Group 1 - The core viewpoint of the article highlights the rising trend of emotional consumption among Generation Z, with a significant increase in interest and spending on emotional value products [1][2]. - In the second quarter of 2025, Labubu-related content on the Soul APP saw a staggering year-on-year increase in post volume by 3133.2% and search volume by 2643.7%, indicating a strong market demand for emotional value products [1]. - Over 90% of young people recognize emotional value, with 60% willing to pay for it, reflecting a shift towards "happy consumption" where emotional value is prioritized over price [1][2]. Group 2 - The report indicates that nearly 90% of young people have experienced spending for emotional value, with 40% being frequent consumers, and an average monthly expenditure of 949 yuan, with nearly 20% willing to spend over 2000 yuan monthly for happiness [2]. - There is a growing perception among over 70% of young people that the threshold for obtaining emotional value through consumption is rising, with 35.7% stating that ordinary products no longer satisfy them [2]. - Gender differences in motivations for emotional spending are noted, with women leaning towards self-reward and premium purchases, while men seek recognition and a sense of identity [2].

Core Viewpoint - The rise of "health water" products, which incorporate traditional Chinese medicinal ingredients, is becoming increasingly popular among younger consumers, creating a rapidly growing market segment valued at billions of yuan [4][10]. Industry Overview - The retail market is witnessing a surge in health water brands, with notable players like Yuanqi Forest and emerging brands such as "Kekou Manfen" and "Keyang" entering the space [3][4]. - Traditional juice brands are pivoting to health water, with companies like Leyuan leveraging their experience to create new product lines that align with modern health trends [4][5]. Market Dynamics - The health water market is projected to grow significantly, with estimates suggesting a rise from 450 million yuan in 2023 to 10.8 billion yuan by 2028, indicating a potential replacement effect on the sugar-free beverage market [10]. - As of 2024, there are already 43 brands and 127 health water products on the market, highlighting the rapid expansion and interest in this category [7]. Consumer Behavior - Health water is seen as a more flavorful and healthier alternative to plain water and carbonated drinks, appealing to the emotional and lifestyle needs of consumers [8][10]. - The concept of "emotional value" is central to the marketing of health water, as it provides consumers with a sense of wellness and self-care [8][10]. Competitive Landscape - The market is facing challenges related to product homogeneity, with many brands using similar ingredients, which raises concerns about long-term sustainability [10][12]. - Companies are encouraged to innovate their formulations and improve ingredient quality to differentiate themselves in a crowded market [10]. Investment Trends - The high margins and novel concepts associated with bottled health water have attracted significant investment from venture capital firms, indicating strong confidence in the sector's growth potential [3][6].

Core Viewpoint - The article discusses the evolving landscape of consumer behavior in China during the first half of 2025, highlighting the rise of emotional consumption and the decline of traditional consumption patterns, particularly among younger generations [4][5][6]. Economic Overview - In June 2025, the Consumer Price Index (CPI) rose by 0.1% year-on-year, with the core CPI increasing by 0.7%, indicating a recovery in domestic demand [4]. - The total retail sales of consumer goods reached 24.55 trillion yuan, with a year-on-year growth rate of 5%, surpassing the previous year's growth by 1.5 percentage points [4]. Emotional Consumption - Emotional consumption has become a significant trend, with the market expected to exceed 2 trillion yuan by 2025, growing at an annual rate of 12% since 2013 [8]. - Companies like Pop Mart have seen substantial revenue from emotional products, with LABUBU generating 4.81 billion yuan in revenue in the first half of 2025, contributing to Pop Mart's total revenue of 13.88 billion yuan, a 204.4% increase year-on-year [9]. Traditional Consumption Decline - Traditional consumption, particularly in sectors like high-end liquor and tea, has seen a downturn, with many companies reporting negative growth in revenue and profits [11]. - The white liquor industry experienced a 5% decline in revenue and a 7.5% drop in net profit in the second quarter of 2025 [11]. Shifts in Consumer Preferences - Younger consumers prioritize emotional value over traditional status symbols, leading to a decline in "face consumption" associated with older generations [10][12]. - The trend of seeking high value for money continues, with consumers becoming more cautious and price-sensitive in their spending habits [15][19]. Impact on Various Industries - The restaurant industry has faced challenges, with major chains like Haidilao reporting a 3.7% decline in revenue, while their takeaway business has seen a 59.6% increase [18]. - The airline industry has seen a 5.9% increase in passenger transport, but average ticket prices have dropped by 6.9% [16]. Investment Trends - There is a noticeable shift in consumer investment behavior, with a decline in housing investment and an increase in interest in gold and stock markets [23][25]. - The real estate sector has seen a significant drop in investment, with a year-on-year decrease of 11.2% in development investment [23]. Conclusion - The article emphasizes the need for companies to adapt to changing consumer behaviors, focusing on emotional value and cost-effectiveness, while traditional consumption patterns are declining [26].

