情绪消费

Search documents
夏日经济“热”力十足 助燃服务消费再升级
Zheng Quan Ri Bao Zhi Sheng· 2025-06-22 17:12
本报记者 毛艺融 张芗逸 屈珂薇 国家统计局最新数据显示,今年1月份至5月份,服务零售额同比增长5.2%,增速比1月份至4月份加快 0.1个百分点,高于同期商品零售额增速0.1个百分点。 同时,随着消费需求扩容升级,品质化、个性化、多样化特点尤为突出,消费者从"满足基本需 求"向"追求生活品质"转变。除餐饮住宿、家政服务、养老托育等基础性消费外,文化娱乐消费、旅游 消费、体育消费等改善型服务消费,正迸发出前所未有的活力。 文化娱乐消费方面,"情绪消费"成为新热点。不少年轻人愿意为一场演唱会或者音乐节,来一场说走就 走的旅行;直播间里,LABUBU等盲盒玩具的稀缺款受到消费者抢购;电商平台上,能够解压的硅 胶"捏捏乐"以及售价0.5元的"爱因斯坦的脑子"等虚拟商品受到年轻人欢迎。 "我今天是来集章的,也顺便看看暑假还能去哪儿玩。"6月21日,2025北京国际文旅消费博览会现场人 头攒动,一位大学生向《证券日报》记者展示着手中的手账本,上面盖满了全国不同省份的文创印章。 此次博览会期间,各大展台前都挤满了游客,他们或品尝特色美食,或了解特色旅游路线,集章打卡、 人偶巡游、主题演艺等活动给他们带来满满体验感。 事实 ...
湾财周报 人物 揭秘“Cos委托”;广州金控集团换帅
Nan Fang Du Shi Bao· 2025-06-22 14:29
Group 1 - The rise of emotional consumption is becoming a new growth driver in the economy, with trends such as blind boxes, healing economy, AI companionship, and self-indulgent consumption gaining traction among Generation Z consumers [6] - The popularity of products like Pop Mart's Labubu dolls and the societal interest in emotional consumption highlight a shift in consumer behavior, particularly among younger demographics [6] - A series of reports on the emotional economy will be launched, focusing on emotional consumption and the underlying industrial ecosystem and capital movements, particularly in the context of the otome game industry in China [6] Group 2 - The appointment of Xu Xiubin as the new Party Secretary and Chairman of Guangzhou Financial Holdings Group indicates a leadership change within the company [9] - The resignation of Dong Fang as Deputy General Manager of China Merchants Fund, who is set to become the President of China Merchants Wealth Management, reflects ongoing personnel shifts in the financial sector [10] - The approval of Qian Xi to serve as the Chairman of Zhuhai China Resources Bank marks a significant leadership transition within a major city commercial bank [11]
商贸零售行业周报:618电商高质增长,强品牌龙头及新锐功效品牌突围-20250622
KAIYUAN SECURITIES· 2025-06-22 13:51
Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The 618 shopping festival saw a total e-commerce sales of 855.6 billion yuan, representing a year-on-year growth of 15.2% [23][24] - The beauty sector performed well during the 618 festival, with total GMV across four major platforms reaching 65.9 billion yuan, growing over 10% year-on-year [23][24] - International high-end beauty brands showed signs of recovery, with brands like Lancôme and Estée Lauder maintaining strong positions on platforms like Tmall and Douyin [32] Summary by Sections Retail Market Overview - The retail industry index closed at 2062.20 points, down 2.75% for the week, underperforming the Shanghai Composite Index by 2.24 percentage points [5][14] - The retail sector has seen a year-to-date decline of 7.89%, lagging behind the overall market performance [14][17] 618 Shopping Festival Insights - The 618 shopping festival was extended to the longest duration in history, from May 13 to June 20, 2025 [23] - Tmall's GMV during the festival grew by 10%, marking the largest increase in three years, with 453 brands achieving over 100 million yuan in sales [24][29] - Douyin's e-commerce saw over 60,000 brands doubling their sales, with more than 2,000 products exceeding 10 million yuan in sales [24][29] Investment Recommendations - Focus on high-quality companies in high-growth sectors driven by emotional consumption themes, particularly in gold and jewelry, offline