Core Insights - The report by Zhimo Consulting predicts ten major consumer trends for 2026, including concepts such as "emotional resonance," "quality calculation," and "AI scenario power" [1] - Over the past decade, China's commercial landscape has shifted from "consumption upgrade" to a "quality awakening," indicating a deep transformation in consumer behavior from quantity satisfaction to quality belief [1] - Key themes such as health, rationality, self-fulfillment, and national brands are identified as core variables driving this new consumption cycle [1] Consumer Behavior Trends - Consumers are increasingly seeking better experiences and satisfaction beyond mere material fulfillment, indicating a shift in focus towards "meaning" and "value" in their purchasing decisions [1] - The report emphasizes that consumers are no longer satisfied with simple buying actions but are questioning "why to buy" and "what value is gained" from their purchases [1] - The focus of consumption is shifting towards "small worlds" and "self-pleasing experiences," with a deepening pursuit of meaning and value recognition in consumer behavior [1] Market Dynamics - Zhimo Consulting's CEO, Xiao Mingchao, interprets the decade-long transition in China's business from "high-speed growth" to "high-quality growth," highlighting a growing recognition of local culture and brands among Chinese consumers [1] - The value era characterized by "depth, precision, and empathy" is emerging, reflecting a significant change in consumer expectations and business strategies [1]

Core Insights - The 2026 Consumer Trends Conference, hosted by Zhimo Consulting, took place in Beijing on December 6-7, showcasing the annual China Consumer Trends Report, which has been a significant indicator of the Chinese consumer market for the past decade [1][2] Group 1: Conference Overview - The conference featured a two-day deep trend forum with 24 forward-looking speeches and 4 cross-industry roundtable discussions, covering ten key industries including food and beverage, home appliances, outdoor sports, retail, health, automotive, AI, and cultural tourism [1] - Zhimo's annual consumer trends report has evolved from a "small green book" in 2017 to a comprehensive analysis that includes 100 consumer trends and 450 brand case studies, serving as a crucial reference for corporate strategic decision-making and brand innovation [2] Group 2: Key Trends and Insights - Zhimo's founder and CEO, Xiao Mingchao, announced the top ten consumer trends for 2026, which include: rational-emotional symbiosis, quality calculation, spiritual nomadism, daily highlights, shared experiences, local trends, insiderism, health tuning, brand consensus, and AI scenario power [3] - The report emphasizes a shift in the commercial landscape from "high-speed growth" to "high-quality growth," highlighting a generational shift in "consumer discourse power" and a fundamental leap in the role of technology [3] Group 3: Practical Applications and Discussions - The conference included various segments such as industry roundtable discussions, brand case sharing, and trend exhibitions, attracting over a thousand attendees interested in consumer trends [4] - Experts from academia and industry discussed the underlying logic of changes in Chinese consumption and identified opportunities for the industry, focusing on themes like convenience in consumption and the upgrade of aesthetic and emotional needs [5]

Core Insights - The report from Worth Buying Consumer Industry Research Institute highlights key changes in consumer behavior and market trends for Q3 2025, emphasizing a shift towards a more mature and experience-driven consumption model [1][2][3]. Group 1: Consumer Behavior Trends - Consumption is entering a "self-mature period," where consumers switch between high cost-performance and emotional value, focusing on both rational and emotional aspects [1]. - There is a rising trend in scenario-based consumption, shifting attention from merely purchasing products to buying experiences and lifestyles, with the combination of "goods + services" becoming crucial in decision-making [1]. - Experience demand is extending across the entire lifecycle, with consumers expecting a seamless, transparent, and trustworthy service loop from discovery to post-purchase, making service quality a core factor influencing repurchase and brand choice [2]. Group 2: Generational Consumption Changes - Intergenerational consumption is moving from differentiation to integration, with core values like health, connection, and self-realization becoming more aligned across generations, reducing differences in consumption attitudes [3]. - The new generation of consumers prioritizes emotional value, experience quality, and self-expression, driving a market shift from function-oriented to value-oriented and personalized approaches [3]. Group 3: Sales Data and Market Performance - In Q3, leading categories in consumer goods sales growth included computers and digital products, video games, home appliances, local living, and fresh food, with notable growth indices [4][5]. - The sales data shows that computers and digital products led with a growth index of 3.96, despite a 6.31% decline in average transaction value, while fresh food maintained stable growth with an 8.26% increase in average transaction value [5]. Group 4: Topic Heat and Consumer Sentiment - The hottest topics in consumer goods for Q3 included local living, travel, and financial services, with local living experiencing a significant growth index of 668.8% [6][7]. - Consumer satisfaction is high in categories like automotive consumption and fresh food, with automotive satisfaction reaching 93.0% and fresh food at 93.8%, indicating strong emotional engagement [8][9].