Group 1 - The core viewpoint of the articles highlights the rising trend of emotional consumption among Generation Z, with significant growth in interest and engagement in plush toys like Labubu and Jellycat [1][2] - In Q2 2025, Labubu-related content posts increased by 3133.2% year-on-year, and search volume rose by 2643.7% [1] - Over 90% of young people recognize the value of emotional consumption, with 60% willing to spend on it, indicating a shift towards prioritizing emotional value in purchasing decisions [1][2] Group 2 - The average monthly expenditure on emotional consumption among young people is 949 yuan, with nearly 20% willing to spend over 2000 yuan monthly for happiness [2] - More than 70% of young people believe the threshold for obtaining emotional value through consumption is rising, with many seeking more expensive and refined products [2] - There are notable differences in motivations for emotional spending between genders, with women leaning towards self-reward and men seeking recognition and identity [2]

Core Insights - The report highlights the rising trend of "emotional consumption" among the Z generation, indicating a shift from material preferences to emotional satisfaction as a primary consumer behavior [1][4][12] - Emotional value is recognized by over 90% of young people, with nearly 60% willing to pay for it, reflecting a significant increase of 16.2% compared to 2024 [4][11][12] Group 1: Emotional Consumption Trends - The report indicates that emotional consumption is becoming a core driver in the Z generation's market, with 56.3% of young consumers engaging in "happy consumption" [11][12] - Monthly spending on emotional consumption averages 949 yuan, with 18.1% of youth willing to spend over 2000 yuan monthly [16][12] - Emotional consumption is often triggered by both positive and negative emotions, with 48.4% of youth actively consuming to stabilize their emotions [30][12] Group 2: Demographics and Preferences - The Z generation, particularly those born after 1995, constitutes about 70% of the respondents, with a notable preference for emotional value derived from social interactions [4][11] - Male consumers tend to seek understanding and recognition, while female consumers are more inclined towards self-reward and self-care [23][24] - The report shows that younger individuals are increasingly willing to pay for social relationships and digital experiences, with the highest average spending in these categories [24][27] Group 3: Emotional Value Perception - Over 70% of young people believe that the standards for obtaining emotional value through consumption are rising, with many seeking more customized and immersive experiences [36][12] - The emotional value is perceived as essential for mental health and life motivation, indicating a shift in consumer priorities towards emotional well-being [12][36] - The report identifies a growing trend where young consumers are more selective, preferring higher quality and more meaningful products [36][12]

Group 1 - The report highlights the rising trend of "emotional consumption" among the younger generation, particularly focusing on Generation Z, which includes individuals born after 1995 [1][3] - Over 90% of young people recognize the concept of "emotional value," with nearly 80% attributing this value to understanding and response within intimate relationships [3] - More than 60% of young individuals are willing to pay for emotional value, marking a 16.2% increase compared to 2024, indicating a shift in consumer attitudes [3] Group 2 - The average monthly expenditure on emotional consumption among young people is 949 yuan, with 20% identified as "daily active users" of emotional consumption [3] - The shift from "material preference" to "emotional satisfaction" reflects a new approach to addressing feelings of loneliness, stress, and anxiety, reshaping consumption patterns and creating new market opportunities [3] - The report emphasizes the rational development of emotional consumption perspectives among youth and the importance of building diverse emotional support networks for long-term emotional health resilience [3]

