Core Viewpoint - The article discusses the rising popularity of "pain gold" (痛金) in the gold market, particularly among younger consumers, as a form of emotional consumption that combines investment and personal expression [1][2][6]. Group 1: Market Trends - The upcoming "Qixi" festival marks a traditional peak season for gold consumption, with the market maintaining a certain level of activity despite consumers becoming more cautious [1][9]. - "Pain gold" has gained significant traction, with related jewelry becoming bestsellers, reflecting a shift in consumer preferences towards products that offer both emotional value and investment potential [1][5][6]. - The browsing volume for "pain gold" topics on social media has surpassed one million, indicating strong interest and engagement from consumers [5]. Group 2: Consumer Behavior - Young consumers, particularly those aged 18 to 24, show a high ownership rate of gold jewelry at 62%, a significant increase from 37% in 2019, highlighting a growing trend in gold consumption among this demographic [6]. - Consumers are increasingly cautious, waiting for gold prices to drop before making purchases, and showing a preference for lower-cost products like gold beans and small gold bars due to their lower processing fees [9][11]. - The pricing strategy for "pain gold" varies significantly, with many items priced per piece rather than by weight, often leading to higher prices due to design premiums and copyright costs [5][6]. Group 3: Industry Response - Major gold brands are launching promotional activities and new product lines to attract younger consumers, with collaborations with popular IPs in anime and gaming becoming a key strategy for growth [5][6]. - Despite high international gold prices, which have remained stable for four months, demand for lightweight, high-design jewelry continues to thrive, contributing positively to the profitability of retailers [11]. - Analysts suggest that while "pain gold" can yield significant short-term profits, companies should focus on building stable emotional connections with consumers to ensure long-term success [6].

Core Insights - The rise of "pet rap" reflects a trend where pet owners project their social pressures onto their pets, using anthropomorphism to address emotional deficiencies [1][3] - The "pet economy" is expanding as owners increasingly invest in their pets, driven by anxiety and a desire to provide better living conditions for their pets [3][4] Industry Trends - The trend of anthropomorphism is particularly evident in summer, where pet owners are willing to spend on cooling products and services to protect their pets from heat [4][7] - Over 70% of pet owners reported taking extra cooling measures for their pets during summer, indicating a strong willingness to spend on pet care [4] - The pet consumption market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [4] Product and Service Development - The market for pet cooling products has diversified, ranging from affordable ice mats to high-end pet air conditioners, catering to various consumer needs [8][10] - Basic cooling products like ice silk mats and gel pads have seen a 230% increase in sales, while high-end items like smart temperature-controlled pet beds are in high demand [10] - Summer services such as pet ice baths and cooling SPAs are also gaining popularity, with some services fully booked weeks in advance [11][13] Market Dynamics - The pet cooling market is expected to exceed 5 billion yuan in the next three years, reflecting a growing emphasis on pet quality of life [13] - However, there are concerns about irrational consumption patterns emerging from the emotional attachment of pet owners, suggesting a need for a shift from emotional to rational spending [13][16] - The industry is encouraged to focus on practical products that meet actual pet health needs rather than succumbing to trends driven by anxiety [18]

Core Insights - The pet economy in China is experiencing strong growth, with the market size expected to reach 8,114 billion yuan by 2025, driven by emotional consumption rather than just functional needs [26][27] - The trend of traveling with pets is becoming mainstream, with airlines and high-speed rail services expanding their pet-friendly offerings [5][8] Industry Developments - Eight airlines, including China Southern Airlines and China Eastern Airlines, have upgraded their "pet in cabin" services, allowing passengers to travel with pets in the cabin [5][7] - High-speed rail pet transportation services have expanded to cover 25 stations and 38 train routes, indicating a growing acceptance of pets in travel [8] Consumer Trends - A new type of hotel featuring "pet companionship" services is gaining popularity, allowing guests to stay with their pets and offering unique experiences [10] - Smart pet care devices are increasingly seen as necessities, with significant growth in demand for products like smart litter boxes and health monitoring collars [11][20] Market Growth - The pet market in China is projected to grow to 7,013 billion yuan in 2024, reflecting an 18.3% increase from the previous year [26] - The emotional connection between pet owners and their pets is becoming a key driver of market growth, with 61.5% of users willing to pay for their pets' emotional well-being [20][27] Product Innovations - Innovative products such as smart pet dryers and automatic feeding devices are seeing high demand, with some products experiencing over 40% sales growth in international markets [22][24] - The trend towards smart and personalized pet products is reshaping the pet care landscape, indicating a shift towards more sophisticated consumer preferences [26][27]

