题图｜AI生成 2025 年，"窝囊消费"这个词，扎了 多少人的心。 省吃俭用买的低配电脑，卡成PPT；精打细算修的旧手机，费用够买台新的……钱没少花，但还是窝窝囊囊地受了很多委屈。 当信息过载，选择泛滥，我们到底该如何花钱，才能不被消费，而是消费生活？ 一份真正有洞察的榜单，必须捕捉到这种变化。 2025年，我们不再只为生存买单，更为情感共振、为生活方式投票、为精神认同充值。 历时数月，「2025向上向新产品榜」终于发布。我们从上百款产品中精选出32款，它们共同回应了一个问题：在今天，我们该如何"向上"生 长，"向新"而行？ 味蕾艺术家 吃饱？那已经是上个时代的需求了。 调研数据显示，生存类支出占比超180%，近九成消费者将饮食作为首要支出，消费结构从"吃饱"转向"吃好"。在食物触手可得的今天，我们与 食物的关系正悄然改变。 体验型消费在食品领域正深度渗透。"吃什么"早已超越饱腹，进阶为一种自我表达和探索世界的方式。比起味道，更重要的也许是好奇心—— 把每一餐当作一场未知领域 的探索，做一个勇敢的味觉探险家。 当 外部世界 充满了 不确定性 ， 使得 消费者转而向内寻求安稳与治愈 。 据行业研报，57.1% ...

刘博宁 李 婕 "北京往返新加坡，不含税机票350元!"面对这难以置信的价格，大学生刘小涵快速完成了一套固定操 作：秒速加入购物车，转手再将链接分享到好友群。"有没有人一起去？能预约明年的行程，过了这村 没这店啦!"对她而言，今年的"双11"购物重心已经转移，跟以往关注实物商品不同，"现在购物车里都 是机票和酒店。" 刘小涵的选择颇有代表性。当"双11"步入第17个年头，作为新消费主力的"Z世代"(指出生于1995—2009 年的人群)，其购物车已悄然转向。近日，上海市青少年研究中心联合有关机构发布的《2025 Z世代双 十一消费行为报告》提出，"为快乐买单"已成为"Z世代"的主流消费心态。由此衍生的一个显著的趋势 是，他们的消费更偏重服务与体验——在情绪消费版图中，旅行类消费强势登顶，成为青年首选。 与此同时，调查显示，"Z世代"的消费信心持续增强，近四成(38.6%)年轻人表示今年的"双11"预算"比 去年多了"，而增加与维持预算的群体合计占比近八成，这为"体验型消费"注入充足的动能。 在上海工作的25岁白领小林"双11"期间入手了多家航空公司的"次卡"和高端酒店的通兑券，谈起"战 果"她难掩兴奋："'双 ...

Core Viewpoint - The gold jewelry industry is experiencing a significant downturn despite rising international gold prices, leading to store closures and reduced consumer demand for gold jewelry [1][3][9]. Group 1: Gold Price Trends - International gold prices have surged from a range of $2300-$2500 per ounce in 2025 to over $4000 per ounce in October 2023, marking an increase of nearly 60% year-to-date [3][11]. - Domestic gold jewelry prices have risen from approximately 766-768 yuan per gram to over 1200 yuan, reflecting a price increase of over 50% [3][5]. Group 2: Consumer Behavior - Consumer sentiment has shifted to a more cautious approach, with many checking real-time gold prices and delaying purchases, leading to a 3.54% decline in national gold consumption in the first half of the year, with a 26% drop in gold jewelry consumption [3][5]. - The wedding market is particularly affected, with a projected 20% drop in marriage numbers in 2024, directly reducing gold jewelry demand by 30% [9]. Group 3: Retail Challenges - Major brands like Chow Tai Fook and Chow Sang Sang are closing underperforming stores, with Chow Tai Fook closing approximately 500 stores and Chow Sang Sang closing 674 franchise stores since 2024 [7][9]. - The high cost of gold has led to increased pricing strategies among brands, with some raising prices by up to 20%, further suppressing consumer demand [5][9]. Group 4: Market Dynamics - The rise of new sales channels, such as the Shui Bei market, which utilizes a "wholesale-retail integration" model, is challenging traditional gold retailers by offering lower prices through live streaming and community marketing [7]. - There is a notable shift in consumer preference towards purchasing gold bars from banks, which offer lower premiums and better quality assurance, with bank gold bar consumption increasing by nearly 30% year-on-year [7][9]. Group 5: Investment Demand - Despite the decline in gold jewelry consumption, investment demand for gold remains strong, with global gold demand reaching 1313 tons in Q3 2025, the highest quarterly total on record [9][11]. - Central banks globally have been net buyers of gold, with China's central bank increasing its holdings to 73.7 million ounces, supporting gold's status as a safe-haven asset [11].