retail, cosmetics, and medical aesthetics [6][35] - Recommended companies include Lao Pu Gold, Chao Hong Ji, Mao Ge Ping, and Pei Lai Ya, among others [38] Company Performance Highlights - Lao Pu Gold reported a revenue of 8.506 billion yuan for FY2024, up 167.5%, with a net profit increase of 253.9% [37] - Mao Ge Ping achieved a revenue of 3.885 billion yuan for FY2024, growing by 34.6%, with a net profit increase of 33% [37] - Pei Lai Ya's revenue for 2024 was 10.778 billion yuan, up 21%, with a net profit increase of 30% [37]
“新消费三姐妹”集体回调!百倍PE估值引基金激辩
证券时报· 2025-06-22 11:28
Core Viewpoint - The article discusses the recent decline in the "new consumption" sector, particularly focusing on Pop Mart and its associated IPs, highlighting concerns over valuation and market sustainability following a rapid price drop in collectibles and stocks [1][2][4]. Group 1: Market Performance - Pop Mart's stock price fell from a high of 283.4 HKD per share on June 12 to 239.6 HKD per share by June 20, marking a decline of over 15% [6][5]. - The market capitalization of Pop Mart decreased by more than 50 billion HKD from its peak of 3800 billion HKD [6]. - Other companies in the "new consumption" sector, such as Lao Pu Gold and Mixue Group, also experienced significant declines of approximately 19% and 17%, respectively [2][8]. Group 2: Investor Sentiment - Fund managers are divided in their outlook on the new consumption sector, with some optimistic about its growth potential while others express concerns over inflated valuations and potential bubbles [3][9]. - The recent market correction is viewed as a "stress test" for new consumption companies, providing an opportunity to reassess investment strategies and focus on genuine consumer demand rather than speculative trends [4][16]. Group 3: Valuation Concerns - As of June 20, Pop Mart had a dynamic price-to-earnings (P/E) ratio of 95.3, significantly higher than traditional consumer leaders like Kweichow Moutai, which has a P/E ratio of 20.2 [10][11]. - The article highlights that the valuation of Pop Mart and other new consumption companies may not be sustainable, especially when compared to established global brands like Disney and Hasbro [11][12]. - Some fund managers argue that the current market conditions reflect a speculative bubble, with valuations not justified by underlying business fundamentals [12][13]. Group 4: Future Outlook - Despite the current downturn, some fund managers remain optimistic about the long-term growth potential of new consumption companies, citing ongoing consumer interest and market expansion opportunities [13][14]. - The article emphasizes the importance of understanding consumer behavior and preferences in the new consumption landscape, suggesting that future investment strategies should focus on demographic insights rather than traditional metrics [19][20].
时报观察丨让情绪消费回归应有的“松弛感”
证券时报· 2025-06-21 00:21
近几年,潮玩、虚拟藏品、电竞装备、骑行器械等一系列满足人们个性化、娱乐化需求的消费品迅速走俏。这 类消费品主打治愈、解压和"悦己",以满足人们"情绪价值"为核心卖点。 情绪消费的兴起,是时代发展的写照,意味着人们的精神需求有了更丰富的延伸。 人们常说:人间烟火气,最抚凡人心。当伴随着互联网成长起来的Z世代,逐渐成为社会中坚力量,那些充满 个性表达的潮玩,成为了另一个版本的"心灵鸡汤"和人间烟火。一棵造型迥异、印刻着"放轻松"三个大字的绿 色盆栽,一个丑萌的毛绒公仔……这些看似简单的小物件,实则是当代年轻人精心寻觅的解压"搭子"。就像深 圳大学校长毛军发在2025年毕业典礼上的发言所说:玩物未必丧志,玩物亦可养心。面对焦灼生活中的内卷日 常,我们需要一份趣味。 最近爆火的LABUBU,也是情绪消费崛起的一个典型。不过,LABUBU走红的过程,也让人们看到了情绪消 费的另一面。 当"真爱粉"在为情感共鸣、文化认同、精神慰藉买单时,供给端的不充分、抑或稀缺营销,让抢购、收藏 LABUBU逐渐被异化,甚至成为"黄牛党"、资本方的投机、炒作工具。 版权声明 证券时报各平台所有原创内容,未经书面授权,任何单位及个人不得转 ...
