年前的办公室，环视一圈，大家的工位上摆放着各色看起来"没什么大用的东西"："放轻松"的小松树绿植、一小棵"禁止蕉绿"的绿蕉、祈求发财 的小财神摆件、各式各样的茶宠在电脑显示屏上站成一排…… 越来越多的年轻人日常生活里勤俭节约，但在旅行、演唱会、健身、非遗体验上却能"一掷千金"。从LABUBU潮玩，到"村超"、情绪疗愈馆，这 些现象背后，都指向同一个关键词——情绪价值。 他指出，这一趋势具有明显的代际特征。老一代人经历过物质匮乏，更重视实物的耐用性与安全性；而"00后"等新生代成长于物质相对充裕的时 代，他们对"精神满足"的敏感度更高。为兴趣、体验、共鸣付费，在他们看来并非奢侈，而是生活的一部分。 2025年11月16日，湖北武汉，顾客在门店内体验"拼豆"娱乐项目。 因此，多地政府在工作报告中提及"情绪经济""悦己经济"，并非短期刺激，而是顺应长期趋势。黄汉权判断，这是一种不可逆转的结构性变化。 消费主力人群的观念已经转向，供给侧必须跟上，产业布局必须匹配，否则就会错位。 值得注意的是，"为情绪买单"并不意味着放弃性价比。年轻人一边追求体验，一边精打细算，本质上是希望用更合理的成本，换取更高的精神收 益。黄汉权 ...

珊珊既不是小猫也不是小狗，这段对话也并非虚构。珊珊是一款AI宠物伴侣，是中国最新的消费热 点。在中国，越来越多的年轻人更青睐那些不需要遛、也不会产生粪便需要清理且会说话的宠物。 南非独立在线新闻网2月12日文章，原题：中国年轻人有了情绪消费新选择：人工智能（AI）宠物 珊珊 望着自己的主人，小小的身体毛茸茸的，一双大眼睛睁得圆圆的，问道："你不舒服吗？要喝点水 吗？"中国社交媒体上发布的一段视频显示，当主人咳嗽着让它唱歌时，珊珊犹豫了，它没有唱歌，而 是回答："我担心你。" 在将AI工具应用于日常用途方面，中国正走在世界前列——从地方政府管理、警务工作效率提升到缓 解孤独感等领域。中国的AI宠物热潮则为不断发展的人类与AI关系增添了一个全新的、毛茸茸的维 度。这些数字生物充当着情感抚慰的角色，主人可以向它们倾诉任何事情，即便在午夜也无妨，而且不 会觉得自己是个负担。 分析人士表示，与真实的宠物不同，AI宠物没有现实生活中的那些负担。真实的宠物需要花费金钱和 时间，但AI宠物能提供即时的陪伴，只要它们充好电并连接上无线网络，而且不需要承担长期的责 任。心理学专家表示，AI宠物提供情感陪伴的同时所需的照料成本极低 ...

在将AI工具应用于日常用途方面，中国正走在世界前列——从地方政府管理、警务工作效率提升到缓 解孤独感等领域。中国的AI宠物热潮则为不断发展的人类与AI关系增添了一个全新的、毛茸茸的维 度。这些数字生物充当着情感抚慰的角色，主人可以向它们倾诉任何事情，即便在午夜也无妨，而且不 会觉得自己是个负担。 分析人士表示，与真实的宠物不同，AI宠物没有现实生活中的那些负担。真实的宠物需要花费金钱和 时间，但AI宠物能提供即时的陪伴，只要它们充好电并连接上无线网络，而且不需要承担长期的责 任。心理学专家表示，AI宠物提供情感陪伴的同时所需的照料成本极低，因此，AI宠物不仅在中国受 欢迎，在全球范围内也拥有更广泛的用户群体。 分析人士称，AI宠物是情绪经济浪潮的一部分，因为消费者不再仅仅追求物质满足，还渴望获得情感 和心理上的支持。这一趋势在城市年轻一代中引起了强烈共鸣，他们肩负着诸多压力。AI宠物能提供 长期记忆、不断发展的个性，并为他们提供持续的情感反馈。不过，也有学者表示，这段"蜜月期"能持 续多久仍是个疑问，关键的问题是如何更好地将虚拟的AI融入现实生活。（宋波译） 来源：环球时报 南非独立在线新闻网2月12日文章， ...

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With a decline in birth rates, young consumers are increasingly spending on pets, leading to significant growth in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [12][13][15][16]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, showcasing the potential of the aging population as a lucrative market segment [17][18][19]. - **Health Food and Beverages**: Changing demographics and rising health awareness have led to the growth of sugar-free beverages and functional foods in both Japan and China, with brands like Suntory and Dongpeng gaining traction [21][22]. - **Beauty and Aesthetic Products**: The demand for beauty products, including collagen supplements and at-home beauty devices, remains strong, indicating that consumers prioritize personal care even in economic downturns [23][24][26]. - **Outdoor Recreation**: Companies in the outdoor equipment sector, such as Snow Peak in Japan and various Chinese brands, are benefiting from increased interest in outdoor activities as a form of stress relief [29][31][32]. - **Convenience Economy**: The rise of frozen foods and smart home appliances reflects a shift towards convenience, with brands like Anjijia and Kewell seeing steady growth as consumers seek time-saving solutions [39][40][42]. - **Lazy Economy**: The trend of reduced cooking time among younger generations has led to a preference for ready-to-eat meals and smart appliances that automate household tasks, indicating a shift in consumer priorities [39][40][42]. Group 2: Market Dynamics - The article emphasizes that even in a low-desire economy, there are significant opportunities for those willing to invest in counter-cyclical sectors. Companies that can identify and act on these opportunities are likely to emerge as winners [44].

