本文来自微信公众号： 区域品 牌事务所 ，作者：金多西&黄晓军，头图来自：AI生成 很多人都认为，东西越便宜越好卖。 区域品牌事务所 . 关注区域品牌增长方法论。 特别是在当下这个经济环境，连上海滩的餐饮老板都总结出来一个15元定律。 写字楼下还活着餐饮，大多是均价15元的现炒盖浇饭。 以下文章来源于区域品牌事务所 ，作者黄晓军 但你我的常识，绝不是放之四海而皆准的。就像在我们的身边，真的有人通过抬高价格刺激了销量。 一、奢侈品与凡勃伦效应 我在山东即墨碰到一个做保暖内衣的朋友，就这么干了。 据说2024年，青岛即墨内衣工厂依托1688平台，将传统保暖内衣价格从50元 / 套提至140-150元/ 套，带动整个产业带集体提价10%，却实现订单量增长30%。 为什么？以前中产们觉得这玩意太便宜了，不敢买哈哈哈。当然，材质升级、产地直播、人群渗透等 执行，也很到位。 你说这是特例？那泡泡玛特总不陌生了吧？ 人家在美国市场，玩偶LABUBU 3.0单价从21.99美元增长30%，涨至27.99美元。联名款玩偶二手价 从599元炒至1.3万元，涨价21倍。 最nb的是，他家初代作品拍卖108万元，溢价干翻黄金。 wh ...

很多人都认为，东西越便宜越好卖。 特别是在当下这个经济环境，连上海滩的餐饮老板都总结出来一个15元定律。 写字楼下还活着餐饮，大多是均价15元的现炒盖浇饭。 但你我的常识，绝不是放之四海而皆准的。就像在我们的身边，真的有人通过抬高价格刺激了销量。 一、奢侈品与凡勃伦效应 我在山东即墨碰到一个做保暖内衣的朋友，就这么干了。 人家在美国市场，玩偶LABUBU 3.0单价从21.99美元增长30%，涨至27.99美元。联名款玩偶二手价从599元炒至1.3万元，涨价21倍。 最nb的是，他家初代作品拍卖108万元，溢价干翻黄金。 why？有人说情绪价值，有人说看不懂的Z世代。但从最根本的消费行为学或者经济学研究来看，它背后有一个著名的凡勃伦效应。 美国经济学家凡勃伦在《有闲阶级论》中提到，消费者对一种商品需求的程度因其标价较高而不是较低而增加。 听起来很像有什么大病，但如果我换个例子，你会发现这个理论不仅行得通，还很常见。 老铺黄金，近年来多次主动提价。例如2025年8月的调价幅度达 10%-12%，但其上半年营收同比增长252%，股价也大幅上涨。 梵克雅宝2024年将经典五花手链价格上调11%，导致门店大排长龙，线 ...

文/珠玑说 (本文所有内容皆有官方可靠信源，具体资料赘述文章结尾) 一瓶成本不过百元的白酒，为何摆上货架就能售价几千？2024年14家酒企营收狂飙，利润高得惊人，大 家都骂中间商和酒企心太黑，这巨大的差价背后，钱到底被谁赚走了，是酒企、经销商，还是另有隐 情？ 被网友戏称"酱香科技"的白酒行业，几乎是全球最赚钱的领域之一，头部企业净利润能占整个行业半壁 江山！ 2022年A股20家白酒上市企业的年报全披露后，数据一出来更让人咋舌。 14家酒企营收实现两位数增长，尤其是头部品牌，不管营收还是净利润，都跟坐了火箭似的往上涨。可 能有人会问，白酒不就是瓶酒吗？咋这么能赚？ 毕竟好酱酒越存越香，越香越值钱，这种特性让它比很多科技产品还抗跌，也难怪能闷声赚大钱。看到 酒企这么赚钱，不少人会吐槽：既然这么盈利，为啥不降价让消费者得点实惠？ 还有人算过账，某大牌酱香白酒单瓶生产成本才百元，到消费者手里却翻了二三十倍，这定价也太离谱 了！但真不是这么简单，咱得先弄明白酱酒的营销逻辑。 其实早从明清时候起，茅台镇那片就靠酿酒出名，独特的水土和气候，让酱酒成了独一份的宝贝。 到现在"酱香"俩字几乎成了品质的代名词，加上多年积累的 ...

