Core Insights - The single economy, characterized by strong autonomy in consumption decisions, high quality demands, and significant emotional value, is emerging as a new consumer force in China, with over 230 million single individuals, of which more than 40% are "self-pleasing" consumers [1][5][18] - This economic trend reflects profound social structural changes and holds immense potential and possibilities for future growth [3][18] Industry Overview - The single economy has given rise to a multi-trillion market ecosystem, encompassing various sectors that cater to the "one-person demand" [5][10] - Key industries include convenience services such as mini home appliances, 24-hour convenience stores, and food delivery services, which meet the needs of single individuals for a "small yet exquisite" lifestyle [5][6] - The pet economy is thriving, providing emotional companionship through pet food, medical care, and supplies, while virtual social platforms like gaming and live streaming serve as important outlets for emotional connection [6][8] Consumer Trends - Individualized consumption is on the rise, with single-person restaurants and customized travel experiences catering to the unique preferences of single consumers [8][12] - The self-improvement sector is booming, with vocational education and health management services helping single individuals enhance their professional competitiveness and maintain well-being [8][12] Market Dynamics - The single economy's industry layout shows a multidimensional integration, with upstream material and technology support, midstream product and service provision, and downstream consumer market engagement [10][12] - Instant consumption scenarios, such as convenience stores and food delivery, are frequently utilized by over 60% of single individuals to meet daily needs [10][12] Future Outlook - The next five years will see a complex landscape for the single economy, characterized by consumer segmentation, upgrades, and inherent risks [12][15] - High-end markets will focus on luxury and customized services, while lower-tier markets will expand affordable essential products [12][15] - Technological advancements will continue to enhance service efficiency, with AI and blockchain playing significant roles in consumer trust and platform reliability [12][15] Societal Implications - The development of the single economy requires collaboration among policies, enterprises, and society to create a supportive ecosystem [16][18] - Policies should focus on protecting the rights of single individuals, while businesses need to adopt differentiated strategies and explore cross-industry collaborations [16][18] - Social initiatives should foster single-friendly communities, providing psychological support and promoting inclusivity [16][18]

点击图片▲立即试听 " 这届年轻人正在演绎一场精妙的平衡术 —— 他们左手握着 AI 外挂和电子布洛芬，在数字世界寻找便捷与慰藉；右手攥着 ' 打野 ' 地图和潮玩手办，在现实空间追寻真实 与温度。 " 文 / 巴九灵（微信公众号：吴晓波频道） 每天都在"操心"关税、黄金、楼市等宏观大事的大家，不妨放松一下，来看看年轻人们在玩什么潮流吧。 在刚刚过去的 这个春天 ，挖野菜成了年轻人最高礼遇的社交项目。 "共享挖野菜的秘密基地，是我对你最明显的暗示"，在上海生活的潇潇和心仪的相亲对象，会在周末一起驱车前往佘山公园"打野"。 在社交媒体上，"挖野菜地图"已然成为"紧俏货"，甚至出现了"野菜经济"——一方面，"大佬"带队，单价98—198元不等的付费组团野采开始流 行； 另一方面，电商平台上"挖野菜神器"销量增长80%。 夜晚，"上夜校，花500块重启人生"则成了年轻人的社交新活动。 90后小伙乐言辞去北京高薪工作，回三线小城开了家青年夜校。瑜伽、茶艺、乒乓球、摄影、美妆等各类兴趣课，被当地年轻人60秒就抢完了课 程名额。 从露营到 CityWalk，从垂钓到挖野菜，年轻人的社交潮流总能催生出令人意想不到的消费新场 ...

Investment Rating - The report indicates a positive outlook for the fast-moving consumer goods (FMCG) market, with a steady growth trend observed in the first quarter of 2025 [5][69]. Core Insights - The FMCG market in China is experiencing a recovery, with a GDP growth rate of 5.4% and an increase in urban disposable income by 4.9% in the first quarter of 2025 [6][69]. - Consumer purchasing behavior is shifting towards smaller, more frequent purchases, reflecting a trend towards convenience and emotional value in products [11][69]. - Domestic products are gaining traction, while imported products face challenges due to declining prices and changing consumer preferences [70][69]. - The growth of the out-of-home consumption market is notable, particularly during festive periods, indicating a need for brands to focus on specific consumption scenarios [71][69]. Summary by Sections Market Overview - The FMCG market is showing signs of recovery with a growth rate of 4.2% year-on-year as of March 2025 [6][8]. - The overall market sentiment is positive, with food and daily chemical products accelerating in sales compared to the previous quarter [8][69]. Consumer Behavior - There is a notable trend of small-sized product purchases, with a 25.1% increase in small specifications [12][69]. - The frequency of purchases has increased by 6.3%, indicating a shift towards fragmented purchasing channels and diverse consumption scenarios [15][69]. Product Categories - Food and beverage categories are performing well, with food sales up by 4.5% and beverages by 6.1%, while dairy products are under pressure with a decline of 3.0% [11][69]. - The average purchase price for imported products has decreased by 7.6%, leading to a decline in household spending on these items [19][70]. Retail Channels - The modern retail channel is experiencing a bifurcation, with traditional supermarkets and convenience stores adapting to consumer needs [24][71]. - E-commerce continues to grow, with platforms like Douyin leading in penetration rates and purchase frequency [31][69]. Out-of-Home Consumption - The out-of-home consumption market is thriving, with significant growth during the Spring Festival, highlighting the importance of targeting specific consumer scenarios [71][69]. - Brands are encouraged to enhance their presence in various out-of-home settings, such as snack shops and entertainment venues, to effectively reach consumers [43][71]. Demographic Trends - The rise of single-person households is influencing consumption patterns, with a focus on self-enjoyment and convenience [54][71]. - Brands need to adapt their strategies to cater to the unique preferences of single households, emphasizing emotional value and efficient products [71][69].