Consumption Trends - The emotional economy market in China is expected to exceed 20 trillion yuan in 2024, with a projected CAGR of 14% from 2025 to 2029[3][60]. - The beauty consumption market is projected to reach nearly 370 billion yuan by 2025, with the retail sales of cosmetics in China estimated at 465.3 billion yuan in 2025, reflecting a year-on-year growth of 5.1%[5][51]. - The health food market is anticipated to reach 720.3 billion yuan by 2029, driven by increasing health awareness and aging population[5]. Policy and Market Dynamics - The Chinese government has prioritized boosting consumption as a key task for 2025, with policies supporting consumption upgrades and equipment renewal[5][9]. - Changing consumer behavior emphasizes emotional value, health, and personalized consumption, indicating a shift towards emotional and social fulfillment in purchasing decisions[5][9]. Key Industry Insights - The maternal and infant food market is projected to reach approximately 55.91 billion yuan in 2024, with the number of maternal and infant chain stores increasing from 21,000 in 2019 to 32,000 in 2024[5]. - The pet economy is expected to grow significantly, with the market size reaching 701.3 billion yuan in 2024, reflecting an 18% year-on-year increase[58]. Investment Opportunities - Companies in the North Exchange related to beauty consumption include Jinbo Biological, Bawei Co., and Vicky Technology, which are positioned to benefit from the ongoing growth in the beauty sector[5][52]. - The health food sector includes leading brands like Kangbiter and Yizhi Konjac, which are well-placed to capitalize on the rising demand for health-oriented products[5].

Core Insights - The rise of "emotional economy" reflects a significant shift in consumer behavior, where young people are increasingly willing to pay for happiness and emotional satisfaction, indicating a transformation in consumption logic from "product-centered" to "people-centered" [5][11] Group 1: Emotional Consumption Trends - Over 90% of young people recognize the importance of emotional value, with 46.8% considering it a remedy for stress and anxiety [4] - The popularity of "blind boxes" and merchandise related to anime and gaming illustrates the trend of consumers seeking joy and emotional fulfillment through purchases [3][4] - The "ticket economy" is emerging, where concert tickets can unlock discounts on related services, enhancing the overall consumer experience [4][8] Group 2: Market Growth and Economic Impact - The emotional consumption market in China reached 2.72 trillion yuan in 2025, projected to exceed 4.5 trillion yuan by 2029 [6] - Companies like Pop Mart have seen significant financial success, with revenue of 138.8 billion yuan and net profit of 47.1 billion yuan in the first half of 2025, surpassing the entire revenue of 2024 [7] - The rise of emotional consumption is driving the growth of niche markets, creating billion-dollar opportunities in sectors like trendy toys and entertainment [8] Group 3: Regional Development and Strategic Focus - Cities like Shenzhen are prioritizing the development of emotional economy concepts such as "ticket economy" and "self-pleasure economy" in their government work reports, indicating a strategic focus on enhancing consumer experiences [9][10] - Shenzhen's demographic advantages, including a young population with high spending power, position it well to capitalize on the emotional economy [10][11] - The city's plans to expand its commercial landscape and enhance consumer engagement through innovative marketing strategies reflect a commitment to fostering a vibrant consumption ecosystem [11]

Investment Rating - The report maintains a positive investment rating for the service CPI sector [2] Core Insights - The service consumption CPI is expected to restart its upward trend, driven by stronger performance compared to overall consumption [7] - The demand for service consumption is resilient, particularly in sectors like tourism and entertainment, which are currently in a phase where prices are more likely to rise than fall [15] - The report highlights the importance of government policies aimed at boosting consumption, including various initiatives to enhance service quality and expand domestic demand [12] Summary by Sections 1. Overview of Service CPI - Service consumption CPI is performing better than overall consumption CPI, indicating a potential for price increases in the service sector [7] 2. Price Increases in Service Sectors - Hotel prices are expected to show elasticity due to supply-demand convergence and anti-monopoly measures [7] - The restaurant sector's ability to pass on costs to consumers is under observation, with Western fast food and tea drinks showing relative advantages [7] 3. Investment Recommendations - The report suggests focusing on sectors with strong demand resilience and potential for price increases, particularly in tourism and hospitality [7] 4. Policy Support - Various government policies are outlined, including actions to stimulate consumption and improve service quality, which are expected to support the service sector's growth [12]