Summary of Key Points from the Conference Call Industry Overview - The luxury goods market is influenced by social class mobility, with economic stagnation potentially suppressing demand [1][2] - The jewelry industry exhibits a pro-cyclical nature, benefiting from rising household income and consumption upgrades [1][5] - The rise of jewelry brands in the U.S. occurred during periods of economic growth and a burgeoning middle class, while a shrinking middle class has shifted high-end jewelry consumption towards affordable luxury [1][5] Company Insights: Tiffany & Co. - Tiffany's successful transformation from a low-priced product company to a luxury brand highlights the potential for low-cost brands to upgrade through marketing and cultural output [1][3] - Tiffany's brand strength is crucial for attracting middle-class consumers, achieved through cost control, brand reshaping, and overseas market development [3][26] - Tiffany's sales grew from $7 million to approximately $17.7 million between 1914 and 1919, reflecting a compound annual growth rate of about 8% after adjusting for inflation [15] Consumer Behavior - U.S. consumers prioritize quality (31%) and design (23%) when purchasing jewelry, with significant occasions like anniversaries being the primary purchase context (48%) [7] - In contrast, Chinese consumers exhibit different motivations, with a strong emphasis on the preservation function of gold jewelry [11] Market Dynamics - The jewelry market in China shows a lower per capita consumption compared to the U.S., but overall market conditions remain positive [6] - The cyclical nature of jewelry consumption is evident, with fluctuations exceeding GDP growth rates [6] Cultural and Economic Factors - The luxury market does not necessarily require royal heritage; instead, it relies on social and personal value attributes such as high price, symbolic meaning, quality, and scarcity [8][9] - The luxury goods pricing strategy leverages the Veblen effect, where higher prices enhance consumer appeal [9] Challenges and Opportunities - Tiffany faced challenges during economic downturns, including the Great Depression and World War II, which necessitated cost control and brand management [16][18] - The company has seen significant growth opportunities in emerging markets, particularly in China, driven by rising GDP and consumer spending [25][30] Future Outlook - The outlook for domestic jewelry brands in China is positive, with expectations for more high-end brands to emerge as the market continues to grow [30]

Core Point - A piece of Cabrales blue cheese weighing 2.3 kilograms was sold for €36,000 at an auction in Asturias, Spain, setting a Guinness World Record for the most expensive cheese sold at auction, equivalent to approximately 300,000 RMB or 130 RMB per gram, surpassing the price of gold [1]. Group 1: Cheese Characteristics and Production - The cheese is described as having a blue-green moldy appearance and a strong odor, with some individuals comparing its smell to vomit or feces [3][5]. - Cabrales cheese is aged for 10 months in natural caves at an altitude of 1,500 meters, which contributes to its rarity and high price [7][9]. - The production process is labor-intensive, requiring cheesemakers to hike for hours in harsh winter conditions to care for the cheese, with only 23 certified producers remaining in Spain, a 60% decrease since 2000 [9][11]. Group 2: Economic and Market Implications - The high price of the cheese is attributed to its scarcity and the extensive time investment required for its production, with each piece representing a unique story [11][30]. - The phenomenon of the "Veblen effect" is evident, where higher prices increase demand, as demonstrated by the significant media coverage and social media exposure the cheese received [11][30]. - The cheese's sale has led to substantial additional revenue for the buyer's restaurant, indicating a lucrative market for high-end gourmet products [11]. Group 3: Consumer Perception and Genetic Factors - Scientific studies indicate that the perception of blue cheese's smell is genetically influenced, with a significant portion of the population experiencing aversion to its odor [12][18][20]. - The complex aroma profile of blue cheese, containing over 300 volatile compounds, can trigger pleasure responses in the brain, leading to a unique tasting experience [16][18]. - The appreciation for blue cheese varies widely among individuals, with some finding it delightful while others are repulsed, similar to reactions to other foods like cilantro [20]. Group 4: Cultural and Historical Context - The tradition of cheese-making is declining, with many artisanal producers ceasing operations, which further elevates the value of remaining traditional cheeses [30]. - The sale of the cheese reflects a broader trend in the gourmet food market, where consumers are willing to pay a premium for artisanal and traditional products that embody time and craftsmanship [32].

