Group 1 - The core viewpoint highlights the significant growth of China's tourism market, with domestic travel reaching 3.285 billion trips in the first half of the year, representing a year-on-year increase of 20.6% [1] - The integration of new technologies such as AI, virtual reality, and 3D displays is enhancing the tourism experience, making it more interactive and engaging for visitors [3][5] - The trend towards "smart tourism" is expected to account for over one-third of the tourism economy by the end of the year, indicating a shift in consumer preferences towards more immersive and emotionally fulfilling travel experiences [7] Group 2 - There is a growing preference among tourists for slow-paced vacations that emphasize emotional value, such as enjoying nature and relaxation, which is becoming a new choice for travelers [7][9] - The popularity of "emotion + tourism" products, such as scenic coffee shops and unique leisure activities, reflects a shift in consumer behavior towards experiences that promote relaxation and well-being [9][11] - The demand for composite tourism products that combine scenery, culture, and experience is rising, with searches for unique experiences like watching the sunrise from a hotel bed or enjoying stargazing from a hot spring significantly increasing [11][13]

黄牛倒号、排队数小时、日排号量上千桌……一家平价日料店悄悄"杀疯了"。 据21财经工作室观察，近年来，寿司郎凭借8元焦糖鹅肝、15元生三文鱼等平价产品在中国市场走红，一度被消费者称为"日料界的瑞幸"，成为众多年轻 人争相打卡的社交货币。 一个进驻中国内地市场才4年、开了60多家店的品牌，凭什么这么火？又有哪些值得中国品牌借鉴的地方？ "日料界瑞幸"火成排队王，线下黄牛号炒到80元 "商场没开门就去蹲点""小程序抢了半个月才约上""排队排得比迪士尼还绝望"……在小红书上，"排队"成了寿司郎的最高频关键词，甚至有人专门研究出 了一套"邪修排队攻略"。 线下更是夸张： ▲2024年北京西单首店开业，门店排号近2000桌，午市过后的预计等待时间一度超10小时。 ▲今年珠海新店，同样上演"排队10小时"的魔幻场景。 ▲平时也一位难求，9月26日，据寿司郎小程序，寿司郎北京西单大悦城店9月26日至10月21日用餐时段均已约满。 21财经工作室观察到，寿司郎巨大的排队需求甚至"养活"了黄牛党，在社交平台上，一个线下排队号叫价10元到80元不等，就这，还不少人愿意买单。 寿司郎门店排队情况社交媒体截图 ·母公司市值破万亿日元 ...

过去四十余年，中国经济的腾飞建立在"世界工厂"的基石之上，投资与出口是拉动增长的双翼。然而， 随着全球化红利期高峰已过、内部要素成本上升、以及宏观经济迈向高质量发展新阶段，"投资-出 口"驱动模式边际效应递减。与此同时，拥有14亿人口的庞大国内市场，其蕴藏的巨大消费潜能正以前 所未有的力量喷薄而出。 2025年国务院政府工作报告明确提出，"完善县域商业体系，促进城乡融合发展"，标志着县域经济高质 量发展进入新阶段，把消费作为从根本上破解县域困境的有力抓手。"大消费"是一种涵盖实物消费、服 务消费、数字消费、情绪消费的全面性、多层次、高品质的消费形态，逐步成为中国经济行稳致远 的"压舱石"和"新引擎"。《情绪地理学：新商业模式的国家叙事与县域经济觉醒》（刘磊、贾云峰著） 指出："未来的县域发展，不应只看GDP增长，更要关注共情价值；不应只看重物质投入，更要看重情 绪价值。"作为大消费的重要组成部分，"情绪消费能力"是县域经济的重要竞争力，把县域打造成为"情 绪热土"，是一场关乎国家整体现代化进程的战略抉择。 一、 深度剖析：大消费是必然趋势与发展新逻辑 在全面建成小康社会后，社会主要矛盾已经转化为"人民日益增长 ...

排队600桌，川渝火锅又出"排队王" 今年北京、上海、武汉等地最热门的火锅，大概都有茶火锅的一席之地。 北京的壶・茶馆火锅常年稳居大众点评 "北京火锅热门榜""打卡人气榜" 前列，晚间一般都要排队两三小时，是北京妥妥的 "火锅排队王"； 从成都开到上海的卿庭・成都鲜货火锅，同样引发了排队热潮， 工作日排队超 200桌，周末峰值直逼600桌。 苏州的苏见山・苏式山野茶火锅、武汉的共炉・茶汤火锅局、南京的碳山河・茶汤火锅局、成都的蓉城小将千层肚・茶火锅等品牌，也纷纷凭借茶火锅引 发打卡热潮，成为当地的热门品牌。 北步园老火锅拿下非遗老鹰茶授权，不仅锅底自带茶韵，还研发出 "茶泡鱿鱼""大三炮盖碗奶茶" 等适配茶味的特色菜品；矮冬瓜红茶火锅以 "火锅+红茶" 为核心卖点，煮锅底前，店员会当着顾客的面萃取红茶，将头杯茶汤敬客，让 "饮茶" 成为用餐前的仪式感；郑记普洱茶火锅则主打 "麻辣 + 普洱清汤" 的 鸳鸯锅，用普洱的陈香平衡辣锅的燥感，适配不同食客的口味偏好。 随着茶底火锅走出川渝，近一两年又迎来新一轮进化，更贴合年轻消费者对 "新鲜感""氛围感" 的追求。 有了和奶茶一样长的名字。 茶香毛肚三脆卷、桂花乌龙 ...