证券时报头版:让情绪消费回归应有的“松弛感”
news flash· 2025-06-20 23:15
情绪消费的兴起,是时代发展的写照,意味着人们的精神需求有了更丰富的延伸。最近爆火的 LABUBU,也是情绪消费崛起的一个典型。不过,LABUBU走红的过程,也让人们看到了情绪消费的 另一面。当"真爱粉"在为情感共鸣、文化认同、精神慰藉买单时,供给端的不充分、抑或稀缺营销,让 抢购、收藏LABUBU逐渐被异化,甚至成为"黄牛党"、资本方的投机、炒作工具。对于情绪消费品的属 性边界,监管层也有必要进一步厘清,特别是对于金融化操作,应予以约束。同时,也要为情绪消费提 供更良善的土壤,丰富消费供给,尽量减少疯狂抢购,让情绪消费回归应有的"松弛感",可持续发展。 (证券时报) ...
谁在定义新消费信仰?消费巨变进行时
格隆汇APP· 2025-06-20 08:19
Core Viewpoint - The article discusses the shift in consumer behavior in China, highlighting the rise of "new consumption" and its contrast with traditional consumption, emphasizing the emotional value and social aspects of modern purchasing decisions [1][4][21]. Group 1: Current Consumption Landscape - Domestic consumption has become a primary focus for the economy, with various government initiatives like subsidies and consumption vouchers aimed at boosting spending [1][2]. - China's household consumption accounts for less than 40% of GDP, significantly lower than the 70% in the US and 60% in Japan, indicating substantial growth potential [3]. - There is a notable disparity in the consumption market, with traditional sectors declining while new consumption categories are thriving [4]. Group 2: Traditional vs. New Consumption - Traditional dining sectors are struggling, with significant losses reported by established brands, while new beverage brands like Mixue Ice City are rapidly expanding [5]. - Traditional retail channels are experiencing a decline, with hypermarkets down 11.4% for four consecutive years, while snack stores are booming [7][8]. - The high-end liquor market is facing challenges, with prices for premium brands like Moutai dropping significantly, reflecting inventory pressures [9]. Group 3: Emotional and Social Aspects of New Consumption - New consumption is characterized by a shift from basic needs to "self-pleasing" demands, focusing on emotional value rather than practical utility [21][22]. - The success of products like LABUBU from Pop Mart illustrates the importance of social media and emotional marketing in driving consumer interest [30][31]. - Over 40% of young consumers prioritize emotional value in their purchases, with a significant portion seeking to please themselves through spending [35][36]. Group 4: Evolution of Consumer Behavior - The article outlines the historical evolution of consumer behavior in China, indicating three major shifts in consumption patterns since the 1990s [47][48]. - The emergence of the third consumption era reflects a transition towards valuing symbolic meanings over practical use, aligning with global trends [52][53]. - As consumer needs evolve, there is a potential shift towards a fourth consumption era, characterized by rational consumption and a focus on value [68][72]. Group 5: Future Outlook - The new consumption trend is expected to continue growing, particularly in sectors like pet economy and new consumer electronics, despite potential market corrections [62][63]. - The interplay between traditional and new consumption is seen as a driver for domestic demand recovery, supported by policy initiatives [75][76].