Core Insights - LVMH reported a total revenue of €39.81 billion (approximately ¥335.12 billion) for the first half of 2025, a decline of 4% year-on-year, with operating profit down 15% to €9.01 billion (approximately ¥75.84 billion) [1][5][10] - The luxury goods sector is facing significant challenges, with the "Veblen Effect" losing its influence as younger consumers reassess the value of luxury items [3][4] - The high-end beauty segment has emerged as a key area of focus for LVMH, showing resilience with stable revenue of €4.08 billion (approximately ¥34.34 billion) in the first half of 2025 [12][13] Financial Performance - LVMH's total revenue for the first half of 2025 was €39.81 billion, down 4% from the previous year, while operating profit decreased by 15% to €9.01 billion [1][5][10] - The operating margin fell to 22.6%, a decrease of 2.5 percentage points year-on-year [5] - The Asian market (excluding Japan) saw its share decline to 28%, down 2 percentage points [1][10] Market Trends - The luxury goods market is experiencing a shift, with younger consumers increasingly questioning the traditional pricing logic of luxury items [4][5] - The beauty segment, particularly high-end cosmetics, is viewed as a potential growth driver amidst overall market contraction [12][19] - LVMH's beauty brands, including Christian Dior and Fenty Beauty, are adapting to changing consumer preferences, with Fenty Beauty showing significant growth in China [15][19] Strategic Initiatives - LVMH is focusing on brand revitalization and innovation in the beauty sector, with new product launches and a commitment to quality and desirability [17][18] - The company is restructuring its operations, including closing underperforming DFS stores and laying off staff in its wine and spirits division to reallocate resources towards beauty [21][23] - Sephora is being positioned as a key player in the Chinese market, with new brand introductions and a direct reporting structure to the global CEO [21][23]

Core Viewpoint - LVMH is experiencing significant challenges in the luxury goods market, with a notable decline in overall revenue and profits, yet its high-end beauty segment shows resilience and potential for growth amidst these difficulties [2][4][20]. Financial Performance - Total revenue for the first half of 2025 was €398.1 billion (approximately RMB 3,351.2 billion), a year-on-year decline of 4% [4][7]. - Operating profit decreased by 15% to €90.1 billion (approximately RMB 758.4 billion), with the operating margin dropping to 22.6%, down 2.5 percentage points year-on-year [4][7]. - The Asian market (excluding Japan) saw its share shrink by 2 percentage points to 28% [4][17]. Market Trends - The "Veblen Effect," which traditionally drove luxury consumption, appears to be weakening, particularly among younger consumers who are reassessing the value of luxury goods [6][7]. - Bain & Company warns of significant challenges ahead for the luxury sector, predicting it may face its largest setback in 15 years [7]. Beauty Segment Performance - The Perfumes and Cosmetics division reported stable revenue of €40.8 billion (approximately RMB 343.4 billion), with organic growth remaining flat [20]. - Sephora, as part of the selective retailing segment, achieved revenue of €8.63 billion (approximately RMB 726.7 billion), with a 2% organic growth, marking it as the only department with positive growth in the first half of 2025 [21][22]. Regional Insights - The Asian market's contribution to LVMH's sales has declined, with organic revenue in Japan dropping by 15% due to currency fluctuations affecting tourist spending [17][18]. - In China, LVMH's beauty brands are facing challenges, with classic brands experiencing brand aging and declining transaction volumes despite some increases in transaction value [23][24]. Strategic Initiatives - LVMH is focusing on high-end beauty as a key growth area, with significant investments in brand innovation and market entry strategies targeting younger consumers [20][27]. - The introduction of new beauty products under the Louis Vuitton brand and the expansion of Fenty Beauty in China are part of LVMH's strategy to capture the Z generation market [27][28]. Organizational Changes - Sephora's operations in China are being prioritized, with the global CEO directly overseeing the market to enhance competitiveness [30][33]. - LVMH is restructuring its DFS business and reducing workforce in its wine and spirits division to control costs amid declining luxury demand [34].