Core Insights - The rise of "emotional economy" reflects a significant shift in consumer behavior, where young people are increasingly willing to spend on experiences and products that provide emotional satisfaction rather than just practical utility [5][10] - Government reports from various regions, including Shenzhen, emphasize the importance of expanding domestic demand through concepts like "emotional economy," indicating a strategic focus on consumer sentiment [2][9] Group 1: Emotional Consumption Trends - Over 90% of young people recognize the importance of emotional value, with 46.8% viewing it as a remedy for stress and anxiety [4] - The popularity of "blind boxes" and merchandise related to anime and gaming illustrates a trend where consumers derive joy from the act of purchasing and unboxing, rather than the intrinsic value of the items [3][4] - Concerts and events are seen as "energy fields" that provide unique emotional experiences, further driving the "ticket economy" where ticket stubs can unlock additional consumer benefits [4][8] Group 2: Market Growth and Economic Impact - The emotional consumption market in China is projected to reach 2.72 trillion yuan by 2025, with expectations to exceed 4.5 trillion yuan by 2029 [6] - Brands like Pop Mart have seen significant financial success, with revenue of 13.88 billion yuan and net profit of 4.71 billion yuan in the first half of 2025, surpassing the entire revenue of 2024 [7] - The emergence of new toy brands and the expansion of the ticket economy are creating substantial market opportunities, with various sectors experiencing growth due to the emotional consumption trend [8][9] Group 3: Regional Advantages and Strategic Development - Shenzhen is positioned as a leader in the emotional economy due to its young, high-spending population and a robust industrial chain that supports rapid response to consumer demands [9][10] - The city's government plans to enhance its commercial landscape by developing unique shopping districts and promoting various economic models, including the "ticket economy" and "self-indulgence economy" [10] - The focus on emotional value in consumption reflects a broader shift in economic strategy, moving from a product-centric to a consumer-centric approach, which is crucial for urban economic growth [5][10]

Core Insights - The rise of AI pets reflects a growing demand for emotional support among young people, driven by increasing loneliness in urban environments [1][3][10] - AI pets are seen as a solution to loneliness, providing companionship without the responsibilities of real pets, and are gaining popularity in the emotional economy [10][19][29] Group 1: AI Pets and Emotional Support - AI pets serve as emotional oxygen for young people, addressing the collective loneliness experienced in urban living [3][10] - The market for AI pets is projected to grow significantly, with estimates suggesting the emotional companionship market in China will reach 3.866 billion yuan by 2025 and exceed 59.5 billion yuan by 2028, with a compound annual growth rate of 148.74% [27] - AI pets offer low-cost, high-certainty emotional feedback, making them attractive to young consumers [6][10] Group 2: Market Dynamics and Product Differentiation - The AI pet market is segmented into various price tiers, with entry-level products priced around 100 yuan and high-end models exceeding 2,800 yuan, catering to different consumer needs [10][27] - The popularity of AI pets is not just about companionship; they reflect a deeper desire for connection and response from users, embodying the emotional economy [10][29] Group 3: Technological Advancements - Advances in AI technology have enabled pets to evolve from passive responders to proactive companions, capable of remembering past interactions and providing contextual support [21][24] - The shift from reactive to predictive capabilities in AI pets is driven by breakthroughs in large model technology, enhancing user engagement [24][27] Group 4: Broader Applications Beyond Young Adults - AI pets are also gaining traction among children and adolescents, serving as emotional support and facilitating communication between children and parents [11][16] - The role of AI pets is evolving from passive emotional receivers to active emotional interveners, helping children express their feelings in a safe environment [19][29]

Core Insights - The younger generation's consumption logic has shifted from price-performance ratio to emotional resonance, indicating a new trend in consumer behavior [2][4][20] - The collaboration between Kang Shifu's "Crispy Noodles" and My Little Pony exemplifies the successful integration of emotional value into marketing strategies, moving beyond traditional branding [22][25] Group 1: Emotional Economy - The emotional economy is characterized by consumers seeking products that provide comfort, joy, or understanding, which often outweighs the physical functionality of the product [4][20] - The marketing strategy must capture the attention of young consumers within a short time frame, utilizing abstract and visually impactful elements to engage them [7][9] Group 2: Marketing Strategies - The "Explosive Head" campaign by Kang Shifu effectively utilized AIGC videos to create a viral marketing effect, transforming a simple product experience into a visually engaging phenomenon [7][9][13] - Offline events, such as the "My Little Pony Friendship Magic Spring Garden" held in February, serve as interactive experiences that enhance consumer engagement and retention [11][15] Group 3: Consumer Engagement - The campaign's success is attributed to its ability to create social currency through innovative ideas and interactive experiences, leading to organic participation and viral spread [17][20] - The collaboration with My Little Pony is not merely a branding exercise but a deeper emotional connection, allowing consumers to feel part of a community and engage in ongoing interactions [24][25] Group 4: Market Trends - The emotional economy market in China has reached a scale of 2.3 trillion yuan, with projections to exceed 4.5 trillion yuan by 2029, indicating a significant growth opportunity for brands that can tap into emotional consumer needs [31] - The partnership between Kang Shifu and My Little Pony serves as a case study for future marketing strategies in the fast-moving consumer goods sector, emphasizing the importance of emotional value over traditional pricing and distribution methods [29][31]