Core Insights - The report analyzes the entrepreneurial activity and development potential of various industries in China from 2015 to 2025, highlighting key trends and factors influencing growth. Group 1: Wholesale and Retail Industry - The wholesale and retail industry ranks first in entrepreneurial activity, with new registered enterprises consistently leading other sectors. In 2022, the number of new registrations was approximately double that of the manufacturing sector, particularly strong in regional hub cities like Shanghai, Chongqing, and Shenzhen [3]. - Key drivers include consumption upgrades, increased e-commerce penetration (such as cross-border e-commerce), and the rise of online-offline integration models (like community group buying) [3]. - A notable example is Yiwu, which has seen a significantly higher number of new registered enterprises in its wholesale and retail sector compared to other regions [3]. Group 2: Manufacturing Industry - The manufacturing sector has experienced sustained growth in entrepreneurial activity since 2015, driven by the "Made in China 2025" policy, particularly in smart manufacturing and new energy equipment [4]. - Key cities for manufacturing innovation include Shenzhen, Suzhou, and Dongguan [4]. - Emerging subfields such as new energy vehicles, new materials, and industrial internet platforms are gaining traction due to policy support and market demand [5]. Group 3: Information Technology and Artificial Intelligence - The information technology and AI sectors are rapidly growing, with applications in healthcare, finance, and logistics creating numerous entrepreneurial opportunities. By 2025, the AI-related market is expected to exceed $62 billion [6]. - Financial technology (like blockchain) and virtual reality (VR/AR) are becoming significant branches within this sector [6]. - Government reports emphasize the development of "smart industries," promoting the integration of technology with traditional sectors [6]. Group 4: Resident and Life Services - Driven by essential needs, the resident services sector includes areas like housekeeping, repair services, and community elder care. Post-2020, online appointment services and community-based service models have surged [7]. - Cities like Beijing and Chengdu lead in the registration of resident service enterprises, correlating with economic levels and population density [8]. Group 5: New Energy and Environmental Protection - The new energy and environmental protection sectors are hotbeds for entrepreneurship, driven by policies and market demand. The solar, wind, and energy storage technologies, along with waste management, are key focus areas [9]. - The electric vehicle supply chain, including charging stations and battery recycling, is expected to see significant growth due to the "dual carbon" goals [9]. - Companies like CATL in the power battery sector are creating entrepreneurial opportunities across the supply chain [10]. Group 6: Health Care and Life Sciences - The aging population and consumption upgrades are propelling growth in areas like gene editing, telemedicine, and health management devices. The pandemic has led to increased profitability in pharmaceuticals and health products, with some subfields (like medical devices) growing faster than traditional industries [11]. - National policies encourage social capital investment in healthcare and elder care, promoting the "medical-elderly care integration" model [12]. Group 7: Educational Technology (EdTech) - The trend towards online and personalized education is driving rapid growth in K12 online education and vocational training platforms. By 2025, the EdTech market is projected to exceed $10 billion, with significant penetration in third- and fourth-tier cities [13]. Group 8: Logistics and Supply Chain Management - The logistics sector is being propelled by e-commerce and globalization, with companies like Cainiao Network leading the digitalization of logistics. Low-barrier entrepreneurial opportunities are emerging in county-level economies through express delivery and same-city distribution [14]. - Technological advancements such as drone delivery and smart warehousing systems are being piloted in certain regions, indicating substantial future growth potential [15]. Group 9: Summary and Future Trends - There are regional disparities in entrepreneurial activity, with coastal areas (like the Yangtze River Delta and Pearl River Delta) remaining the core hubs, while central and western cities (like Chengdu and Chongqing) are accelerating growth due to policy support [16]. - Industry regulations (such as those in financial technology) and technical standards (like AI ethics) will influence future entrepreneurial directions. Potential future hot areas include IoT security devices, the "single economy" (like virtual companionship services), and the pet economy [17].