Investment Rating - The report does not explicitly provide an investment rating for the apparel industry Core Insights - The apparel industry is experiencing significant trends driven by consumer preferences and competitive pricing strategies, particularly during major shopping events like Double Eleven [4][7][12] Industry Trends - StockX's "Big Facts: 2025 Trends" report highlights key consumer trends for 2025-2026, including the popularity of ASICS Gel-1130 running shoes and a 21% growth in ballet flats [4] - The Double Eleven shopping event has seen aggressive price wars, particularly in the down jacket segment, with some items seeing price drops of several hundred yuan, leading to increased sales but decreased average transaction values [4] - Canada Goose is expanding its product range beyond down jackets, with a 1.8% revenue growth in Q2 2026, driven by a 21.8% increase in direct-to-consumer sales, particularly in the Chinese market [7] - The rise of affordable workwear, such as 50 yuan jackets, has gained popularity among delivery workers, indicating a shift in consumer demand towards high-value, functional apparel [7] Top Brand News - Li Ning has launched a collaboration with Pokémon, introducing nine trendy shoe models that blend nostalgic elements with modern design [9] - Camel, a domestic brand, is seeing a rise in market share due to its affordable jackets, with a projected market share of 5.5% and retail sales of 5.6 billion yuan in 2024 [9] - Kappa has introduced a new ski series that combines high-performance materials with stylish design, catering to both outdoor and urban environments [10] - Adidas Originals has partnered with Avavav to release a new collection that challenges the boundaries of sportswear with a focus on exaggerated aesthetics and deconstruction [12]

Group 1 - The core strategy of the "14th Five-Year Plan" is to enhance the resident consumption rate, solidifying domestic demand as the main engine for economic growth [1][2] - The "2026 Consumption Trends Conference" will be held in Beijing, focusing on new opportunities to boost consumption and high-quality development for industries and enterprises [1][2] - The conference will feature experts discussing macroeconomic trends and the opportunities arising from the expansion of domestic demand during the "14th Five-Year Plan" [2] Group 2 - Two major reports will be launched at the conference: "A Decade of Changes in Chinese Consumption" and "2026 China Consumption Trends Report," summarizing structural changes in consumer psychology and market [5] - The reports aim to help businesses identify new directions and opportunities in brand marketing for 2026 [5] Group 3 - The conference will explore the evolution of consumer rights protection, industry integration, and emerging consumption opportunities through various expert perspectives [6][7] - A focus will be on the underlying logic of consumption market evolution, providing forward-looking decision-making references [7] Group 4 - The event will include discussions on the transformation of consumer experience from brand elevation to aesthetic elevation, emphasizing the importance of creating exceptional consumer experiences [8] - Experts will share insights on how businesses can transition from brand competition to aesthetic shaping [8] Group 5 - The conference will feature a variety of practical case studies and strategies for innovation in the consumer goods industry, including insights from market monitoring experts and brand operators [9] - Presentations will cover macro data, retail patterns, and industry opportunities, providing a comprehensive analysis of the consumer goods market [9] Group 6 - The automotive industry will be a key focus, with discussions on market trends and brand growth paths during the "14th Five-Year Plan" [20] - Experts will provide authoritative data insights into the automotive market's trajectory and future predictions [21] Group 7 - The hospitality and restaurant sectors are expected to face new opportunities and challenges, with insights into industry trends based on consumption indices [22] - The conference will also address how regional specialty industries can integrate with cultural tourism to enhance their market presence [23][24]

