以下文章来源于娱乐资本论 ，作者娱子酱团队 娱乐资本论 . 北京市文化产业投融资协会会员单位，并与中国网络视听大会、北京国际电影节、上海国际电影节等行 业大会展开了长期、深度的合作，致力于独家报道，是泛文娱行业第一媒体。 来源丨娱乐资本论（ID： yulezibenlun ） 作者丨 吴晓宇 图源丨Midjourney 潮玩的投资潮，又一次到来了。 上一次潮玩行业能有如此集中的投资热度，还是在2021年末。成立不久的小 品牌卡卡沃 也能收获 VC的青睐，令小娱印象深刻。 去年上半年，泡泡玛特的Labubu全球破圈，线下专营店从东南亚开到了北美乃至西欧。布鲁可等头 部企业也完成港股上市，潮玩和卡牌公司的关注度又回来了 。市场端收到了巨量的正反馈，进而引发 了下半年集中爆发的融资潮。 从闪魂公司完成超亿元的首轮融资开始，到刚刚杰森娱乐获得数亿元战投，几乎每个月都有潮玩公司 官宣拿钱和上市的消息。这样的阵仗其实并不多见。 | 最近半年接受融资或申请IPO的潮玩公司 公司名称 | 融资时间 | 融资轮数/申请IPO | 融资金额 | | --- | --- | --- | --- | | 超级元气工厂 | 2025年 ...

Core Concept - The article discusses the emergence of the "emotional economy," where consumer behavior is increasingly driven by emotional value rather than just functional or price considerations [2][4]. Group 1: Definition and Mechanisms of Emotional Economy - The emotional economy centers on "emotional consumption," where consumers seek products that provide emotional satisfaction, comfort, or self-identity rather than just functional benefits [3][4]. - Emotional economy consists of three layers: emotions can be commodified, producers include not just brands but also platforms that analyze emotional data, and brands must shift from functional value to emotional connection [4][6]. - The case of Pop Mart illustrates how emotional value can drive consumer behavior, as its blind box model creates anticipation and emotional engagement rather than focusing solely on the product itself [5][6]. Group 2: Market Trends and Growth - In 2024, over 40.1% of young consumers in China prioritized emotional value and interest in their purchasing decisions, indicating a significant shift towards emotional consumption [7]. - The emotional economy market in China was estimated at approximately 2.3 trillion yuan in 2024, with projections to exceed 4.5 trillion yuan by 2029 [7]. - Social media and short video platforms are creating an "emotional network," where user interactions are analyzed to optimize content that elicits emotional responses, thus turning emotions into a valuable resource [8]. Group 3: Key Aspects of Emotional Economy - The emotional economy is characterized by three main aspects: self-care (悦己), companionship (陪伴), and anger (愤怒) [10][12]. - The "self-care economy" is growing, with spending on wellness and personal enjoyment becoming a regular part of budgets, as evidenced by a 441% increase in searches related to "healing" services in 2024 [14]. - The "companionship economy" is exemplified by the pet industry, which reached nearly 300 billion yuan in 2025, reflecting a shift towards emotional investment in relationships with pets [16]. Group 4: Challenges and Ethical Considerations - The rise of AI companionship has sparked discussions about the ethical implications of emotional dependency on technology, especially in sensitive areas like mental health [17][18]. - The "anger economy" is emerging as a significant aspect of the emotional economy, where content designed to provoke anger is systematically rewarded in social media algorithms, raising concerns about its impact on public discourse [19][20]. - Critics argue that the emotional economy risks reducing collective social issues to individual consumer choices, potentially leading to a depoliticized approach to emotional well-being [22][23].

