商贸零售 2025 年 05 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-05 2024-09 2025-01 商贸零售 沪深300 相关研究报告 《关注零售行业中期投资策略：深挖 情 绪 消 费 景 气 赛 道 — 行 业 周 报 》 -2025.5.11 《悦享生活，深挖情绪消费景气赛道 —2025 年零售行业中期投资策略》 -2025.5.7 《零售企业经营持续承压，关注高景 气优质公司—行业周报》-2025.5.5 618 大促拉开帷幕，关注国货美妆表现 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 证书编号：S0790124070031 投资主线三（化妆品）：关注具备差异化且能力持续迭代的优质国货美妆品牌， 重点推荐毛戈平、珀莱雅、上美股份、巨子生物、润本股份、丸美生物等 ...

Core Viewpoint - The collaboration between domestic brands Bai Xiang and Wei Long to launch spicy noodle snacks has captured the attention of young consumers, reflecting a shift in consumption patterns towards emotional and symbolic values rather than just functional benefits [1][3][18]. Group 1: Consumer Trends - The transition from a production-oriented society to a consumption-oriented one has led to a focus on the symbolic value of products, with nearly 30% of young consumers willing to spend for emotional healing [2][3]. - The rise of "spicy" as a cultural consumption symbol among young people is evident, with 61.4% of consumers aged 18-30 being the main force in hot pot consumption [6][11]. - The emotional experience of consuming spicy food is linked to the release of neurotransmitters that provide a sense of pleasure, making it a form of emotional therapy for stressed young individuals [11][12]. Group 2: Product Insights - The spicy noodle snack combines elements of spicy noodles, sauces, and snacks, offering a unique taste experience that appeals to young consumers' desire for both flavor and emotional release [17][18]. - The product's versatility allows it to fit into various eating occasions, from meals to snacks, making it a convenient choice for young consumers [17][18]. - Bai Xiang and Wei Long's collaboration is not just a product mix but a deep understanding of young consumers' emotional and social needs [18][30]. Group 3: Brand Strategy - Bai Xiang has successfully maintained its relevance by continuously adapting to the preferences of young consumers, as seen in its innovative product launches and marketing strategies [22][30]. - The brand has engaged in interactive marketing, such as social media campaigns and collaborations with popular culture, to resonate with the younger demographic [24][27]. - Bai Xiang's sub-brand, Da La Jiao, focuses on spicy products and has been pivotal in attracting young consumers through innovative offerings and effective communication strategies [24][30].

火爆出圈 从体验经济到情绪消费 在日常生活中，年轻人面临着学业、工作的压力，过着千篇一律的生活，对"脱序"和创造实际上都充满了渴望。 作者：小羊 在内卷与躺平交织的2025年，年轻人对职业体验的想象正悄然发生转变。 曾经被视为打工人代名词的线下门店，如今却成为年轻人争相打卡的新潮场所。 他们甘愿自掏腰包，甚至倒贴千元，只为体验一天的"店长"身份。 小红书上，"一日店长"相关话题讨论高达57万次，活动内容浏览量近300万次。 这一现象背后，既是年轻人对传统职场逻辑的反叛，也是品牌营销策略的一次创新突围。 这种模式为何能迅速俘获年轻人的心？在流量狂欢之下，品牌能否真正将热度转化为可持续的商业价值？ 一日店长模式为他们提供了一个跳出常规的机会，让他们能够暂时摆脱自己的身份，拥有一家属于自己的店铺，哪怕只是一天。 （图片来源：小红书） 年轻人不再满足于单纯的商品购买，而是渴望在消费过程中获得身份认同、社交资本与情感满足。 这种独特的体验区别于传统的营销方式。传统营销往往是品牌单向地向消费者传递信息，而"一日店长"让消费者成为了主角，参与到店铺的运营中。 例如泡泡玛特在门店推出小野系一日店长活动。活动招募普通消费者担任 ...