Core Insights - The report highlights the rising trend of "emotional consumption" among young people, emphasizing the importance of emotional value in their purchasing decisions [1][4] - Over 90% of young individuals recognize the concept of emotional value, with nearly 60% willing to pay for it, indicating a significant shift in consumer attitudes [4][8] Group 1: Emotional Consumption Trends - More than 90% of young people have experienced paying for emotional value, with nearly 40% identified as frequent consumers [12] - The average monthly expenditure on emotional consumption among young people is 949 yuan, with 18.1% willing to spend over 2000 yuan monthly [12] - Emotional consumption is primarily driven by social interactions, with over 50% of young individuals deriving emotional value from these interactions [8][12] Group 2: Demographics and Preferences - The majority of emotional consumers are from the post-90s and post-00s generations, with a higher concentration in new first-tier cities [5][6] - Young individuals with stable incomes are more inclined to engage in emotional consumption, with over 70% indicating a preference for spending on emotional value [6] - Female consumers tend to focus on self-reward and aesthetic appeal, while male consumers seek understanding and recognition through their purchases [17][28] Group 3: Types of Emotional Consumption - The top categories for emotional consumption include physical goods (40.7%), experiential services (39.4%), social relationships (28.1%), and digital products (27.7%) [13][18] - Younger consumers, particularly those born after 2005, show a higher preference for spending on social relationships and digital services [18] Group 4: Changing Standards and Expectations - Over 70% of young people believe that the standards for obtaining emotional value through consumption are rising, with many expressing that ordinary products no longer suffice [28] - There is a growing demand for customized and immersive experiences, with a notable shift towards higher quality and more expensive products [28]

Core Insights - The report highlights the rising trend of "emotional consumption" among the Z generation, indicating a shift from material preferences to emotional satisfaction as a primary consumer motivation [1][3][8] Group 1: Emotional Value Recognition - Over 90% of young people recognize "emotional value," with nearly 80% believing it primarily comes from understanding and responding within intimate relationships [3][7] - More than 60% of youth are willing to pay for emotional value, reflecting a 16.2% increase from 2024 [3][7] - The average monthly expenditure on emotional consumption among young people is 949 yuan, with 20% identified as "daily active users" of emotional consumption [11][21] Group 2: Consumption Patterns and Motivations - The key motivations for young people to pay for emotional value include value resonance (37.6%), self-healing (34.2%), and creating a sense of ritual (32.3%) [12][13] - The top categories for emotional consumption include physical goods (40.7%), experiential consumption (39.4%), social relationships (28.1%), and digital consumption (27.7%) [16][12] - Younger individuals (post-2005) show a higher preference for spending on social relationships/services, while those born after 2000 prefer digital consumption [16][19] Group 3: Emotional Consumption Timing and Triggers - Emotional consumption peaks during late-night hours (22:00 and after) and during work breaks, indicating a reliance on consumption for psychological maintenance [20][21] - Young people engage in emotional consumption both to celebrate happiness (34.9%) and to cope with negative emotions (48.4%) [20][21] - The report suggests that emotional consumption serves as a solution for the Z generation to achieve "spiritual self-consistency" amidst societal pressures [21][24] Group 4: Evolving Consumer Expectations - Over 70% of young people believe the threshold for obtaining emotional value through consumption is rising, with many indicating that ordinary products no longer suffice [24] - There is a notable distinction in preferences between genders, with males leaning towards deep interaction and customization, while females are more critical of experiential details [24]