Core Insights - The rise of "Otome" games, designed for female players, reflects a significant shift in the gaming industry, driven by emotional consumption and a growing market for female-oriented content [2][19][20] - Players are increasingly investing substantial amounts of money in these games, with some individuals spending over 160,000 RMB, indicating a trend towards high emotional investment and consumer behavior [1][3][6] - The market for Otome games is expanding rapidly, with the female gaming market in China reaching 8 billion RMB in 2024, a 124.1% increase year-on-year, highlighting the growing influence of female gamers [6][19] Group 1: Emotional Consumption - Players are willing to spend large sums on in-game purchases and related merchandise, driven by emotional connections to characters and narratives [1][3][19] - The concept of "emotional consumption" is emerging, where players seek fulfillment and identity through their virtual relationships, reflecting deeper societal trends among women [20][23] - The Otome game market is evolving from a niche to a mainstream segment, with major companies like Tencent and NetEase entering the space, indicating its commercial viability [4][19] Group 2: Market Dynamics - The total revenue for popular Otome games like "Love and Deep Space" reached approximately 5.87 billion RMB in 2024, outperforming other well-known titles [5][6] - The number of female gamers in China has surpassed 300 million, accounting for nearly half of the total gaming population, with a significant portion engaged in Otome and related genres [6][19] - The rise of "Guzai" (merchandise) consumption, where players purchase character-related products, is contributing to a robust secondary market, further enhancing the emotional connection to the games [8][9] Group 3: Emerging Services - New service industries, such as "Cosplay commissions" and "Dream manuscript" artists, are developing around the emotional needs of players, providing personalized experiences that deepen engagement [10][13] - The "Dream Girl" service industry is gaining traction, where players can hire individuals to embody their favorite characters, reflecting a unique intersection of gaming and real-world interaction [10][12] - Traditional retail spaces are adapting to this trend by creating immersive experiences centered around Otome game IPs, enhancing customer engagement and driving foot traffic [15][18] Group 4: Cultural Impact - The phenomenon of Otome games is reshaping cultural narratives around female identity and emotional expression, as these games provide a safe space for exploring relationships and self-worth [19][20][23] - The emotional investment in these games is not merely a financial transaction but a reflection of broader societal issues, including relationship anxieties and the search for identity among young women [20][23] - The industry is urged to balance commercial interests with social responsibility, ensuring that the emotional needs of players are met without fostering dependency on virtual relationships [23]

Core Insights - The Chinese潮玩 (trendy toy) market has experienced explosive growth, with market value increasing from 6.3 billion yuan in 2015 to 60 billion yuan in 2023, and projected to reach 110.1 billion yuan by 2026 [2][3] - The rise of Labubu has significantly influenced the潮玩 industry, attracting more consumers and capital, while also leading to increased competition among brands [2][3][4] - The潮玩 market is characterized by a shift from materialistic consumption to emotional and social value, with consumers seeking identity recognition and emotional connection through潮玩 products [1][4] Market Dynamics - The潮玩 market is becoming increasingly crowded, with new brands emerging and competition intensifying as established players like泡泡玛特 dominate [2][4] - The top five潮玩 IP companies hold only 20.8% of the market share, indicating a fragmented industry with no clear monopoly [4][5] - The trend of emotional connection and companionship is becoming central to潮玩 design, with companies focusing on creating relatable and emotionally resonant IPs [5][6] Investment and Mergers - Significant mergers and acquisitions have occurred in the潮玩 sector, including量子之歌 acquiring 61% of Letsvan and万达电影 investing 144 million yuan in 52TOYS [3][4] - The influx of capital and interest in潮玩 is expected to drive further industry development, although it may also lead to resource concentration on popular IPs [3][4] Consumer Behavior - The consumer base for潮玩 is expanding, with increased accessibility through various retail channels, including online platforms and physical stores [2][3] - Social media plays a crucial role in shaping潮玩 culture, with platforms facilitating community engagement and content creation around潮玩 products [3][6] Future Trends - Companies are increasingly focusing on self-developed IPs, with plans to enhance their proprietary product offerings [5][6] - The潮玩 industry is exploring innovative marketing strategies, including collaborations with celebrities and immersive experiences to enhance consumer engagement [6][8] - Despite the growth, the潮玩 market is still perceived as niche, with ongoing challenges in reaching broader consumer demographics beyond urban centers [8][9]