Core Insights - Current retail investment should focus on experiential consumption, community essentials, and new consumer services, leveraging the irreplaceable advantages of offline scenarios, stable cash flow, and strong risk resistance [2] Group 1: Experiential Consumption - Experiential consumption is the core growth point, including themed restaurants, immersive dining bars, and trendy toy stores, attracting young customers with social attributes and high per-square-meter efficiency (some trendy toy stores reach 80,000 yuan/square meter) [2] - Despite facing homogenization competition, continuous innovation can maintain high table turnover rates and customer spending [2] - Parent-child services and health and beauty sectors are also performing well, with parent-child experience centers achieving over 70% repurchase rates, and traditional Chinese medicine therapy and medical beauty clinics driven by aging demographics, with low online substitution rates [2] Group 2: Community Essentials - Community essential businesses, such as premium fresh supermarkets, convenience stores, and community health and wellness shops, are considered a "stable option," benefiting from the "15-minute living circle" with low vacancy rates below 5% and stable rental returns [2] - It is crucial to control gross profit margins and ensure precise site selection for these businesses [2] Group 3: Emerging Consumer Services - Emerging pet service businesses, such as pet grooming and boarding, are capitalizing on the pet economy, achieving over 65% gross profit margins, becoming a new growth point [2] - Standardization of services is essential for success in this sector [2] Group 4: Investment Recommendations - Investment should prioritize small-sized, high-turnover retail spaces, aligning with regional customer characteristics, such as focusing on essential businesses near communities and enhancing experiential consumption in core business districts to maximize returns [2]

Core Insights - The 2025 National Day Golden Week serves as a significant indicator of consumer market trends, showcasing the integration of AI and robotics into daily life and consumer electronics [1] - The consumer electronics market is experiencing a shift from price competition to a focus on product functionality and user experience, particularly in the categories of home appliances, smartphones, and XR devices [1][5] Group 1: Robotics and AI Integration - The first "All-Robot Market" in Beijing highlights the emergence of intelligent service robots capable of autonomous navigation and customer interaction, marking a shift towards "active intelligence" in consumer electronics [2] - AI is no longer just a marketing term but is now embedded in the core of consumer products, emphasizing "scene awareness" and "intent prediction" [2][3] Group 2: XR Devices - XR devices have made significant advancements in terms of weight, display clarity, and battery life, becoming more affordable and appealing to a broader audience [3] - Consumers are increasingly using XR technology for practical applications such as virtual tourism, remote collaboration, and online education, indicating a transition from niche products to mainstream consumer goods [3] Group 3: Home Appliances - The demand for AI-enabled home appliances has surged during the holiday season, with consumers prioritizing functionality over price, focusing on what the appliances can do rather than their cost [4][5] - The trend towards "experience-based consumption" is evident, with consumers willing to pay for innovations that enhance their quality of life and work efficiency [5] Group 4: Smartphone Market Dynamics - The smartphone market is witnessing a revival, particularly with the popularity of foldable screens and AI-integrated models, as brands like Huawei and Xiaomi gain market share from Apple [5][6] - Sales of foldable smartphones increased by 80% year-on-year during the holiday period, reflecting a growing consumer preference for lightweight and efficient devices [5] Group 5: Competitive Landscape - The boundaries between home appliances, smartphones, and XR devices are blurring, with future competition focusing on ecosystem and user experience rather than individual products [6] - Chinese brands are well-positioned in this transformation due to their understanding of local consumer needs, agile supply chains, and ongoing technological investments [6]