Economic Performance - Hubei's GDP reached 62,660.90 billion yuan in 2025, growing by 5.5%, which is 0.5 percentage points higher than the national average [1] - The industrial added value increased by 6.9%, and the service industry revenue grew by 11.4%, both exceeding the national growth rates [1] Industrial Growth - High-tech manufacturing led the growth with an added value increase of 15.5%, contributing 35.6% to the industrial growth [1] - Production of new energy vehicles, computers, integrated circuit wafers, lithium-ion batteries, and smartphones grew by 33.3%, 46.0%, 21.9%, 18.8%, and 16.5% respectively [1] Investment Trends - The number of investment projects exceeding 100 million yuan increased by 8.8%, with manufacturing investment growing by 7.4%, surpassing the national rate of 6.8% [2] - Automotive manufacturing investment surged by 30.6%, while real estate development investment declined by 7.3% [2] Retail and Consumption - Hubei's total retail sales of consumer goods reached 27,938.62 billion yuan in 2025, with a year-on-year growth of 2.7% [2] - Retail sales of new energy vehicles increased by 14.4%, driven by the "self-care economy" and emotional consumption [2] Trade Performance - Hubei's total import and export volume was 8,340.1 billion yuan, growing by 18.2% [2] - High-tech product exports rose by 25.9%, accounting for 19.7% of total exports [2] Financial Sector - By the end of 2025, Hubei's financial institutions had a total deposit balance of 101,824.24 billion yuan, an increase of 8.3% year-on-year [3] - The loan balance reached 93,844.52 billion yuan, growing by 7.7% [3]

Core Viewpoint - The article discusses the impact of declining population on both primary and secondary markets in China, highlighting the challenges and opportunities that arise from this demographic shift [1][2]. Group 1: Negative Aspects - Fundraising pressure is increasing as the population concentrates in a few large cities, putting financial strain on many smaller cities [4]. - Local governments are facing survival pressures, especially those relying on fundraising from smaller cities, as traditional fundraising methods may no longer be effective [5]. - The number of high-net-worth individuals around the age of 50 is rapidly declining, which poses challenges for wealth management institutions that rely on this demographic for fundraising [6]. - The decline in population will affect growth expectations across various industries, leading to a decrease in market valuations for listed companies. Investors are shifting their focus from growth expectations to cash flow security [7]. - Labor-intensive and traditional businesses will face multiple challenges regarding revenue, profit, cash flow, and valuation, necessitating a long-term adjustment across the industry [7]. - There may be an increase in preventive savings among residents, leading to a significant shift of funds from the secondary market back to banks [8]. - Overall demand growth is slowing, putting pressure on consumer sectors, which will see reduced growth potential and no longer command valuation premiums [9][10]. Group 2: Positive Aspects - Certain sectors are expected to benefit from demographic changes, including the silver economy, health care, single economy, self-care economy, innovative pharmaceuticals, and international expansion [11][12]. - The decline in population may lead the primary market to focus more on hard technology and high-end manufacturing, with products and services that can replace human labor being favored [14]. - The article suggests looking at Japan's aging population for insights into potential business changes and new market opportunities [12]. Group 3: Recommendations for Investment Managers - Investment managers in institutions affected by population decline should consider updating their resumes and exploring new job opportunities [16]. - Those not currently focused on hard technology should consider transitioning to this sector unless their current field has a strong competitive advantage [16]. - Utilizing AI tools can significantly enhance information collection and work efficiency, helping investment managers adapt to the changing landscape [17][18].

Core Insights - Emotional consumption is driving a transformation in the fashion market in Beijing, shifting user engagement from "traffic acquisition" to "emotional maintenance" [1] - The rise of emotional economy is evident in various retail and experiential formats, such as trendy toys, anime, and music festivals, which have become important outlets for young people to express themselves [1] Group 1: Emotional Consumption and Market Trends - The emotional demand is establishing new business models, with trendy toys becoming a new growth point in the consumer sector, as highlighted in Beijing's action plan to promote the "Guzi economy" [2] - The transformation of traditional shopping districts, such as Wangfujing, into themed spaces for anime and trendy toys has led to significant revenue increases, with projected earnings doubling post-renovation [2] - The "Guzi economy" is expected to see a 105% year-on-year increase in transaction volume in 2024, with young consumers, particularly those born after 2005, driving this growth [3] Group 2: Event-Driven Consumption - Concerts and events are becoming significant drivers of economic activity, with over 180 concerts planned in Beijing for 2025, achieving an 80% sell-out rate [6] - The integration of concerts with commercial spaces is creating a new model of cultural and commercial synergy, enhancing the overall consumer experience [7] - Events like the "eye-opening" Beijing trendy esports festival have led to substantial increases in sales and foot traffic, demonstrating the effectiveness of experiential marketing [5] Group 3: Challenges in the Market - Despite the growth, the market faces challenges such as homogenization and copyright issues, which are hindering high-quality development [8] - The rapid increase in "Guzi economy" related enterprises has led to a saturation of similar products, with consumers reporting a lack of uniqueness in offerings [8] - Copyright infringement remains a significant issue, with a notable increase in consumer complaints related to unauthorized products, highlighting the need for better IP protection [9]