Core Insights - The article discusses the emerging trend of "Cosplay Commission" services, where consumers pay for Coser (cosplayers) to dress as specific characters for real-life interactions, moving from niche to mainstream appeal [2][4][7] Group 1: Market Overview - The concept of Cosplay Commission involves consumers, referred to as "single owners," hiring Coser to embody characters for various activities, gaining popularity particularly among young women who are fans of anime culture [2][4] - On social media platforms like Xiaohongshu, discussions around "Cosplay Commission" have garnered over 1.6 billion views and 12 million discussions, indicating significant interest in this service [4][6] Group 2: Service Dynamics - The service has evolved to include pre-appointment consultations, where Coser gathers information about the client's preferences to enhance the experience, creating a more immersive interaction [7][8] - Pricing for these services varies significantly, with daily rates in major cities like Beijing and Shanghai exceeding 1,000 yuan, while other regions may charge several hundred yuan [8][15] Group 3: Pricing Trends - There has been a noticeable increase in service costs, with rates in Beijing rising from approximately 700 yuan per day in 2023 to around 900 yuan for shorter engagements, leading to total costs of 2,000 to 3,000 yuan for a single commission [15][22] Group 4: Quality and Consumer Experience - Many consumers report dissatisfaction with service quality, likening the experience to "opening a blind box," where the outcome can be unpredictable, leading to complaints about low-quality service despite high fees [16][19] - Issues such as misrepresentation of Coser's appearance and last-minute changes to arrangements have been highlighted as common grievances among clients [19][22] Group 5: Regulatory Challenges - The industry currently lacks formal regulation, with transactions often conducted informally through social media, making it difficult to resolve disputes and leading to potential privacy violations during conflict resolution [22][24] - Legal experts suggest that the unique nature of these services complicates regulatory oversight, and there is a call for the establishment of a third-party platform to facilitate contracts and ensure service quality [23][24]

Core Insights - The development of commercial real estate is shifting from "functional consumption" to "scenario consumption," reflecting a change in consumer preferences towards emotional and experiential spending [1][6]. Group 1: Urban Renewal and Commercial Projects - Two major urban renewal commercial projects were launched in Beijing in the first half of the year, with a total area of 240,000 square meters [2]. - The Zhonghai Dajixiang project, featuring traditional courtyard-style architecture, has become a top commercial destination in Beijing, achieving high occupancy rates [2][3]. - The overall opening area of commercial projects in the northern Beijing region reached 430,000 square meters, contributing to new commercial vitality [2]. Group 2: Cultural and Community Integration - The urban renewal strategy emphasizes "preserving the old while renewing," focusing on protecting cultural heritage and integrating commercial activities within historical contexts [2][5]. - The "micro-renewal" concept is being applied in certain neighborhoods, preserving traditional structures while introducing modern commercial elements [4][5]. - The integration of local cultural symbols into commercial experiences aims to create sustainable community development through resident participation and cultural preservation [5]. Group 3: Consumer Trends and Market Outlook - The rise of IP and emotional consumption is becoming a driving force in the commercial sector, with collectibles and experiential products gaining popularity among consumers [6]. - The second half of the year is expected to see over 390,000 square meters of retail properties opening in secondary business districts in Beijing, indicating ongoing growth in the market [8]. - Government initiatives are promoting the development of fashion and technology sectors to stimulate consumer activity and enhance the shopping experience [8].

