Core Insights - The article discusses the decline in popularity and rapid depreciation of certain electronic consumer products, specifically 3D printers, action cameras, and drones, referred to as the "dust-collecting trio" [2][10][11] - It highlights the phenomenon of "emotional consumption," where initial excitement quickly fades, leading to regret over the rapid loss of value in these products [10][36] Group 1: Market Trends - The market for consumer-grade 3D printers has seen significant growth, with companies like拓竹科技 (Tuozhu Technology) projected to achieve revenues of 55-60 billion RMB in 2024 and a valuation of 100 billion USD [5][19][49] - The average price of consumer-grade 3D printers has decreased by 60% over the past three years due to domestic alternatives and supply chain optimization [43][50] - The Chinese 3D printing market is expected to exceed 630 billion RMB, reflecting a 30-fold growth over the past decade, indicating strong industry potential [50] Group 2: Consumer Behavior - Young consumers often purchase these products impulsively, leading to a cycle of buying and quickly reselling them on second-hand platforms like闲鱼 (Xianyu) [10][42] - The depreciation of these products is rapid, with examples showing significant price drops, such as a 3D printer originally priced at 2300 RMB now selling for around 1900 RMB on second-hand markets [2][11] - Many consumers express frustration with customer service and product reliability, which further discourages long-term use and leads to products being left unused [4][32] Group 3: Competitive Landscape - Major companies in the industry, such as DJI and影石创新 (Yingshi Innovation), are increasingly competing in overlapping markets, leading to price wars and innovation [51] - The competitive dynamics are shifting, with companies like影石 (Yingshi) entering the drone market, while DJI expands into action cameras, indicating a blurring of product lines [51] - The second-hand market is becoming a significant activation tool for these companies, helping to circulate products and maintain consumer interest in new releases [42][51]

Core Insights - The article discusses the challenges facing the retail and consumption sectors in China, predicting that while a collapse is unlikely, conditions will become more difficult for most businesses in 2026 [3][30]. Group 1: Market Trends - The overall retail sales in China grew by 4% year-on-year from January to November 2025, indicating a positive trend in consumption [4]. - However, the growth is not perceived as strong by many, as it does not follow familiar patterns [5]. - The growth rate in the first half of 2025 was higher than in the second half, with monthly data since June showing a decline [6]. Group 2: Regional Disparities - Rural areas and smaller cities are experiencing higher growth rates compared to urban centers, with urban retail growth lagging behind the national average since July 2025 [7]. - Provinces like Hainan and Henan are leading in growth, while wealthier provinces like Guangdong and Jiangsu are underperforming [8]. - Beijing has been in a negative growth zone, with a year-on-year decline of 3.1% as of November 2025 [9]. Group 3: Consumption Patterns - Retail growth is outpacing dining, and online sales are growing faster than offline, indicating a shift in consumer behavior [11]. - The top three categories for retail sales above designated limits are communication equipment, cultural and office supplies, and furniture, driven by government subsidies [12]. - The growth is concentrated in areas where many businesses are not adept at operating, leading to increased pressure on traditional commercial projects [10][14]. Group 4: Investment Opportunities - Despite the challenges, some investors are successfully identifying opportunities in sectors with strong price-performance ratios and emotional consumption [17][18]. - A report by Nielsen IQ indicates that 50% of consumers expect their financial situation to improve by early 2026, up from 45% in 2024, suggesting a growing optimism [20]. - The luxury goods sector is seeing a resurgence, with brands like LVMH expanding aggressively in major cities [21][23]. Group 5: Consumer Behavior - The article highlights a trend where consumers are willing to spend money for experiences and value, leading to a more fluid consumption pattern [25]. - Projects that fail to attract consumer interest risk being overlooked or failing entirely [26]. - The importance of creating emotional value for consumers is emphasized, as happiness becomes a more scarce commodity in a competitive market [28][29].

