-on-year growth of 7.4% [1] - The emotional consumption market in China is expected to surpass 2 trillion yuan by 2025, indicating its role in consumption upgrades [4] Group 1: New Consumption Trends - Emotional consumption is emerging as a key driver for market growth, with sectors like trendy toys and cultural tourism gaining popularity [1][4] - The integration of cultural and gaming elements in consumer experiences, such as the "Wilderness Country" exhibition and the National Trend Culture Festival, has led to a 20% increase in foot traffic at venues [3] - The rise of trendy toy brands and pop-up events in Chongqing has sparked enthusiasm among consumers, enhancing their shopping experience [3] Group 2: Supply Side Innovations - The supply side is adapting to meet diverse consumer needs, leading to the emergence of new consumption formats across various sectors [5] - The automotive industry in Chongqing is evolving by incorporating online sales platforms and immersive shopping experiences, such as live-streaming events [5] - The pet economy is also expanding, with new pet-friendly dining options and activities being introduced to attract pet owners [7] Group 3: Local Brand Development - Local brands in the food and beverage sector are leveraging emotional consumption trends, with innovative products gaining traction on social media [7] - The Liangjiang New Area aims to enhance its service industry by focusing on digitalization, branding, and creating innovative consumption scenarios [7]

体验城市空中跳伞、 到离境退税商店"扫货"、 打卡影视剧取景地同款照片...... 近年来，新消费热度攀升，催生出更多跨领域、跨场景的新消费业态，带动辖区消费持续增长。数据统计显示，2025 年上半年两江新区直管区社会消费品零售总额（简称：社零）超790亿元，同比增长7.4％。 以情绪消费为消费增长引擎 情绪消费正在成为驱动消费市场增长的新引擎。近年来，潮玩经济、文旅经济等多个垂直细分领域逐步进入大众市 场，占领一席之地。 ▲"荒野之国"全国巡展首站在重庆光环购物公园。张玮真 摄 "在山城感受云南的'荒野之国'，这确实很酷。"光环购物公园联名荒野之国IP打造的消费新场景，开放首日拉动了 20％的客流增长。重庆欢乐谷举办国潮文化节，将游戏IP与文化旅游深度融合，联动《王者荣耀》《百事X黑神话悟 空》《葫芦娃》IP打造沉浸式体验街区，让游客成为主角，冲进重庆热门景区前五。 重庆欢乐谷相关负责人表示，"文旅＋游戏"跨界融合，不仅可以通过开发服装、道具和游戏机制等多种形式，打造实 景剧本游戏和沉浸式体验项目，丰富旅游者的消费体验，还可以通过数字化文旅场景建设，推出游戏IP周边产品，带 给游客或游戏用户崭新的旅游消费体 ...

Core Viewpoint - The article discusses the rise of the "emotional economy," where consumers are increasingly spending on products and services that provide emotional satisfaction and psychological compensation, particularly in response to societal pressures and anxieties [4][9]. Group 1: Emotional Consumption Trends - Emotional consumption, defined as the behavior of consumers seeking emotional satisfaction through purchases, has seen a compound annual growth rate of 12% since 2013, with projections indicating the market will exceed 2 trillion yuan by 2025 [5]. - A survey revealed that 64.6% of respondents aged 18-65 prioritize spiritual consumption, with 48.9% seeking dedicated time for relaxation each week [5]. - The current emotional economy is characterized by a demand for low-cost, quick-acting emotional relief products, which include everything from blind boxes to virtual companionship services [4][5]. Group 2: Psychological and Sociological Perspectives - From a psychological perspective, emotional consumption is linked to anxiety and loneliness, with consumers using it as a strategy for emotional management [12]. - Sociologically, emotional consumption products serve as symbols of social capital, helping individuals construct idealized identities in a digital context [12]. - The economic perspective categorizes emotional consumption as an "escape experience," where consumers seek temporary relief from real-life pressures [13]. Group 3: Market Dynamics and Consumer Behavior - The emotional economy is rapidly growing, with brands like LABUBU experiencing explosive growth due to their ability to resonate with consumers' feelings of imperfection and anxiety [17]. - Consumers are increasingly motivated by identity performance and social currency, with purchases serving as a means to express individuality and align with current trends [18][20]. - The article highlights a shift in consumer behavior where emotional value is quantified, leading to a transactional view of relationships and experiences [25][26]. Group 4: Challenges and Reflections - The article raises concerns about the implications of emotional consumption, questioning whether it leads to genuine emotional fulfillment or merely masks deeper issues [24][27]. - It suggests that while consumers seek immediate emotional gratification, there is a risk of emotional emptiness and a decline in meaningful connections [27]. - The narrative around love and relationships is evolving, with emotional value becoming a key factor in personal connections, potentially leading to superficial interactions [25][26].