Core Insights - The 2025 National Day Golden Week serves as a significant indicator of consumer market trends, showcasing the integration of AI and robotics into daily life and consumer electronics [1] - The consumer electronics market is experiencing a shift towards differentiated business models rather than price wars, with home appliances, smartphones, and XR devices emerging as popular categories [1] Group 1: AI and Robotics in Consumer Electronics - The "All-Robot Market" in Beijing features intelligent service robots capable of autonomous navigation and customer interaction, marking a shift towards "active intelligence" in consumer electronics [2] - AI is no longer just a marketing label but is now embedded in the core of products, focusing on "scene awareness" and "intent prediction" [2] - The transition from "humans adapting to machines" to "machines adapting to humans" is a critical turning point in the consumer electronics industry [2] Group 2: XR Devices and Consumer Acceptance - XR devices have made significant advancements in weight, display clarity, and battery life, becoming more affordable and appealing to consumers for various applications beyond gaming [3] - The XR industry is at a tipping point, transitioning from "geek toys" to "mass consumer products," with practical applications gaining traction among ordinary consumers [3] Group 3: AI Home Appliances - The National Day holiday saw a structural upgrade in the home appliance market, with consumers increasingly interested in smart appliances that offer practical functionalities rather than just price reductions [4] - AI home appliances are becoming the preferred choice for consumers looking to upgrade their homes, reflecting a shift in consumer priorities [4] Group 4: Market Dynamics and Consumer Behavior - The National Day market is a pivotal turning point, driven by "experience-based consumption" where consumers are willing to pay for innovations that enhance quality of life and work efficiency [5] - The smartphone market is witnessing a revival, particularly in the sales of foldable and AI-enabled models, as brands like Huawei and Xiaomi gain market share from Apple [5][6] - The boundaries between home appliances, smartphones, and XR devices are blurring, with future competition focusing on ecosystems and user experiences rather than individual products [6]

Core Insights - The article discusses the evolution of food and beverage consumption on trains in China, highlighting the shift from basic sustenance to experience-oriented products that enhance travel enjoyment [4][6][20]. Group 1: Historical Context - In 1999, the introduction of the "Golden Week" holiday led to a surge in domestic travel, with 28 million trips taken and a total tourism revenue of 14.1 billion yuan [1]. - By 2024, domestic travel during the National Day holiday reached 765 million trips, generating a total expenditure of 700.8 billion yuan [2]. Group 2: Changing Consumer Preferences - Consumers now prefer visually appealing and emotionally satisfying food and beverage options during travel, moving beyond mere hydration and sustenance [4][6]. - The demand for experience-oriented products is expected to surpass last year's levels during the National Day holiday [6]. Group 3: Food and Beverage Innovations - The introduction of instant noodles, particularly the iconic Kang Shifu beef noodles in 1992, revolutionized train food consumption, meeting the needs of travelers for convenience and affordability [8][11]. - The rise of various snack options, such as spicy chicken feet and eight-treasure porridge, reflects a diversification in train food offerings, catering to modern consumer tastes [12][16]. Group 4: Packaging and Preservation Advances - The introduction of "modified atmosphere packaging" by brands like Zhou Hei Ya has extended the shelf life of ready-to-eat products, making them more suitable for train travel [22][23]. - The growth of portable and fresh options, such as freeze-dried coffee and instant fruit teas, indicates a trend towards convenience and quality in travel snacks [25][26][28]. Group 5: Cultural and Regional Influences - The emergence of cultural-themed ice creams and regional snacks on trains highlights a growing emphasis on local experiences and culinary diversity during travel [34][36]. - Passengers are increasingly exposed to regional specialties, enhancing their travel experience and connecting them to local cultures [38][41].

Group 1: Consumer Behavior Trends - The shift from "ownership consumption" to "experiential consumption" is highlighted, with significant changes in consumer behavior observed during the National Day holiday in China [1][3] - Young consumers are increasingly valuing experiences over material possessions, as evidenced by a 240% increase in searches for "immersive experiences" during the holiday [3] - The phenomenon of "online loneliness + offline gathering" is emerging, where young people engage in solitary activities online while participating in social events offline [7] Group 2: Retail and Commercial Space Evolution - Traditional shopping centers are undergoing transformations, with a notable decline in apparel retail share, as seen in Guangzhou's正佳广场, where clothing retail dropped from 52% to 29% [5] - The trend of "lifestyle centralization" is accelerating in China, with commercial spaces integrating cultural and experiential elements, leading to over 60% of revenue coming from venue rentals and content planning rather than traditional retail [5] - Innovative community-level experiments, such as成都Regular源野, are enhancing merchant efficiency by dedicating space to non-profit public art installations [5] Group 3: Elderly Care and Market Challenges - A significant portion of the elderly population in China faces challenges in accessing modern payment methods and technology, with 1.8 billion elderly individuals never having used electronic payments [7] - The "intergenerational integration" model seen in Japan is not directly applicable in China, as evidenced by the mixed results of programs aimed at bridging the gap between young and elderly populations [7] - The complexity of the "lonely economy" is highlighted, with young people engaging in solitary activities while simultaneously seeking social connections through various platforms [7] Group 4: Market Innovations and Ethical Considerations - The global market for companionship robots is projected to exceed 300 billion yuan by 2029, with unique local innovations in China, such as AI services simulating conversations with deceased loved ones [8] - The rise of the vintage clothing market in China is accompanied by a problematic supply chain, where many items marketed as vintage are actually modern garments treated to appear aged [9] - The redefinition of consumption in China reflects a deeper relationship with material goods, moving away from traditional metrics like GMV to a focus on intangible values [9]

