Core Viewpoint - The article discusses the resurgence of the crystal industry in Donghai County, driven by a new wave of interest among young consumers, particularly through the integration of AI and social media platforms, which has transformed crystals into a trendy item associated with emotional healing and personal significance [1][2][4]. Group 1: Market Dynamics - The crystal market has seen a significant increase in demand, with over 1 million crystal bracelets sold in the last 30 days, and some bracelets priced similarly to gold [4][11]. - Donghai County holds over 70% of China's crystal reserves, with a total of approximately 300,000 tons, making it a global leader in crystal quality and quantity [9][10]. - In 2024, the total transaction value of crystals in Donghai County is expected to exceed 46 billion yuan, with 450 million pieces exported globally [11]. Group 2: Consumer Behavior - Young consumers, particularly those aged 18-30, are driving the demand for crystals, viewing them as "spiritual band-aids" to address anxiety and emotional needs [26][28]. - The rise of social media platforms like Xiaohongshu has led to the creation of over 150 myths surrounding the benefits of various crystal types, further fueling consumer interest [7][28]. - The emotional consumption trend is evident, with nearly 30% of young consumers willing to spend on items that provide emotional value [28]. Group 3: Pricing Trends - The price of high-quality crystals, particularly the "super seven" variety, has surged dramatically, with some prices now comparable to gold, indicating a potential profit margin of 2000% [32][33]. - The increase in prices is attributed to both rising demand and the scarcity of high-quality raw materials, as many suppliers are now facing shortages [37][38]. - The market's volatility is highlighted by the rapid price fluctuations and the potential for consumer interest to wane, leading to cautious strategies among local merchants [38][39]. Group 4: Industry Structure - The crystal industry in Donghai is characterized by small-scale, family-run workshops, which may struggle to compete with larger capital investments from outside businesses [42][45]. - The traditional "chicken coop factory" model, where production is decentralized and individual, may hinder the industry's ability to modernize and scale effectively [45][48]. - The long-term sustainability of the crystal industry is questioned, as the depletion of natural resources poses a significant challenge for future growth [51][50].

NOMURA 野村东方国际证券 一分钟了解日本 -日本"情绪消费"产业 上期我们介绍了在日本经济转型期下应运而生的三类"情绪消 费"。本期. 我们进一步探索在年轻人这三类情绪消费下衍生出 来的细分产业及产品。 特色住宿产业 Emo和Chill消费 "废校民宿"等 改造酒店兴起,利 即时成像相机 用老旧建筑打造 差异化体验 拍立得在手机拍 照冲击下,借助 户外运动产业 情怀与韩流再度 热销 骑行、登山露营 市场持续增长, "Solo 露营"愈 反能量饮料产业 发流行 内容来源 本内容根据野村东方国际证券2025年1月22日发布的证券研究报告《日本新消费研究之现象篇：情绪、情感和自我满足》 分析师 张影秋 （SAC执证编号：S1720522110001） 曾万霖 （SAC执证编号：S1720524050001） 往期推文回顾 一分钟了解日本｜日本"情绪消费"新潮流 本材料虽由野村东方国际证券有限公司（以下简称"本公司"或"我们"）研究部提供，但并非我们发布的证券 研究报告，仅系我们根据本公司已正式发布的研究报告内容制作。我们不保证本材料内容、观点、文字与正 式出具的研究报告保持完整性、一致性，您应通过查阅本公司正 ...

Core Viewpoint - The article explores the emerging "emotional consumption" trends in Japan, particularly focusing on the sub-industries and products that have developed among young consumers during Japan's economic transformation [3]. Group 1: Emotional Consumption Categories - The article identifies three categories of emotional consumption that have emerged in Japan, which include unique accommodation, Emo and Chill consumption, and energy drink industries [3][4]. Group 2: Unique Accommodation Industry - The "waste school homestay" trend is highlighted, where old buildings are repurposed into hotels, providing differentiated experiences for consumers [4]. Group 3: Emo and Chill Consumption - Instant imaging cameras, such as Polaroids, are experiencing a resurgence despite the competition from smartphone photography, driven by outdoor activities and nostalgia [4]. - The market for solo camping is growing, reflecting a trend towards individual outdoor experiences [4]. Group 4: Energy Drink Industry - Energy drinks that focus on alleviating negative emotions and promoting sleep are gaining popularity among consumers [4].