专家和相关报告指出，年轻消费群体对"悦己"和"价值认同"的追求，正催生一个潜力巨大的市场，预计 2025年中国"情绪消费"规模将突破2万亿元。 情绪带动：消费市场活力迸发 正值盛夏，消费市场被一股"情绪"力量点燃。从上海动漫嘉年华吸引40万年轻人引爆二次元消费，到江 苏"苏超"赛事让球迷与食客共享"龙虾加油"的烟火气，以情感共鸣、兴趣满足为核心的"情绪经济"正从 消费新现象跃升为驱动增长的新引擎。 7月11日至13日，BiliBili World 2025（以下简称"BW2025"）在位于上海的国家会展中心举行，短短三 天，这场动漫展吸引40万人次到访，刷新多项"次元"纪录。展会期间，167家全球展商、近800台"痛 车"、超3万名角色扮演者，以及来自20多个国家及地区的40万人次参展，较2024年同期增加了15万人 次。凭护照购票的用户数占比也首次达到13%。 大批年轻人因为动漫展奔赴上海，带动机票、火车票、酒店等旅游订单激增以外，二次元文化也正突 破"次元壁"，有效激活了当地吃喝玩乐消费。美团旅行数据显示，动漫展举办当周，上海文旅预订增速 环比上涨35%，各地来沪机票预订量同比上涨近50%。 在江苏，"情 ...

Group 1 - The core idea of the article revolves around the shift in consumer behavior from traditional value-for-money considerations to a focus on "emotional value" in purchasing decisions [2][5][10] - Younger consumers are increasingly willing to spend on experiences and products that provide emotional resonance, indicating a change in the underlying motivations for consumption [3][9][12] - The concept of "emotional consumption" is framed as a necessary aspect of modern life, addressing emotional needs rather than just practical ones [4][10][25] Group 2 - The evolution of media from text-based platforms to short videos reflects a broader trend towards valuing emotional satisfaction over logical reasoning in consumer behavior [7][11] - Interviews with young consumers reveal a pattern of spending less on everyday items while allocating more funds to emotional experiences, such as concerts [8][9] - The distinction between functional consumption and emotional consumption highlights the growing importance of internal emotional needs in purchasing decisions [10][12] Group 3 - The role of social media and influencers in shaping consumer behavior is significant, as trends often emerge from elite endorsements that are then followed by the middle class and replicated by the masses [14][15][16] - Emotional value can lead to products being priced above their practical utility, as seen in luxury goods that provide a sense of identity and status [25] - The relationship between consumers and influencers is characterized by a blend of authenticity and performance, where emotional connections drive commercial value [20][22] Group 4 - The impact of algorithms and platform dynamics on consumer emotions is nuanced, with algorithms reflecting user sentiments rather than creating them [23][24] - The rise of AI companionship and new technologies may fill emotional voids in society, but their effectiveness will depend on existing social structures and emotional needs [27][28]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The report highlights the strong performance of domestic brands in the skincare and cosmetics sectors on platforms like Douyin, with significant market share gains [5][25][28] - The report emphasizes the importance of emotional consumption trends driving growth in various retail segments, particularly in jewelry, cosmetics, and offline retail [30][31] Summary by Sections Retail Market Overview - The retail industry index decreased by 2.22% during the week of July 28 to August 1, 2025, underperforming the Shanghai Composite Index by 1.28 percentage points [7][14] - The professional chain segment showed the largest increase among retail sub-sectors, while the jewelry sector led the year-to-date performance with a 25.38% increase [17][20] Key Industry Dynamics - In July, Douyin's skincare brand Han Shu ranked first, with domestic brands occupying 15 out of the top 20 spots in the skincare category [25][28] - The cosmetics sector also saw domestic brands excel, with 19 out of the top 20 positions in the makeup category, driven by cushion products and other high-demand items [28][29] Investment Recommendations - Investment focus areas include: - **Jewelry**: Recommend brands with differentiated product offerings like Laopuhuang and Chaohongji [30][33] - **Offline Retail**: Highlight companies like Yonghui Supermarket and Aiyingshi that are adapting to consumer trends [30][31] - **Cosmetics**: Emphasize domestic brands with strong market positions such as Maogeping and Pola [31][32] - **Medical Aesthetics**: Focus on companies with unique product lines like Aimeike and Kedi-B [31][32] Company-Specific Insights - **Laopuhuang**: Achieved revenue of 8.506 billion yuan (+167.5%) and a net profit of 1.473 billion yuan (+253.9%) in FY2024, with strong growth expected in H1 2025 [32] - **Yonghui Supermarket**: Reported a revenue of 17.479 billion yuan (-19.3%) and a net profit of 148 million yuan (-80.0%) in Q1 2025, with ongoing transformation efforts [32] - **Maogeping**: Recorded a revenue of 3.885 billion yuan (+34.6%) and a net profit of 881 million yuan (+33.0%) in FY2024, indicating strong brand momentum [32]