0:00 元旦假期刚过，老王就听说电影市场"火"出圈了！元旦档票房突破7.3亿元，迎来新年"开门红"！ 在河南郑州，不少家庭把看电影当成新年第一项集体活动。更让人惊喜的是，散场后大家并不急着回家，而是攥着那张小小票根，直奔隔壁奶茶店、电玩 城、小吃街。天津有商场甚至凌晨还排着长队，餐饮区灯火通明，热闹成都堪比年夜饭！ 这背后，正是"票根经济"在发力。老王跟业内专家聊了聊，发现如今的电影早不是"一锤子买卖"。从"电影+餐饮"到"电影+展览"，再到"电影+体育"，一 条条消费链被串了起来。贺岁元旦档的火爆，不只是观众爱看电影，更是情绪消费、体验消费全面升温的信号。一张票根，点燃的是整个城市的消费热 情。 除了消费，电影还有更"硬核"的带动！老王的同事小李最近探班一个国产科幻片现场，差点以为闯进了未来机械展，一台台国产先进装备在电影拍摄中大 展拳脚！这其实是中国电影工业和高端制造业的"双向奔赴"：剧组需要安静、精准、稳定的设备，企业就专门建起震动噪声实验室，反复调试；反过来， 参与大片拍摄也让这些"国之重器"名声大噪，吸引全球人才，甚至催生了"影视工业化装备联合创新实验室"。 不光是重工业，轻创意也跑出了加速度。成 ...

Core Insights - The New Year's holiday this year saw a significant increase in travel and consumption, with a recovery rate surpassing that of the previous National Day holiday in 2019, indicating a strong start for the tourism and retail sectors in 2026 [1][2][3] Group 1: Travel Trends - The number of travelers during the New Year's holiday (January 1-3) increased by 17.9% year-on-year, with a notable expansion in travel radius, surpassing the growth rates of the 2025 May Day and National Day holidays [5][6][31] - The travel methods favored by tourists included self-driving and rental cars, with rental bookings increasing by over 120% compared to the previous year [6][34] - The inbound tourism sector maintained strong growth, with foreign entry and exit numbers rising by 29.8% year-on-year, and ticket bookings for inbound tourism increasing by 110% [3][13][37] Group 2: Consumption Patterns - Total domestic travel expenditure reached 847.89 billion yuan during the holiday, with a recovery rate of 115.1% compared to 2019, although per capita spending showed a slight decline [15][41] - Retail and dining sectors experienced moderate growth, with notable increases in sales and customer traffic in various provinces, such as Tianjin and Hubei, where retail and dining revenues grew by 9.9% and 6.97% respectively [17][43] - The film industry saw a significant rebound, with box office revenues increasing by 141% year-on-year, although average ticket prices fell slightly compared to 2025 [16][42] Group 3: Regional Highlights - Hainan province experienced a robust tourism surge, with visitor numbers increasing by 25.2% and total tourism expenditure rising by 28.9% during the holiday [14][40] - The performance of the retail sector varied by region, with provinces like Hunan and Beijing leading in growth rates of 16.9% and 16.3% respectively [53] - The holiday also saw a strong demand for local dining and entertainment, with significant increases in pre-orders for New Year's Eve dining packages [55]

（来源：经济参考报） 2025年来，以"拉布布"为代表的"娃"类潮玩持续走红。与"娃"一同走红的，还有"娃衣"。2025年5月， 某电商平台的"娃衣"单月销售额突破千万元。 "小时候喜欢给芭比娃娃换装的女孩们长大后，又在给'娃'定制衣服了。"85后"娃衣"手工艺人籍颖绮 说，现在流行的"娃"就像是"新式芭比"，承载了成年人未泯的童心，还多了一份带着文化底蕴的审美。 有着独特文化底蕴的"民族风娃衣"成为不少玩家的心头好。在广西，"娃"们也穿上了壮锦做的衣裳。随 着传统文化元素与潮流玩具产业的融合呈现多元化态势，"娃衣经济"这一消费赛道正迎来快速发展期。 传统节庆催热壮锦"娃衣" 在"娃圈"里，"娃衣"并非普通的玩具配件，而是专为潮玩玩偶量身定制的服饰单品，涵盖上衣、裤子、 裙装、配饰等多个品类，以打造"娃"专属的个性化形象。 "我们是从壮锦'娃帽'做起的。"籍颖绮说，她经营的手工工坊主打民族风，位于广西壮族自治区博物馆 的文创商店内，之前最热门的产品是仿苗银壮锦系列冰箱贴和毛绒玩具，在此基础上，团队于2025年2 月开发出为娃娃制作的壮族女生造型头饰。 壮锦与云锦、蜀锦、宋锦并称"中国四大名锦"，其历史可追溯至 ...