Group 1: Consumer Market Overview - The overall consumer market in China shows vitality, with a 5% year-on-year growth in retail sales of consumer goods in the first half of 2025, reaching 24.55 trillion yuan [1][2] - The contribution rate of final consumption expenditure to GDP growth is 52%, indicating that domestic demand is a key driver of economic growth [1] - The Consumer Price Index (CPI) has shown signs of recovery, with a 0.1% year-on-year increase in June and a 0.8% increase in July, suggesting a continuous recovery in domestic demand [1] Group 2: Emotional Consumption Trends - Emotional consumption has become a significant trend, with the emotional consumption market expected to exceed 2 trillion yuan by 2025, growing at a compound annual growth rate of 12% since 2013 [3][4] - Companies like Pop Mart have seen substantial revenue from emotional products, with LABUBU generating 4.81 billion yuan in revenue in the first half of 2025, contributing to Pop Mart's total revenue of 13.88 billion yuan, a 204.4% year-on-year increase [4][5] - The rise of emotional consumption is reflected in various sectors, including toys, gaming, and entertainment, where consumers are willing to pay a premium for products that provide emotional value [3][4] Group 3: Shifts in Consumer Preferences - There is a notable shift from traditional consumption patterns, often referred to as "old consumption," towards emotional and experience-driven purchases, particularly among younger consumers [6][8] - The traditional liquor and high-end tea markets are experiencing declines, with many companies reporting negative growth in revenue and profit, contrasting with the growth seen in emotional consumption sectors [6][7] - The younger generation prioritizes individual satisfaction and emotional value over traditional status symbols, leading to a decline in "face consumption" [8][9] Group 4: Impact on Specific Industries - The restaurant industry is facing challenges, with major chains like Haidilao reporting a 3.7% decline in revenue, while their takeaway business is growing significantly [14] - The tea beverage market is also seeing a divide, with brands like Mixue Ice City performing well, while others like Nayuki's Tea are struggling with losses [15] - The home appliance sector has benefited from government subsidies, with major players like Midea and Haier reporting over 10% revenue growth, while the smartphone market saw a 65% increase in sales during the subsidy period [16][18] Group 5: Real Estate and Investment Trends - The real estate market is experiencing a downturn, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025, leading to cautious consumer sentiment towards property purchases [18][19] - Investment trends indicate a shift towards stock markets and gold, with A-shares and Hong Kong stocks seeing increased liquidity, while gold prices continue to rise, reflecting a preference for safer assets [19][20] - The overall sentiment among consumers is characterized by a cautious approach to spending, with many preferring to save rather than invest in real estate, leading to a significant increase in second-hand property transactions [18][20]

Group 1: Consumer Market Overview - The overall vitality of the consumer market is improving, with a 5% year-on-year increase in retail sales of consumer goods in the first half of the year, reaching 24.55 trillion yuan [1][2] - The contribution rate of final consumption expenditure to GDP growth is 52%, indicating that consumer spending is a key driver of economic growth [1][2] - The core CPI has shown a continuous upward trend, indicating a recovery in domestic demand [1][2] Group 2: Emotional Consumption Trends - Emotional consumption has become a significant trend, with the emotional consumption market expected to exceed 2 trillion yuan by 2025, growing at a compound annual growth rate of 12% since 2013 [4][11] - Companies like Pop Mart have seen substantial revenue growth from emotional products, with LABUBU generating 4.81 billion yuan in revenue in the first half of the year, contributing to Pop Mart's total revenue of 13.88 billion yuan, a 204.4% increase year-on-year [7][5] - Other companies in the emotional consumption space, such as MINISO, are also adapting their strategies to capture this market, with their sub-brand TOP TOY achieving 740 million yuan in revenue, a 73% increase [8] Group 3: Traditional Consumption Decline - Traditional consumption categories, particularly in the liquor and high-end tea sectors, are experiencing declines, with many companies reporting negative growth in revenue and profit [10][12] - The white liquor industry saw a 5% decrease in revenue and a 7.5% drop in net profit in the second quarter of 2025, with only a few companies maintaining positive growth [10] - The high-end tea market is also struggling, with companies like Tianfu Tea reporting a 17.1% decline in revenue [10] Group 4: Impact of Economic Conditions on Consumer Behavior - Economic uncertainties have led to a cautious consumer sentiment, with many individuals opting for cost-effective options and prioritizing emotional value in their purchases [12][13] - The trend of "old consumption" is fading, as younger consumers focus on personal satisfaction rather than social status, leading to a shift in spending patterns [9][11] - The overall consumer sentiment is reflected in the decline of high-end dining and entertainment, with many consumers opting for more affordable alternatives [17][18] Group 5: Investment and Housing Market Dynamics - The real estate market is facing challenges, with a 11.2% decline in real estate development investment in the first half of 2025, and a 3.5% drop in new housing sales [25][26] - Consumer confidence in real estate has diminished, leading to a decrease in housing purchases and a shift towards investments in stocks and gold [27][29] - The stock market has seen increased activity, with A-shares and Hong Kong stocks experiencing good liquidity, indicating a shift in investment preferences among consumers [27][29]