为情绪价值买单，是当下年轻人首要的消费态度，较2024年增长16.2%；年轻人情绪消费月均支出949 元，18.1%青年每月愿为情绪价值消费2000元以上，2成青年是情绪消费"日活型用户"。 2025年，"情绪价值"成为年轻人精神生活的核心刚需。聚焦青年情绪消费的兴起轨迹与深层逻辑，社交 平台Soul App在Soul创始人的带领下，联合上海市青少年研究中心发布《2025 Z世代情绪消费报告》， 依托大数据分析与专项调研，精准捕捉青年心态变化，解读当下消费市场的新趋势。 这份报告的结论，源于Soul平台大数据、Just So Soul研究院与有数数据创新实验室联合开展的专项调 研。调研共回收2338份有效问卷，其中Z世代（以95后、00后为主）受访者占比约70%。报告显示，超9 成青年认可"情绪价值"，有过"为情绪价值买单"的经历，近4成青年为高频消费者；近8成青年认为情绪 价值主要来自亲密关系中的理解和回应，超5成年轻人主要从社交互动中汲取情绪价值；近6成青年愿意 而从情绪消费的高频时段来看，超半数青年存在规律的时段依赖，深夜22点后（33.2%）与工作间歇的 喘息时刻（26.1%）是两大消费峰值，通勤、午 ...

每经记者｜石普宁 每经编辑｜唐元 在成都做"潮玩"，是一种怎样的体验？工作地点位于浣花溪畔的她，或许给了我们一个参考答案。 作为黑玩HEYONE（下称"黑玩"）IP品牌部的负责人，Yuki在这里找到了让无数打工人羡慕的工作与生活的平衡。她的工作节奏"紧凑，但不慌张"——从容 的掌控感和成都的烟火气，共同融入日常。 从北京到成都，Yuki有了更多属于自己的"六点后时光"。"以前回到家基本就是吃饭、刷手机、睡觉，我当时真的不知道，晚上六点以后，生活应该是什么 样子的。"她回忆道。 从被工作填满的惯性中"抽离"出来，Yuki放弃了北京头部潮玩公司的工作，来到成都，她的理由有两个：一是与成都的"契合"，二是与黑玩的"邂逅"。 图片来源：受访者供图 潮玩IP的"翻译官"：捕捉社会情绪 "其实大家可能很少有机会，能看到我们全系列的IP和产品。"站在布展现场，Yuki不时侧身为来来往往的同事腾出位置。 对于大众而言，潮玩很"火"，是一个能提供"情绪价值"的物品。而实际上，这门生意的内核，远比"贩卖情绪"要复杂得多。 "我们更像一个'翻译官'。"Yuki这样定义自己的角色。 这项"翻译"工作，始于对社会情绪的捕捉。比如，当设 ...

泡泡玛特出品的新系列盲盒。记者 邓放 摄 郑州嵩南印象城通过举办IP联动和节目演绎，强化情绪体验意义。 HelloKitty与野兽派联名产品深受消费者喜爱。记者 邓放 摄 不少年轻人把宠物当作家人一样悉心照料。 图片除署名外均为被采访者供图 今天，你为"情绪价值"买单了吗？ 从商场里陪伴主人逛街的宠物，到年轻人频频种草的潮玩盲盒，再到桌面上随时互动的AI伙伴，情绪消费的 场景不断延伸，"不为需要，只为心动"的"情价比"（情绪性价比）成为年轻人消费的新驱动力。 图为新乡同盟古镇草坪音乐会现场。记者 邓放 摄 9月16日，商务部等9部门印发《关于扩大服务消费的若干政策措施》的通知，其中提出，要支持优质消费资 源与知名IP跨界合作，打造一批商旅文体健融合的消费新场景。 买东西不只是为了它的功能，而是买一个身份标签，买一种情绪共鸣，能不能提供"情绪价值"成为新价值标 准。艾媒咨询数据显示，中国情绪经济市场规模呈上升趋势，2024年中国情绪经济市场规模达23077.67亿 元，预计2029年将突破4.5万亿元。这股消费新潮流有着怎样的表现和机遇？ 萌宠经济 从"养宠"到"宠养"的进阶 周末的郑州熙地港购物中心，总能看到 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a shift towards emotional consumption, with brands that possess differentiated product capabilities and deep consumer insights gaining traction [31] - The report highlights the strong performance of the jewelry sector, particularly in high-end and fashion segments, driven by consumer preferences and innovative marketing strategies [31][39] Summary by Sections Retail Market Overview - The retail index closed at 2384.72 points, down 0.51% for the week, outperforming the Shanghai Composite Index, which fell 1.30% [6][13] - Year-to-date, the retail index has increased by 6.51%, lagging behind the Shanghai Composite Index's 13.97% rise [13][15] Key Industry Dynamics - The report emphasizes the successful autumn ordering meeting of Chao Hong Ji, showcasing strong demand for new products rooted in traditional craftsmanship and innovative designs [25][26] - The jewelry sector, particularly the high-end and fashion categories, is benefiting from emotional consumption trends, with brands like Lao Pu Gold and Chao Hong Ji recommended for investment [31][39] Company Performance Highlights - Lao Pu Gold reported a revenue of 12.354 billion yuan for H1 2025, a 250.9% increase year-on-year, with a net profit of 2.268 billion yuan, up 285.8% [33][36] - Chao Hong Ji achieved a revenue of 4.102 billion yuan in H1 2025, reflecting a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [39][40] - The report also highlights the performance of other companies such as Mao Ge Ping and Ru Ben, which are experiencing significant growth in the cosmetics sector [32][42] Investment Recommendations - The report suggests focusing on high-quality companies in the emotional consumption theme, particularly in the jewelry and cosmetics sectors, with specific recommendations for Lao Pu Gold, Chao Hong Ji, and Mao Ge Ping [7][31][32]