Core Viewpoint - The article discusses the inflated pricing and marketing strategies surrounding the "Hanging Green" lychee, revealing a disconnect between consumer perception and actual market dynamics, leading to consumer dissatisfaction and regulatory challenges [3][4][6]. Group 1: Pricing and Marketing Strategies - The "Hanging Green" lychee is marketed as a luxury item, with prices reaching 298 yuan for six pieces, while the actual procurement price for farmers only sees a 30%-50% increase compared to regular lychees [3][4]. - The marketing narrative surrounding the lychee includes historical references to a 400-year-old "mother tree" and extravagant claims about its taste and health benefits, which are often exaggerated [3][4]. - The cost of packaging and branding contributes significantly to the price inflation, with a wooden gift box costing around 18 yuan and a plush lining at 5 yuan, leading to a tenfold increase in retail price [4]. Group 2: Consumer Experience and Complaints - Consumers are increasingly frustrated with the disparity between the high prices and the quality of the products received, as evidenced by complaints on platforms like Black Cat Complaints [5]. - A notable incident involved a consumer's child accidentally ordering 26 boxes of lychees for over 10,000 yuan, only to receive a lower-quality product, highlighting the risks of online purchasing [5]. Group 3: Social and Economic Implications - The phenomenon of high-priced lychees reflects broader social issues, including the "Veblen effect," where higher prices enhance the perceived value of a product, leading to a divide between different socioeconomic classes [6]. - A survey indicated that 65% of young people are reducing their fruit intake due to "fruit anxiety," suggesting that the high prices of luxury fruits are impacting overall consumption patterns [6]. Group 4: Regulatory Challenges - The article points out failures in regulatory oversight, including a lack of standardized grading for agricultural products and weak enforcement of pricing regulations, allowing for misleading marketing practices [6][7]. - There are concerns about government complicity in promoting artificially scarce products, as seen in the case of a lychee auction that raised questions about legitimacy [7]. Group 5: Path Forward - The article suggests that a return to rational pricing and value-based marketing is necessary for the long-term sustainability of the lychee market, citing examples of successful agricultural branding that focus on quality and accessibility [8]. - The decline in prices for lychees in other regions, such as Sichuan, demonstrates that moving away from speculative pricing can lead to a more stable market [8].

Core Viewpoint - The article argues that consumer downgrade is a myth, while information upgrade is the reality, highlighting how Pinduoduo exposes the true prices of products [1] Group 1: Cost and Pricing Insights - A sunscreen jacket priced at 299 yuan has a production cost of only about 40 yuan, with materials and labor costs detailed [2] - Pinduoduo has seen explosive sales of affordable sunscreen jackets, with sales figures reaching over 100,000 units, indicating a shift in consumer behavior towards value-based purchasing [3][10] - The cost of luxury goods, such as a 10,000 yuan handbag, can be as low as 100-200 yuan, revealing significant brand markups [6] Group 2: Changing Consumer Behavior - Consumers are increasingly moving away from the Veblen effect, focusing on cost-effectiveness rather than brand prestige, even among high-net-worth individuals [7] - The rise of Pinduoduo has led to a greater awareness among Chinese consumers of the strength and stability of the domestic manufacturing system [8] Group 3: Supply Chain and Business Model - Pinduoduo's model emphasizes direct manufacturer-to-consumer sales, eliminating middlemen and reducing marketing costs, which allows for lower prices and higher sales volumes [22][23] - The platform's low commission rates encourage merchants to offer quality products without compromising on materials and craftsmanship [23] - Pinduoduo's "hundred billion subsidy" initiative aims to support merchants and enhance local industry digital transformation, with a commitment to invest over 100 billion yuan in the next three years [28][31] Group 4: Industry Transformation - Pinduoduo is reshaping the domestic consumption market by integrating local manufacturing into the supply chain, creating jobs and revitalizing local economies [32][34] - The platform focuses on product value and real pricing rather than brand storytelling, positioning itself as an organizer of the supply chain [33] - As a result, consumers are discovering high-quality, affordable products on Pinduoduo, while manufacturers are realizing that success comes from genuine product quality rather than marketing [35][36]

Core Insights - The luxury goods market has traditionally relied on price increases to maintain brand prestige and consumer perception, leveraging the "Veblen effect" where higher prices signal higher quality and status [1][3] - However, recent trends indicate a shift in consumer behavior, with a reported average price increase of only 2% in luxury goods this year, the smallest in recent years, reflecting a more pragmatic approach from consumers [3][5] - Younger consumers are increasingly focused on the actual value of products rather than their price or brand, leading to a rise in discount platforms and sales events that offer luxury items at more accessible prices [5][7] Group 1 - Luxury brands have historically used price hikes to enhance their image and create a sense of exclusivity, making consumers feel that high-priced items signify success and status [3][5] - The recent HSBC report highlights a significant change in consumer attitudes, with a mere 2% average price increase in luxury goods, indicating a shift towards more practical purchasing decisions [3][5] - Consumers are now more informed and discerning, often researching product materials and craftsmanship, which diminishes the effectiveness of traditional pricing strategies [5][7] Group 2 - The emergence of discount platforms like Vipshop has gained popularity among consumers who still appreciate luxury brands but seek better value for their money [5][7] - Recent discount events featuring brands like Burberry and COACH have attracted not only regular luxury buyers but also new consumers who are eager to take advantage of lower prices [5][7] - Overall, the luxury market is adapting to a more diverse consumer base that values cost-effectiveness, leading to new sales models and a more varied shopping experience [7]