Core Insights - Urban renewal and consumption upgrade have become hot topics this year, with the term "consumption" appearing 32 times in the government work report, indicating its importance in driving domestic demand [1] - The integration of urban renewal and commercial consumption is crucial for the future development of commercial real estate, as highlighted by industry experts [1] Urban Renewal as a Supply Leader - In Q2, urban renewal projects became the main source of new supply in the retail property market, with notable projects like Zhonghai Dajixiang in Beijing's old city area achieving high opening rates [2] - The total commercial area of the newly opened Changping Super Extreme He Shenghui West District reached 430,000 square meters, catering to diverse consumer needs and revitalizing the commercial landscape in the northern region of Beijing [2] - Despite a 3.7% decline in restaurant revenue from January to May, the restaurant sector showed resilience with a 48% share of all new openings in Q2, while other sectors like tea and juice experienced slower expansion [2] Rental Market Trends - The average rent for shopping centers in Beijing continued to decline in Q2, down 0.7% from the first half of the year to 30.8 yuan per square meter per day, influenced by increased competition and a cautious approach from high-rent brands [3] - The overall net absorption in Beijing for the first half of the year was 162,000 square meters, with a slight increase in the vacancy rate to 7.5% [3] Reshaping Commercial Logic - The shift from functional consumption to experiential consumption is reshaping commercial logic, with urban renewal reflecting three key characteristics: cultural activation, content-driven experiences, and symbiotic operations [4][5] - Projects are increasingly focusing on emotional connections and immersive experiences to attract consumers, as seen in the integration of designer stores and cultural elements in community commercial spaces [6] Future Outlook - The Beijing government is promoting four key development areas in the fashion industry to stimulate consumption, with a focus on technology, health, creativity, and fashion [6] - Predictions indicate that over 390,000 square meters of retail properties will open in secondary business districts in the second half of the year, amidst a reshuffling of the commercial landscape [7]

Group 1: Core Insights - Labubu, an original IP character by Chinese brand Pop Mart, is designed by Hong Kong artist Long Jiasheng, featuring a unique aesthetic that challenges traditional beauty norms [1] - The character is a small sprite living in a mysterious monster forest, inspired by Nordic mythology [1] Group 2: Market Drivers - Emotional economy is a key driver, with over 40.1% of young consumers motivated by emotional satisfaction in their purchases, which Labubu effectively addresses through surprise and social sharing [4] - Global cultural symbols are constructed through Labubu's design, avoiding specific cultural labels and fostering emotional resonance in various markets with localized versions [5] - Strong manufacturing and supply chain support from Dongguan, China, enables high-quality production and rapid product iteration, with the region accounting for 85% of global toy production [6] Group 3: Market Performance - Pop Mart achieved overseas revenue of 5.07 billion yuan in 2025, a staggering increase of 375.2% year-over-year, with Q1 2025 overseas income surging by 475% [7] - Labubu has gained cultural recognition, being named "Magical Thailand Experience Officer" and achieving chart success in Spain, while its app ranks first in the US shopping charts [8] Group 4: Industry Implications - Labubu's success signifies a new era for Chinese original IP, emphasizing de-labeling narratives and connecting with global youth through universal emotions [9] - The shift towards emotional consumption highlights a growing need for products to serve as emotional anchors rather than just practical items [9] - The integration of design, manufacturing, and data exemplifies a new paradigm of Chinese innovation, showcasing the global appeal of brands resonating with universal emotions [9]

Core Viewpoint - The article discusses the rise and volatility of Labubu, a collectible toy from Pop Mart, highlighting its impact on luxury brands and the broader consumer market, particularly among younger demographics [3][10]. Group 1: Labubu's Market Performance - Labubu achieved sales exceeding 100 million units in 2023, marking a growth of nearly 40%, making it the fastest-growing IP for Pop Mart [10]. - The stock price of Pop Mart experienced significant fluctuations, reaching a peak of 283.40 HKD per share on June 12, followed by a sharp decline of 6% on June 17, resulting in a market value loss of 22.3 billion HKD [3][10]. - Following a sudden restock of Labubu, the prices of popular series dropped by approximately 50%, with some hidden models losing nearly 40% of their value [3]. Group 2: Cultural and Social Impact - Labubu has become a cultural phenomenon, with celebrities and influencers prominently featuring it, thus enhancing its status as a social currency among younger consumers [3][6]. - The concept of "bag charms" has gained traction, with predictions that it would be a significant trend in 2024, reflecting a shift in how luxury brands engage with consumers [5][6]. - The collaboration between Labubu and luxury brands like LV and Hermès illustrates a new interactive model where brands and consumers co-create narratives, moving away from traditional one-way brand messaging [7][10]. Group 3: Emotional and Social Consumption - The rise of Labubu is linked to the "attention economy," where consumers seek identity and belonging through purchases, often driven by social media and celebrity endorsements [10]. - Labubu effectively taps into consumer psychology by leveraging mechanisms such as scarcity, collectibility, and emotional gratification, which stimulate dopamine release and enhance the shopping experience [10]. - However, there are concerns about the sustainability of products that rely heavily on emotional value and short-term trends, as they may lack long-term value and could lead to market volatility [11][12].