Core Viewpoint - The rapid development of AI has transformed it from a mere tool into an "accompaniment" that provides emotional value, leading to a reflection on whether this algorithmic understanding and companionship is genuine or merely a calculated psychological feeding [2][3][4]. Group 1: Emotional Value of AI - AI is increasingly taking on roles of emotional companionship, providing comfort and understanding during times of loneliness, anxiety, or confusion [3][4]. - The ability of AI to provide emotional value relies on two key aspects: the training models and the operational platform logic [4][5]. - AI's emotional insights are enhanced through user interaction analysis, allowing it to deliver tailored emotional responses [5][6]. Group 2: Dependency and Passive Acceptance - The interaction with AI creates a high-response relationship, leading to a sense of being spoiled and potentially resulting in emotional addiction [9][10]. - AI's involvement in knowledge production and decision-making can lead to a passive acceptance of its capabilities, diminishing human critical thinking and creativity [11][12]. - As AI takes over more cognitive tasks, individuals may lose their motivation to think independently, leading to a decline in their problem-solving abilities [11][15]. Group 3: Social Degradation - The rise of virtual connections through AI can lead to a breakdown of real human relationships, as individuals may prefer the conflict-free interactions with AI over the complexities of human relationships [12][13]. - AI interactions create a one-sided projection of self, eliminating the necessary social friction that fosters self-reflection and personal growth [13][14]. - The reliance on AI for emotional support can obscure the importance of real human connections, leading to a loss of social skills and the ability to navigate interpersonal conflicts [12][14]. Group 4: Reversal of Tool and Humanity - AI, originally designed to empower humans, risks reversing the power dynamic, making humans dependent on AI for emotional and cognitive functions [15][16]. - The danger lies not in AI's capabilities but in the human tendency to become complacent and reliant on AI, leading to a decline in self-actualization and personal growth [15][16]. Group 5: Re-establishing Boundaries - There is a need to redefine the perception of AI as a tool rather than a source of wisdom, emphasizing its role in enhancing human capabilities without replacing them [17][18]. - It is crucial to maintain human cognitive functions and not outsource thinking to AI, especially in creative and critical areas [19][20]. - Establishing regulatory boundaries around the use of emotional data is essential to prevent manipulation and dependency on AI [22][23].