Core Viewpoint - The article discusses the unexpected ownership change of the Portland Trail Blazers NBA team, highlighting the involvement of Cheng Zhengchang and Jiang Peiqi, founders of Panda Express, a major Chinese fast-food chain in the U.S. [4][6] Group 1: Company Overview - Panda Express, founded by Cheng Zhengchang and Jiang Peiqi, has become the largest Chinese fast-food chain in the U.S., with annual revenue reaching $100 billion [6][10]. - The brand is recognized for its signature dish, Orange Chicken, which has become synonymous with American Chinese cuisine [6][10]. Group 2: Product Innovation - The Orange Chicken dish was introduced in 1987 and differs significantly from traditional recipes, utilizing fresh orange peel instead of dried spices, catering to American taste preferences [8][10]. - The dish's success is attributed to its unique flavor profile, which combines sweet, sour, and slightly spicy elements, appealing to American consumers [10][12]. Group 3: Founders' Background - Cheng Zhengchang, born in 1947 in Jiangsu, China, initially did not plan to enter the restaurant business but was influenced by his family's culinary background [12][14]. - After immigrating to the U.S. in the 1970s, he opened his first restaurant, Panda Inn, in Pasadena, California, which laid the foundation for the Panda Express brand [14][18]. Group 4: Business Expansion and Management - The first Panda Express opened in a shopping mall in 1983 and quickly became profitable, leading to rapid expansion [14][18]. - Jiang Peiqi played a crucial role in implementing modern management practices, including the use of digital POS systems to analyze sales data and improve operational efficiency [18][20]. Group 5: Cultural Impact and Philanthropy - Cheng Zhengchang views Panda Express as a bridge for cultural exchange between China and the U.S., actively engaging in community and cultural events [18][20]. - He has also contributed to educational initiatives in his hometown and supported disaster relief efforts, reflecting a commitment to social responsibility [20].

Group 1 - The core point of the article highlights the trend of the "Double Eleven" shopping festival starting earlier each year, with preparations and marketing activities beginning as early as September [1][2] - Companies are adapting to this trend by planning their inventory, pricing strategies, and marketing campaigns well in advance, indicating a shift from a one-day event to a shopping season lasting over three months [1][2] - The balance between early promotion and timely marketing is seen as beneficial, allowing platforms and merchants to engage consumers more effectively and reduce impulsive buying [2] Group 2 - The "Monitoring Report" released by the National Market Supervision Administration and Zhidao Technology reveals four core trends in the consumer market for the second quarter of 2025 [3][4] - These trends include the dual drive of policy guidance and technological innovation leading to inclusive consumption upgrades, a shift from entertainment to specialized and practical consumption content, a focus on quality experiences, and a growing emphasis on health across all age groups [4] - The report also indicates that the "Z Generation" consumers prioritize experience-driven consumption, with significant interests in cultural entertainment, technology, and health [5] Group 3 - Major platforms are actively preparing for this year's "Double Eleven," with Kuaishou and JD.com announcing substantial promotional strategies and financial incentives to attract merchants and consumers [6][7] - Kuaishou plans to invest 180 billion in traffic subsidies and 20 billion in user red packets during the event, while JD.com is implementing a VALUE methodology to enhance user engagement and brand value [7][8] - The emergence of new e-commerce players, such as Zhongpin Weidu, is also noteworthy, as they focus on decentralized commerce models that empower participants and enhance market vitality [10][11]