Core Viewpoint - The "Black Friday" and "Cyber Monday" shopping events in the UK have seen a shift in consumer behavior, with shoppers becoming more pragmatic and cautious due to economic uncertainties and high living costs [3][12]. Consumer Behavior - UK consumers are exhibiting a more rational approach to spending during this year's shopping events, with many adopting a wait-and-see attitude [3]. - There has been a 7.2% decline in foot traffic to physical stores compared to the same period last year, indicating a lack of consumer confidence [5]. - Consumers are increasingly skeptical about the authenticity of discounts, with many popular items not being offered at their lowest prices during "Black Friday" [5][7]. Discount Perception - A significant portion of consumers believes that discounts are not genuine, as prices may have been artificially inflated prior to the sales [7]. - Many consumers are waiting for better deals, as they perceive that prices have increased overall [8]. Spending Intentions - Despite the cautious spending, a considerable number of consumers still plan to purchase essential items or gifts during the promotional period, although 38% indicated they might not spend during "Black Friday" [10][12]. Overall Market Trend - The overall trend reflects a more practical and value-focused consumer mindset in the face of ongoing economic pressures, which is likely to shape future shopping behaviors [12].

关于港股后市 恒生指数高开0.34%，恒生科技指数涨0.21%。盘面上，有色板块活跃，中国铝业涨近3%，紫金矿业涨 近2%；小米集团涨0.54%，公司11月交付量超过4万台。 东吴证券表示，港股短期风险因素在减少，但反弹确认还需要催化剂。从中长期配置来看，当前位置有 吸引力。该行指，如果美联储降息预期升温，有利于港股回升。此外，美股AI科技泡沫叙事有所减 弱，港股科技随之回调较多，当前具备配置吸引力。 浦银国际表示，"迎合新趋势，拥抱新消费"依然将是2026年消费行业的重要投资策略。在该机构看来， 以下五大消费趋势涵盖了中国消费行业2026年大部分的投资机会：(1)高质价比国产品牌将持续占领消 费者心智(比如连锁咖啡、运动服饰、美妆)，(2)情绪类消费的需求将保持旺盛(比如潮玩、美妆、宠 物)，(3)新兴销售渠道加速崛起(比如即时零售、会员店、零食量贩)，(4)中国消费企业出海正当时(比如 潮玩、咖啡、家电)，(5)健康类消费是长期趋势(比如银发经济、保健品与医疗服务)。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 中信证券表示，在增量资金越来越多的以左侧稳健型资金为主的资金生态下，A股/港股未来可能更多地 ...

Investment Rating - The report maintains a cautious outlook on the overall consumption market, indicating a bottom consolidation phase, with specific recommendations for companies like China Resources Beer, Baisheng China, and Haidilao [1][7]. Core Insights - High-income groups and residents in first and second-tier cities show strong consumption willingness, particularly in high-end luxury goods, which have been recovering since September [2][3]. - The overall retail sales growth for October was 2.9%, slightly lower than September, indicating a stabilization in consumer spending [2]. - E-commerce platforms have been suppressing product prices due to subsidies, but this pressure is expected to ease next year, potentially stabilizing prices for sensitive categories like daily necessities and dining out [6][21]. Summary by Sections Consumer Behavior - High-income consumers (monthly income above 30,000) and residents in major cities are optimistic about future spending, correlating with the recovery in luxury goods sales [3][4]. - Middle and low-income consumers exhibit more cautious spending behavior [4]. Product Categories - Categories such as sports goods, electronics, and daily necessities are expected to see slight increases in spending over the next quarter, particularly during the year-end and Spring Festival [5][6]. - Online retail sales in October grew by 4.9%, down from 7.3% in September, influenced by early Double Eleven promotions [9]. Company Recommendations - The report recommends China Resources Beer in the beer sector, Baisheng China in the dining sector, and highlights the potential of Deepzhou Company in the apparel OEM business [7][8]. - Atour Hotel's retail business is projected to exceed 800 million yuan during Double Eleven, with a year-on-year growth of over 60% [8]. Market Trends - The home appliance sector saw a 15% year-on-year decline in sales, while smartphone sales, particularly for the iPhone 17, increased by 23% [10]. - The duty-free industry experienced a 35% year-on-year growth in early November, driven by policy changes and increased consumer spending [20][21]. Industry Outlook - The gold and jewelry sector is facing pressure from VAT reforms, leading to price increases and necessitating close monitoring of demand elasticity [22][23]. - Companies like Chow Tai Fook and Lao Pu are highlighted for their growth potential, with expected increases in sales and market share [23].