谁在定义新消费信仰?消费巨变进行时
格隆汇APP· 2025-06-20 08:08
Core Viewpoint - The article discusses the shift in consumer behavior in China, highlighting the rise of "new consumption" and its contrast with traditional consumption, emphasizing the importance of emotional value in purchasing decisions [1][2][4][30]. Group 1: Current Consumption Landscape - Domestic consumption in China accounts for less than 40% of GDP, compared to 70% in the US and 60% in Japan, indicating significant growth potential [3]. - There is a notable disparity in the consumption market, with traditional sectors declining while new consumption categories are thriving [4][5]. - Traditional dining categories are struggling, with brands like 湊湊火锅 closing 73 stores and incurring losses exceeding 3.5 billion yuan, while new tea beverage brands like 蜜雪冰城 are rapidly expanding [6]. Group 2: Traditional vs. New Consumption - Traditional consumption focuses on essential daily needs, while new consumption shifts towards "self-pleasing" demands [21][22]. - The rise of "emotional consumption" is evident, with over 40% of young consumers prioritizing emotional value in their purchases [31]. - The concept of new consumption encompasses various sectors, including snack retail and new tea beverages, reflecting a broader trend towards personalized and emotional purchasing [34]. Group 3: Market Trends and Future Outlook - The article notes that new consumption trends are not merely a passing fad but are rooted in changing consumer environments and behaviors [54]. - Despite the current enthusiasm for new consumption, many companies are experiencing stock price corrections, indicating potential overvaluation [52][53]. - Long-term prospects for sectors like pet economy and new consumer electronics appear promising, with emerging trends suggesting continued growth [55][56].
情绪消费创造了“只有我懂”的快乐
Zhong Guo Qing Nian Bao· 2025-06-20 02:59
Core Insights - The article discusses the rise of emotional consumption among young people in China, highlighting a shift from traditional consumption patterns to a focus on self-pleasure and emotional satisfaction [1][2][3] Group 1: Emotional Consumption Trends - In 2024, 46.28% of young consumers in China prioritize "self-pleasure" in their spending habits, indicating a significant trend towards emotional consumption [1] - Young consumers are increasingly willing to spend on low-cost, high-frequency emotional purchases, such as toys and experiences, as a way to cope with stress and anxiety [2][3] - The concept of "heart price ratio" is gaining importance among young consumers, contrasting with the previous generation's focus on "cost performance" [1][2] Group 2: Social and Economic Context - High housing prices and job market pressures have led young people to rethink their consumption goals, embracing the idea of enjoying life without the need for large purchases [2][3] - Emotional consumption is seen as a way to break the rigid routines of life, providing immediate rewards and a sense of joy [2][3] Group 3: Market Opportunities - The demand for emotional consumption is driving innovation across various sectors, including cultural tourism, content e-commerce, and experiential spaces [3] - Examples include the integration of digital performances in cultural sites and the emergence of unique food products that resonate with consumers emotionally [3] Group 4: Challenges and Considerations - Despite its growth, emotional consumption faces challenges such as product quality issues and a lack of transparency in data collection by platforms [4] - There is a need for companies to provide high-quality products and services while ensuring regulatory frameworks are in place to support sustainable growth in this sector [4][5]
Labubu价格崩盘,黄牛:跌麻了!
Huan Qiu Wang Zi Xun· 2025-06-20 01:32
来源:中国青年报 19日,一则关于 "Labubu价格崩盘"的话题 冲上微博热搜榜第一 引发关注与热议 有分析称,Labubu价格大跌的原因是,泡泡玛特官方大量补货。自6月18日下午开始,泡泡玛特官方商 城小程序多次弹出相关商品的补货通知,同时在天猫官方旗舰店、抖音潮玩直播间等也大量放货。 受泡泡玛特官方大量补货影响,Labubu在二手市场的交易价格突然暴跌。 另据某潮玩二手交易软件的数据,Labubu 3.0盲盒价格普遍下跌约50%,整盒(含6个盲盒)回收价从补 货前的1500—2800元大幅跌至650—800元。 另据第一财经,泡泡玛特相关知情人士表示,泡泡玛特相关产品的补货不会呈现出规律,也是在一定程 度上规避黄牛的影响。 6月18日之前,在泡泡玛特二手交易群里,Labubu3.0一端(整盒内含6个盲盒)的价格多在1100—1500 之间,而本次补货之后,不少卖家开出600元—900元的价格。一位专做潮玩直播间的"黄牛"表示:"现 在没有那么稀缺了,如果卖不完,只能自己玩了。" Labubu热潮之后,谁能俘获消费者的心? 近期,线上线下Labubu"一娃难求"成为常态,伦敦、首尔等地的发售现场,甚至因抢 ...