Core Insights - The report highlights the rising popularity of functional and health-oriented food products driven by workplace health needs and an aging population, leading to innovative product developments in the nutritional supplement category [4] - The leisure food sector is experiencing a transformation towards emotional consumption, with products leveraging regional symbols and nostalgia to meet consumer demands [5] Group 1: Product Rankings - The top three products in the consumption heat index are: 1. Hand-pulled cheese (1.51) 2. Freshly picked lychee from Yunnan (1.28) 3. High-quality fresh milk from Guangming (1.25) [2][3] - New entries in the index include various products such as hand-pulled cheese, lychee, and high-quality fresh milk, indicating a trend towards innovative food offerings [2][3] Group 2: Health and Nutrition Trends - The demand for health supplements is increasing, with products like Yanzhi's low-sugar bird's nest and Swisse's whey protein powder being tailored for specific consumer needs, such as office settings and personalized nutrition [4] - Abbott's senior nutrition powder combines 18 essential nutrients to address comprehensive health needs, targeting the elderly demographic [4] Group 3: Leisure Food Innovations - Leisure food products are evolving to cater to emotional consumption, with brands like Hand-pulled cheese and Old Sichuan beef jerky using cultural elements to enhance consumer connection [5] - The rise in water beverage sales is noted, with brands like Yuanqi Forest and Suntory innovating to meet the hydration needs of active consumers [5] Group 4: Index Overview - The report is part of the CRCINDEX series, which includes various consumption indices aimed at tracking market trends and providing insights for businesses [6][7]

Core Viewpoint - "Emotional consumption" is emerging as a highly potential new consumption model, reflecting significant changes in the lifestyle and consumption concepts of contemporary young people [1][2]. Group 1: Market Trends - The market for "emotional consumption" has seen a dramatic increase, with related content on platforms like Xiaohongshu growing over 400 times in the past three years [1]. - Taobao data indicates that in 2024, the primary reason for young consumers to spend is emotional value and interests, with sales of customized products like hand-painted avatars and unique pillows increasing by over 50% [1]. Group 2: Risks and Challenges - There are risks associated with "emotional consumption," including consumers being misled by businesses, leading to impulsive buying behaviors and the misconception of using consumption to fill emotional voids [2]. - The industry faces issues such as inconsistent product quality, false advertising, privacy breaches, and lack of qualified personnel, which can harm consumer rights [2]. Group 3: Recommendations - Businesses should balance emotional value with market demand, enhance product quality, and protect user privacy while designing emotional products [3]. - Online platforms need to enforce strict vetting of operators and establish comprehensive regulatory systems to monitor content and quickly address harmful information [3]. - Consumers are encouraged to adopt rational consumption habits, avoid blind following, and be aware of privacy protection [3]. - Regulatory bodies should strengthen industry norms and regulations, ensuring clear boundaries and increased oversight of the market [3].

Core Insights - The article discusses the rise of AI companionship applications, particularly focusing on DeepSeek, which has gained popularity among users seeking emotional support and companionship [1][12][30]. Industry Overview - The AI emotional companionship market in China is projected to grow from 3.866 billion yuan in 2025 to 59.506 billion yuan by 2028, with the global market expected to exceed 300 billion USD by 2028 [30]. - The shift in consumer behavior among young people is moving from functional and practical product needs to emotional fulfillment, leading to the emergence of emotional consumption [30]. Company Developments - Major AI companionship applications like "筑梦岛" (Dream Island), "星野" (Starry Sky), and "猫箱" (Cat Box) have integrated DeepSeek's model to enhance user experience, requiring users to purchase memberships or pay per use for access to advanced features [31][18]. - The competitive landscape has seen early AI companionship apps face challenges, leading to many shutting down due to operational costs and regulatory pressures [16]. User Experience - Users report that AI companions like DeepSeek provide emotional stability and support, helping them manage stress and anxiety, which contributes to the appeal of these applications [7][10]. - The process of customizing AI companions can be time-consuming but rewarding, as users feel a sense of accomplishment in shaping their virtual partners [30]. Market Challenges - Despite the growth potential, the domestic AI companionship industry faces hurdles in privacy protection, content compliance, and the need for sustainable business models [33]. - User retention has become a challenge, with reports indicating a stagnation in user growth since April, highlighting the need for improved engagement strategies [33].

Core Insights - The article highlights the growing trend of "emotional consumption" among young consumers in China, where nearly 30% of respondents engage in spending to achieve emotional satisfaction, reflecting a shift towards valuing emotional benefits over traditional product utility [1][5]. Group 1: Emotional Consumption Trends - A significant portion of young consumers, approximately 30%, prioritize "emotional value therapy" in their purchasing decisions, indicating a cultural shift towards spending for happiness [1]. - The concept of "emotional value consumption" has emerged, where consumers consider not only the cost-effectiveness of products but also the emotional benefits they provide [5]. - The sales of stress-relief toys have increased by over 50% compared to the previous year, showcasing a robust demand for products that cater to emotional well-being [3]. Group 2: Market Growth and Opportunities - The market for emotional consumption products, including stress-relief toys and personalized items, has seen a surge, with over 11,000 new companies registered in the past five years, and more than 3,100 in the last year alone [10]. - The popularity of unique plants and stress-relief toys has opened new avenues for businesses, with companies pivoting to focus on these high-demand products [8][10]. - The rise of emotional consumption has led to the creation of new professions, such as designers of stress-relief toys and "doll modification" specialists, indicating a diversification of the job market [12]. Group 3: Consumer Behavior and Market Dynamics - The emotional consumption trend is driven by the pressures of modern life, with young consumers seeking outlets for emotional release through purchases [12]. - Data shows that the volume of posts related to emotional products has increased by over 400 times in the past three years, reflecting a significant shift in consumer interests [5]. - Experts suggest that enhancing emotional consumption offerings and promoting rational consumption perspectives can further stimulate market growth and positive societal impacts [12].