Group 1: Market Overview - In 2025, China's consumer market is experiencing a divergence, with traditional consumer goods showing weak growth while "emotional consumption" characterized by emotional connection, cultural identity, and immersive experiences is booming [1][4] - In the first half of 2025, the total retail sales of consumer goods reached 24,545.8 billion yuan, with a year-on-year growth of only 5.0% [1] - The retail sales of goods amounted to 21,797.8 billion yuan, growing by 5.1% [1] Group 2: Company Performance - Moutai, a representative of traditional high-end consumption, reported a revenue of 91.094 billion yuan in the first half of 2025, with a year-on-year growth of 9.16%, marking the first time in nearly a decade that its growth rate fell to single digits [1] - Pop Mart achieved a revenue of 13.88 billion yuan in the first half of 2025, with a remarkable year-on-year growth of 204.4% and an adjusted net profit of 4.71 billion yuan, up 362.8% [1] - Miniso's second-quarter revenue reached 4.97 billion yuan, growing by 23.1% year-on-year, while its subsidiary TOP TOY saw a revenue increase of 87.0% [2] Group 3: Consumer Trends - The rise of emotional consumption reflects a deep-seated desire for emotional comfort and cultural identity among consumers [4][5] - Consumers are shifting their spending from traditional goods to emotional products, indicating a change in consumption logic from "need" to "liking" and from "utility" to "emotion" [4][5] - The emotional consumption trend is not just limited to toys and jewelry but is also evident in various sectors, including tea beverages and snacks [18][20][23] Group 4: Emotional Consumption Dynamics - Emotional consumption is characterized by consumers being willing to pay for emotional experiences, social attributes, and identity recognition rather than just the products themselves [18] - The success of brands like Pop Mart and Lao Pu Gold illustrates the shift from functional attributes to emphasizing the emotional and cultural aspects of products [11][12] - The average overlap rate of Lao Pu Gold consumers with luxury brands like Louis Vuitton and Cartier is as high as 77.3%, indicating its entry into the high-end market [13] Group 5: Future Implications - The rise of emotional consumption is reshaping the entire consumption landscape, prompting brands to reassess their value creation strategies [25] - Companies that can accurately capture emotional needs and provide meaningful experiences are likely to thrive in this new consumption era [25]

Core Insights - The announcement of autumn in Liaoning has sparked a consumption boom in the tea beverage market, particularly among young consumers who are shifting from summer drinks to traditional Chinese health teas [3][4] Group 1: Market Trends - This year's autumn officially began on September 15, which is 17 days later than usual, making it the latest recorded autumn start [4] - The "first cup of milk tea in autumn" has become a significant marketing event since its inception in 2020, demonstrating strong market vitality [4] - On September 15, sales at a major tea brand's chain stores increased by over 30% compared to previous days, indicating a surge in consumer demand [4] Group 2: Product Innovation - Tea brands in Shenyang have launched new seasonal products such as osmanthus wine and chestnut tea, catering to the growing preference for health-oriented beverages among young consumers [5] - Traditional health ingredients are becoming the new focal point in the tea beverage market this autumn, with products like osmanthus, gardenia tea, and pear syrup gaining popularity [5] Group 3: Consumer Behavior - The "first cup of milk tea in autumn" is seen as a way for young consumers to express their emotions and celebrate seasonal changes, reflecting a desire for ritualistic consumption [7] - Young consumers view the purchase of seasonal beverages as a small luxury that enhances their everyday lives, indicating a trend towards emotional and experiential spending [7] - The concept of "emotional consumption" is emerging as a new growth point in traditional consumer sectors, with the autumn milk tea phenomenon exemplifying this shift [7]