Group 1 - The core viewpoint is that blind box card machines as a lightweight entertainment and emotional consumption model are experiencing a growing market space, supported by consumer trends and flow ecology, while facing challenges in compliance and differentiated competition [1][4] Group 2 - Emotional consumption is rising, providing core demand support, with a significant expansion of the user base; the market for emotional consumption is expected to exceed 20 trillion yuan by 2025, with the blind box market projected to surpass 58 billion yuan, achieving a compound annual growth rate of 28% [3] - The preference of young users for lightweight and entertaining formats, combined with the low entry barrier of blind box card machines, creates a stable and large potential user group, particularly among users born in the 1990s and 2000s [3] - The flow advantages of mini-programs significantly reduce customer acquisition costs, accelerating market penetration; platforms like WeChat and Douyin provide a vast user base, allowing for low-cost customer acquisition through user sharing and community dissemination [3][4] Group 3 - Innovation in gameplay and extension of scenarios broaden development boundaries and enhance market vitality; the industry is transitioning from light casual to premium and medium-level games, allowing for the integration of social interaction and thematic updates in blind box card machines [4] - The potential for offline interactions, such as online card draws and offline exchanges for physical merchandise, enriches the consumer experience and extends the profit chain [4] Group 4 - Compliance operations and market competition are core challenges for industry development; regulations require age verification and parental consent for minors purchasing blind boxes, necessitating improvements in operational compliance [4] - The increasing number of similar products intensifies market homogenization, making it crucial for companies to innovate gameplay and content to avoid user attrition [4] - By adhering to compliance standards and continuously optimizing user experience, companies can achieve long-term development and unlock market potential [4]

来源：财经网科技 【#杭州年轻人周末花30块钱忙着拼豆子# 】"入坑四个月，花了一千多块，每次拼完都有满满的成就 感，根本停不下来。"25岁的上班族李冉向@天下网商 展示着手机里的拼豆作品集。曾经作为儿童益智 玩具的拼豆，开始在年轻人群中流行。在线上，热门店铺爆款单品月销超70万件。在杭州多家手工DIY 店中，六七成顾客专为拼豆而来，价格在20~30元/小时不等，最火爆的门店单月收入超5万元。杭州西 湖区一家手工小店店主告诉我们，自去年年底新增拼豆项目后，周末及假期客流量直接翻了几倍，"最 忙的时候一天要接50组客人。"有机构预测2026年其市场规模将接近10亿元。 销售市场的火爆带动了上游生产产业链的全面复苏与品质升级。浙江义乌作为国内拼豆生产的核心产业 带，多家工厂近期满负荷运转。义乌一家工厂的负责人透露，拼豆热度攀升后订单量翻倍，甚至出现订 单排期至下月、客户上门催单的盛况。部分嗅觉敏锐的卖家已将目光投向海外市场。拼豆的爆发，正是 近两年解压经济升温、年轻人情绪消费需求凸显的生动缩影，也为小众赛道持续释放商业潜力注入了强 劲动力。#杭州拼豆店爆火义乌产业链跟着疯狂接单# （天下网商） 来源：财经网科技 ...

商贸零售 商贸零售 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-01 2025-05 2025-09 商贸零售 沪深300 相关研究报告 《潮宏基多渠道高效推新，毛戈平推 出高端冻龄系列 — 行 业 周 报 》 -2025.12.28 《海南自贸港封关正式启动，首日数 据表现亮眼—行业周报》-2025.12.21 《11 月社零同比+1.3%，整体增速有 所承压—行业点评报告》-2025.12.15 "人、货、场"迭代升级，关注情绪消费赛道机会 ——行业周报 黄泽鹏（分析师） 李昕恬（联系人） huangzepeng@kysec.cn 证书编号：S0790519110001 lixintian@kysec.cn 证书编号：S0790125100021 "人、货、场"演进升级，情绪价值驱动消费意向 2025 年伴随国家消费刺激政策陆续出台及线下业态积极调改变革，零售业态 "人、货、场"演进升级，"品质+服务"驱动下，情绪消费为行业带来新机会。 （1）人：情绪价值驱动消费意向，"研究型消费+悦己导向+长期主义"成 ...