Core Insights - The consumption market in Wuhan is witnessing a new trend where "emotional consumption" is rising despite stable or declining prices in essential goods [1][8] - The service prices in Wuhan increased by 0.7% in 2025, with significant rises in beauty services (9.1%) and pet services (4.2%), indicating a shift towards "self-care" spending [1][9] Consumption Trends - Emotional consumption is characterized by a diverse range of services available throughout the day, catering to various age groups and emotional needs, such as early morning breakfast spots and 24-hour pet hospitals [4] - The CPI data shows that while overall prices increased modestly, specific sectors like education, culture, and entertainment saw significant price hikes, with ticket prices for attractions rising by 7.3% [8] Price Changes - The price changes from 2024 to 2025 in various categories indicate a mixed trend, with food and beverages expected to decrease by 0.5%, while other services like "other goods and services" are projected to increase by 9.6% [5] - Traditional consumer goods prices remain stable, with fresh vegetable prices down by 3.3% and pork prices down by 8.5%, allowing consumers to allocate more budget towards emotional and luxury spending [8] Market Dynamics - The rise in emotional consumption aligns with the upgrade of industrial products, as consumers are increasingly interested in health-oriented and technologically advanced products [8] - The trend reflects a broader shift among younger consumers who prioritize spending on personal well-being and experiences, indicating a new lifestyle and consumption pattern in Wuhan [9]

Core Insights - The "self-pleasure economy" is gaining momentum in China, with the emotional economy market expected to reach 23,077.67 billion yuan in 2024 and surpass 45,000 billion yuan by 2029, indicating a significant growth trajectory [1] - The trend of self-pleasure consumption is evolving from a niche choice among young people to a consensus across all age groups, with a shift from product consumption to experience and service consumption [1][5] - Consumers are increasingly prioritizing emotional value in their purchasing decisions, leading to a rise in the emotional economy as a new market segment [2][3] Consumer Behavior - A growing number of consumers are willing to pay for emotional value, with 56.3% of the population expected to do so by 2025, reflecting a 16.2 percentage point increase from 2024 [3] - The shift in consumer behavior is characterized by a move from "material possession" to "experiential acquisition," with emotional value becoming a core driver of purchasing decisions [3] - Rational self-pleasure consumption is becoming mainstream, with consumers focusing on precise satisfaction and avoiding impulsive purchases [4] Industry Dynamics - The number of companies engaged in the self-pleasure consumption sector is increasing, with 35 related listed companies in the A-share market having a total market capitalization of 31.544 billion yuan [6] - In the first three quarters of 2025, these companies achieved a total revenue of 66.926 billion yuan and a net profit of 2.833 billion yuan, reflecting year-on-year growth of 3.74% and 50.16% respectively [6] - New business models and professions are emerging, driven by the demand for emotional value, with companies innovating through cultural empowerment and service upgrades [5][6] Emerging Trends - The rise of immersive experience service providers is notable, as they create complex consumption spaces centered around emotional healing and social interaction [5][7] - The industry is witnessing a fundamental transformation in supply chains and brand ecosystems, shifting from scale-based advantages to agile, responsive operations that cater to fragmented and personalized emotional needs [7][8] - Companies are encouraged to adopt a "small batch, quick response" model to reduce inventory risks and focus on building deep trust with consumers through private domain marketing strategies [9] Challenges and Recommendations - The self-pleasure consumption industry faces challenges such as uneven development and lack of standardization, which could hinder its progression towards high-quality growth [8] - Issues include low entry barriers leading to poor service quality and consumer protection difficulties, as well as a concentration of quality resources in first-tier cities [8] - Experts suggest that companies should focus on niche emotional needs and create differentiated value propositions to avoid homogenization and enhance competitive advantages [9]