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Confidence Stabilization**: Consumer confidence has shown signs of stabilization over the past two quarters, aligning with the retail data trends from October. High-income groups and high-tier cities exhibit strong consumption willingness, particularly in luxury goods, which have been recovering since September [1][2][4]. - **Diverse Consumer Spending**: Spending on sports goods, electronics, and daily necessities has slightly increased, while domestic short-distance travel plans have also risen. However, overall consumer spending improvement remains limited [1][2][5]. - **High-End Consumption Recovery**: The high-income demographic is sensitive to capital market returns, which directly influences their consumption behavior. The luxury goods market is showing early signs of recovery since September [1][4]. Company-Specific Insights - **Atour Hotel Retail Growth**: Atour Hotel has achieved significant growth through its retail business, which now accounts for over 40% of total revenue. The company expects retail revenue to exceed 800 million yuan during the 2025 Double Eleven shopping festival, representing over 60% year-on-year growth [1][7]. - **E-commerce Platform Strategies**: Online retail growth slowed in October, with platforms employing subsidy strategies to lower prices. This pressure is expected to ease next year, aiding the stability of e-commerce platforms [1][8]. Market Performance - **Home Appliance Market Slowdown**: The home appliance market saw a 15% year-on-year sales decline in October, influenced by high base effects from previous year’s trade-in promotions. The smartphone market performed relatively well but could not offset the decline in home appliances [3][10][11]. - **Gold and Jewelry Industry Changes**: The industry has been affected by VAT reforms, increasing raw material costs by 6-7%. Major brands have raised prices by 5-7% to pass on costs, which may benefit larger brands while pushing smaller retailers out of the market [3][24][26]. Recommendations and Future Outlook - **Investment Recommendations**: In the beer sector, China Resources Beer is recommended, while in the restaurant sector, Baisheng China and Haidilao are suggested. The clothing and footwear supply chain, particularly Shen Zhou, is also highlighted as a potential investment opportunity [1][6]. - **Consumer Goods and E-commerce Trends**: Price-sensitive consumer goods are expected to recover first as pressure on prices eases. The overall consumer spending environment remains cautious, with a focus on high-end and essential goods [1][5][12]. Additional Insights - **Bubble Mart's Market Position**: Bubble Mart has seen a significant stock price increase due to rapid IP expansion but has recently faced a 30% pullback. The company is focusing on increasing plush production capacity to meet demand without oversaturating the market [15][19]. - **Textile and Knitted Shoe Industry Outlook**: The industry faces uncertainty due to tariff adjustments affecting end prices. However, low inventory levels in North America may lead to a replenishment demand in 2026, supported by upcoming events like the World Cup [20][21]. This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current market landscape and future expectations across various sectors.

Core Insights - Guangdong province demonstrated strong consumer purchasing power during the 11.11 shopping festival, ranking first nationally in terms of consumption [1][2] - Shenzhen city emerged as the strongest city in Guangdong, while Dongguan city recorded the highest growth rate in purchasing power [1][2] - Local brands, particularly "Huang Shang Huang," and products like "Cantonese sausages" gained significant attention among consumers [1] Consumption Trends - The top five categories with the highest sales growth in Guangdong included action cameras (218%), digital cameras (209%), trendy blind boxes (162%), air conditioning sets (117%), and badminton (113%) [2] - In terms of per capita spending, the leading categories were laptops (6,102 yuan), mobile phones (5,540 yuan), air conditioners (4,854 yuan), flat-screen TVs (4,143 yuan), and tablets (3,084 yuan) [2] - Personal care and baby products saw high per capita purchase quantities, with sanitary napkins (4.2 items), phone cases (3.9 items), and baby snacks (3.0 items) being the top five [2] Demographic Preferences - Generation Z favored 3C digital products, with tablets, keyboards, mouse pads, wired headphones, and monitors being the top five preferred items [3] - The post-80s generation, particularly parents, focused on stocking up for their children, with baby bottles, rice powder, and diapers among their top purchases [3] - The elderly demographic prioritized personal care and health-related products, such as hair dye, processed eggs, and blood glucose meters [3] Overall Consumption Dynamics - Guangdong province showcased diverse consumer preferences across different age groups and needs, reinforcing its status as a strong consumer province [3] - The varied consumption patterns and choices across generations highlight the province's vibrant consumer activity during the 11.11 shopping festival [3]