上海南京东路，热闹了！ 南京东路向来不缺热闹。但这一次，让人群在五一假期早早排起长队的，不是网红奶茶，也不是限量球鞋，而是一张张厚度不足1毫米的卡牌。 从潮玩博主到普通消费者，从本土二次元爱好者到不会中文的外国玩家，都在卡游上海城市旗舰店5月1日开业这天，找到了属于自己的"社交货币"。在这 里，奥特曼的立体卡牌与小马宝莉的梦幻配色共同构成新的消费图腾。而闲鱼上流转的绝版水浒卡，正和最新发售的小马宝莉卡包完成一场跨越30年的情怀 接力。 当卡牌不再只是孩子的玩具，而成为连接代际、贯通中外的文化载体时，一个百亿级的市场正撕开传统娱乐的边界。这既是Z世代对实体社交的回归，也是 中国IP面向世界的一次输出。 ● 卡游的开业现场 小马宝莉、奥特曼、哪吒、柯南、初音未来......除了拥有在售的较为齐全的数十个IP产品，作为卡游的第一家城市旗舰店，店内还独家发售全球限量99个的 云宝&碧琪花海摇篮雕像手办，线上曝光后，大家期待已久，不少人忍不住前来一睹实物的精致细节。 一位看起来十五、六岁的男孩一手举着刚刚抽出的奥特曼卡牌，一边激动却又不敢太过声张地自言自语道："有点小开心哦！"与此同时，他的眼神已经开始 搜寻不远处的哪 ...

Group 1 - The core viewpoint of the article highlights the rising trend of "emotional consumption" among young people, with nearly 30% of respondents indicating they engage in consumption for emotional healing [1] - The "emotional consumption" market is thriving, with over 40.1% of young consumers stating that they purchase products for emotional value and interest, as reflected in the 2024 Annual Top Ten Products on Taobao, where more than half are related to emotional needs [6] - The emergence of new professions related to "emotional consumption," such as designers of stress-relief toys and "doll modification" specialists, indicates a growing industry focused on providing emotional value [8] Group 2 - The emotional consumption phenomenon serves two main functions: reducing negative emotions and enhancing positive feelings, contributing to a cycle of "happy consumption" and "consumption happiness" [10] - The rapid growth of "stress relief" related businesses, with over 11,000 new registrations in the past five years, demonstrates the increasing demand for products that provide emotional value [6] - The current consumer landscape in places like Jinan and Shanghai showcases a vibrant market for emotional consumption products, with unique items and experiences attracting young consumers [4][2]

Core Insights - The article highlights the growing trend of "emotional consumption" among young people in China, where nearly 30% of respondents engage in spending to achieve emotional satisfaction, reflecting a shift towards valuing emotional benefits over traditional product value [1][5]. Group 1: Emotional Consumption Trends - Young consumers are increasingly drawn to products that provide emotional value, such as stress-relief toys, personalized gifts, and immersive experiences like concerts and interactive performances [1][5][11]. - Sales of stress-relief toys have surged, with one store reporting over a 50% increase compared to the previous year [1][7]. - Unique experiences, such as creating personalized comics, have become popular, indicating a shift towards experiential purchases [3][5]. Group 2: Market Opportunities - The rise of emotional consumption has led to new business opportunities, prompting companies to pivot towards products that cater to emotional needs, such as stress-relief toys and personalized services [7][11]. - The demand for unique and personalized items, including decorative plants, is also on the rise, with specific products like the "龟背竹" and "彩叶芋" becoming popular among urban consumers [9][11]. Group 3: Future Directions - Experts suggest that to transition from "spending for happiness" to "enjoying the act of spending," there is a need to enhance the supply of emotional consumption products and promote a rational consumption mindset [13]. - The emotional consumption trend is evolving from individual choices to a broader social movement, creating new job opportunities in design and customization [11][13].