Core Viewpoint - Loneliness is predicted to become the biggest economic trend in China over the next five years, with a growing focus on products and services that cater to this need [3][4]. Group 1: Economic Trends - The concept of the "Fourth Consumption Era" is introduced, characterized by the rise of the single economy, which includes trends like solo dining, solo travel, and pet economy [6][7]. - The shift in consumer mindset from valuing luxury and fashion to seeking inner satisfaction and emotional fulfillment is highlighted, with an emphasis on local traditions and interpersonal connections [9][11]. - The emergence of the "Lonely Economy" is anticipated, as single rates increase and demographic changes such as population decline and aging become more pronounced in China [12]. Group 2: Market Opportunities - The article suggests that there are significant opportunities for new lifestyles and business models in China, inspired by existing Japanese consumption patterns [12][13]. - A learning trip to Japan is proposed, focusing on how Japanese companies have thrived in a low-growth environment, with visits to successful brands like Uniqlo and 7-Eleven [13][14].

Group 1: Core Concept - The article discusses the emergence and evolution of the "single economy," highlighting its impact on various industries and consumer behavior in China, particularly among the 20-40 age group, which has over 300 million single individuals [2][4][5]. Group 2: Characteristics of the Single Economy - The single economy encompasses various sectors, including food, housing, transportation, and mental consumption [5]. - Single individuals exhibit high income levels, with over half earning between 3,000 to 5,000 yuan monthly, and a significant portion willing to spend more on personal enjoyment [6]. - A notable trend is the "one-person meal" phenomenon, with 68.1% of singles frequently dining alone, leading to a rise in demand for convenient food options [11]. Group 3: Industry Trends - The single economy is characterized by a shift from basic needs to emotional and experiential consumption, with increasing demand for social, entertainment, and self-improvement services [25][28]. - Companies are transitioning from offering single products to creating comprehensive ecosystems that cater to the lifestyle of single individuals, such as smart home solutions and integrated pet care services [26]. - The rise of emotional economy is evident in sectors like pet care, virtual idols, and dating apps, which focus on providing emotional fulfillment [28]. Group 4: Future Outlook - The development of the single economy may lead to increased social atomization, raising concerns about social connections and relationships [29]. - Companies need to understand the diverse needs of single individuals and innovate in product offerings, service experiences, and emotional connections to gain a competitive edge [29].

出品/壹览商业 作者/蒙嘉怡 编辑/木鱼 "一件也是批发价"的零食店也要上市了。 4月28日消息，据港交所文件，湖南鸣鸣很忙商业连锁股份有限公司（以下简称鸣鸣很忙）已正式向港交所递交上市申请，联席保荐人为高盛、华泰国际。 招股书显示，鸣鸣很忙2024年门店零售额（GMV）达555亿元；2022年至2024年，营收分别为42.86亿元、102.95亿和393.44亿元；同期，经调整净利润分别 为0.81亿元、2.35亿元和9.13亿元。 2022年至2024年，鸣鸣很忙的毛利率分别为7.5%、7.5%和7.6%，净利润率分别为1.7%、2.1%和2.1%，经调整净利润率则分别为1.9%、2.3%和2.3%。截至 2024年12月31日，鸣鸣很忙共开设了14394家门店，其中约58%位于县城与乡镇。 而在2022年5月，中办、国办印发《关于推进以县城为重要载体的城镇化建设的意见》，就县域经济发展作出部署，此后中央不断强化县城的重要性。2024 年7月，国务院在《深入实施以人为本的新型城镇化战略五年行动计划》提到，要引导大中小城市和小城镇协调发展、集约紧凑布局。 这意味着，曾经以大城市建设为主的城镇化，开始看重县域 ...

Core Viewpoint - The fifth consumption era is accelerating due to technological changes, particularly the rise of AI [1][6]. Group 1: Definition of the Fifth Consumption Era - The fifth consumption era can be summarized with the "5 S" keywords: Slow, Small, Soft, Sociable, and Sustainable [3]. - "Slow" consumption emphasizes a shift from fast-paced lifestyles to more deliberate and mindful eating, such as slow food that focuses on local produce and home cooking [3][4]. - "Small" consumption indicates a move away from large shopping centers to unique, smaller shops that align with future values [5]. - "Sociable" consumption highlights the importance of communication and interaction, especially in the context of increased isolation during the pandemic [5]. - "Sustainable" consumption focuses on regional economies and a shift from large infrastructure projects to software and community-oriented developments [5]. Group 2: Trends and Predictions - The fifth consumption era is predicted to deepen the "lonely economy," driven by rising single rates, population decline, and aging demographics [6]. - There is a growing interest in new lifestyles and business opportunities in China, inspired by Japan's existing consumption models [7]. - The upcoming study trip to Japan aims to explore the "Japanese model" that has emerged from low-growth conditions, focusing on successful companies in various sectors [7][8].