Core Insights - The article highlights significant changes in the consumer market in 2025, emphasizing the emergence of new consumption patterns and the evolution of various sectors within the industry [2]. Instant Retail - Instant retail is recognized as the "explosion year" in 2025, expanding beyond food delivery to encompass a wide range of products [3]. - Major players like JD.com and Alibaba have entered the market, leading to intense competition and a subsidy war among platforms [4]. - The industry is shifting towards a more sustainable model, focusing on long-term ecological coexistence rather than short-term gains [4]. Emotional Consumption - Emotional consumption has become a key trend, driven by the desire for psychological comfort and social recognition among consumers [5]. - The market for emotional consumption in China reached 2.3 trillion yuan in 2024, with projections to exceed 4.5 trillion yuan by 2029 [5]. - Various segments, including healing products and immersive experiences, are gaining popularity, reflecting a shift in consumer preferences [6]. Reverse Tourism - There is a notable increase in tourism orders in county-level areas, with local entrepreneurs capitalizing on unique cultural experiences [7]. - The focus has shifted from traditional sightseeing to immersive local experiences, appealing to younger demographics [7]. Consumption Downward - Lower-tier cities are experiencing a surge in consumer activity, with significant growth in orders during events like Double 11 [8]. - Brands are increasingly targeting these markets, with local players gaining traction through culturally resonant products [8]. Hard Discounts - The hard discount retail sector is expanding, challenging the perception that low prices equate to low quality [11]. - Major internet companies are driving this trend, with new store formats and streamlined supply chains enhancing efficiency [11]. Light Health - Health-conscious products are becoming popular among younger consumers, with a focus on convenience and effectiveness [13]. - The market is evolving to include innovative health products that cater to the busy lifestyles of young professionals [14]. Circular Economy - The circular economy is gaining traction, with a shift in consumer attitudes towards second-hand goods and sustainability [16]. - Platforms like Xianyu and Zhuanzhuan are adapting their strategies to enhance trust and user experience in the second-hand market [17]. Pet Economy - The pet economy is experiencing rapid growth, with a market size exceeding 811.4 billion yuan and a 25.4% annual growth rate [18]. - There is a diversification of products and services catering to pet owners, reflecting a shift towards more personalized and premium offerings [18]. Value Export - Chinese brands are increasingly focusing on global markets, leveraging cultural resonance and operational efficiency to build brand loyalty [19]. - The strategy of value export is reshaping perceptions of "Made in China" and driving foreign trade growth [19]. Prepared Dishes - The prepared dishes industry is moving towards standardization and innovation, addressing consumer trust issues through transparency [20]. - Technological advancements in preservation and quality control are enhancing product offerings in this sector [20].

（来源：今日中国） 有钱花、禁止"蕉绿"、盲盒、泰山陪爬、AI陪聊……很多在多年前被斥为"没用""性价比低"的商品和服 务，如今在消费版图中占据愈发重要的位置。近几年，以调节情绪为目的的消费不断延伸，从有形的产 品到无形的服务，成为激发消费活力的新引擎。 2025年9月10日, 泡泡玛特展台亮相2025中国国际服务贸易交易会 情绪消费成刚需 "95后"小高是情绪消费大户，泡泡玛特、IP联名文具等治愈系小物环绕在桌面上，成为她疏解压力的舒 适区。"这些'小伙伴'能让我暂时抽离现实中的负面情绪。"除此以外，小高回忆，过去一年，她还听了 三场演唱会，偶尔去雍和宫祈福"请串"，报名了舞蹈班、健身课，用多元体验调节身心状态。这种趋势 已成为年轻群体的生活标签，越来越多的消费者不再局限于吃穿用度，而是倾向于为情绪价值买单。 在淘宝搜索青松，带有"放青松""青松发财"等美好寓意标签的产品热销，价格远超普通绿植；二次 元"谷子"经济蓬勃发展，预计2025年市场规模将突破2400亿元人民币，"谷子"甚至入选《咬文嚼字》 2025年十大流行语；鸡排哥以"6元的鸡排，60元的情绪价值，600元的服务"走红，不少顾客愿排队两小 时仅 ...