Core Viewpoint - The emergence of the phrase "love you, old self" reflects a significant shift in collective sentiment among the younger generation, moving from a narrative of striving for success to one of self-acceptance and care [4][20]. Group 1: Evolution of Self-Love - The phrase "love you, old self" is a rephrasing of a line from the game "League of Legends," transforming self-love from a narcissistic act into a warm, equal dialogue with oneself [2][3]. - This new concept signifies a departure from the previous narrative of self-reward through consumption, which was based on the belief that hard work would yield success [5][6]. - The current sentiment indicates that despite efforts, success is no longer a guaranteed outcome, leading to a need for self-care rather than self-reward [7][8]. Group 2: The "Old Self" Economy - The "old self" economy represents a shift towards a consumption model focused on self-care and emotional well-being, rather than external validation [9][10]. - Consumers are increasingly spending on experiences and products that provide immediate comfort and joy, such as mindfulness apps, relaxation tools, and personal hobbies [9][12]. - This new consumption logic emphasizes the importance of the present self, moving away from the previous focus on future aspirations and societal comparisons [10][18]. Group 3: Structural Changes in Consumption - The traditional consumption model was driven by external validation and social comparison, often leading to anxiety [11][12]. - The "old self" economy flips this model, focusing on internal needs and self-care, where purchases are made for personal satisfaction rather than social status [12][13]. - There is a growing trend towards valuing experiences over material possessions, with consumers seeking products that enhance their emotional state rather than fulfill functional needs [14][16]. Group 4: Future Market Implications - The future consumer market is likely to prioritize stability and self-acceptance over anxiety and competition, reflecting a collective awakening to the importance of the present self [20][21]. - Brands will need to adapt by embracing the realities of everyday life rather than promoting unattainable ideals of success [21][22]. - This shift suggests a potential decline in marketing strategies that induce anxiety, favoring those that provide comfort and emotional support [21][22].

Core Insights - The rise of bag charms reflects the "self-pleasure economy," showcasing personal expression and emotional satisfaction in consumer behavior [1][2] - The trend is particularly popular among the "Z generation," who favor low-cost, innovative accessories that allow for personal style changes without significant financial commitment [2][3] Group 1: Consumer Behavior - 64% of consumers prioritize spiritual consumption, with younger demographics seeking emotional fulfillment and psychological satisfaction [1] - Bag charms serve as a form of emotional support and security, appealing to a wide age range beyond just the youth [1] Group 2: Market Dynamics - The low-cost and high-frequency nature of bag charms blurs the line between fashion and practicality, making them appealing to consumers [2] - The trend encourages "creative consumption," where individuals engage in DIY projects, enhancing their sense of identity and achievement [2] Group 3: Marketing and Supply Chain - Marketing strategies effectively capture consumer psychology through series collections, hidden items, and collaborations, driving ongoing consumption [3] - A flexible supply chain supports the rapid iteration and small-batch production of bag charms, allowing for quick responses to market trends [3] Group 4: Cultural Integration and Ecosystem - Local cultural tourism departments are creating unique cultural bag charms, integrating cultural value into fashion trends [3] - Bag charms have stimulated a broader accessory ecosystem, including related products like charm clips and DIY kits, reflecting a convergence of consumption upgrades and industry development [3]

Group 1 - The core concept of the article is the rapid growth of China's emotional consumption market, which is shifting consumer focus from basic needs to high-quality, emotionally fulfilling purchases, termed "self-love consumption" [2][4] - The emotional consumption market in China is projected to grow from 16.3 trillion yuan in 2022 to 23.1 trillion yuan in 2024, reaching 27.2 trillion yuan by 2025, and is expected to exceed 45 trillion yuan by 2029 [2] - The pet economy is highlighted as a significant segment of the emotional consumption market, with a projected market size of 300 billion yuan in 2024, expected to surpass 811.4 billion yuan by 2025, where pet food accounts for 52.8% and pet medical services for 28% [5][6] Group 2 - The rise of emotional consumption is evident in various sectors, including fitness and travel, where consumers are increasingly seeking experiences that provide emotional satisfaction rather than just material goods [4][6] - Traditional consumer goods, such as liquor, are undergoing transformation to align with the "self-love economy," focusing on personal taste and emotional value rather than just price and brand [7][8] - The market is shifting from mass consumption to fragmented and diversified demands, necessitating brands to cater to specific niche markets rather than a one-size-fits-all approach [8][9]