Core Viewpoint - The article discusses the contrasting dynamics of the Chinese consumer market in 2025, highlighting both the rise of successful brands and the collapse of previously celebrated companies, marking a significant shift in consumer behavior and business models [4][5][7]. Group 1: Market Dynamics - In 2025, the Chinese consumer market experienced a "violent cleansing," with many once-celebrated "unicorns" collapsing, signaling the end of an era characterized by "losses for scale" and "storytelling through valuation" [5][7]. - The downfall of brands like "Chongxuegao" and "Kristin" illustrates a collective failure of business models that relied heavily on marketing rather than product value, as consumers returned to rational purchasing behaviors [7][8]. - The year 2025 is described as a turning point, where the market bid farewell to high-priced, trendy brands that lacked a solid product foundation, leading to a significant shift in consumer expectations [7][8]. Group 2: Successful Brands - Despite the market downturn, certain brands thrived, such as "Mizhu Ice City" and "Bubble Mart," which capitalized on efficiency and emotional value, demonstrating resilience in a challenging environment [12][13]. - The success of these brands is attributed to their ability to adapt to consumer needs for affordable pleasure, with "new tea drinks" becoming a form of "cheap social currency" [16]. - The article highlights the importance of supply chain efficiency, with brands like "Mizhu Ice City" leveraging agricultural technology and logistics to maintain competitive pricing [14][15]. Group 3: Investment Trends - In 2025, the investment landscape saw a dramatic reduction in funding rounds, with only 74 financing events compared to 133 in the previous year, indicating a shift away from reckless spending [20][21]. - The restaurant sector remained a focal point for investment, accounting for over 60% of financing events, as capital sought safety in high-frequency consumer needs [22]. - Brands that demonstrated strong supply chain control and product differentiation, such as "Fulaiwei" and "Guifenghuang," began to attract investment, reflecting a new focus on sustainable business practices [22][23]. Group 4: Future Outlook - The article suggests that the future of consumer brands will hinge on their ability to integrate technology and maintain strong supply chains, with a shift towards global distribution becoming essential [25][26]. - The emergence of sectors like the silver economy and pet care indicates evolving consumer demographics and preferences, highlighting new opportunities for growth [25]. - The narrative concludes that the market will favor brands that respect consumer needs and focus on operational efficiency, marking a departure from the previous era of superficial marketing [27][28].

Core Viewpoint - The article discusses the emergence of a new consumption model called "Reward Economy" among the younger demographic in China, which is becoming a significant driver of domestic demand and consumption expansion as the economy transitions from high-speed growth to high-quality development [2][3]. Group 1: Definition and Characteristics of "Reward Economy" - "Reward Economy" refers to consumers purchasing non-essential goods or experiential services within their financial means to gain immediate pleasure, self-affirmation, and psychological healing in response to work and life pressures [3][4]. - This consumption behavior is increasingly popular among young people, serving as an important indicator of the vitality and resilience of the current Chinese consumer market [3][4]. Group 2: Psychological and Social Drivers - The rise of "Reward Economy" is driven by psychological and sociological factors, including the need for self-repair of psychological resilience and the significant elevation of demand levels as per Maslow's hierarchy of needs [6][7]. - Approximately 30% of young consumers engage in spending for emotional healing, indicating a shift from functional consumption to meaningful consumption, where products carry emotional significance beyond their material value [6][7]. Group 3: Impact on Industry and Market Dynamics - The development of "Reward Economy" is reshaping consumer behavior and imposing higher demands on the supply side, promoting industrial structural transformation and market vitality [7]. - Companies are adjusting product strategies to meet diverse, personalized, and quality-oriented consumer preferences, leading to innovation and the creation of new business models that integrate emotional value [7][8]. Group 4: Cultural Consumption and Economic Growth - A significant portion of spending within the "Reward Economy" is concentrated in the cultural and creative sectors, such as domestic cultural products and traditional crafts, which are driving the growth of the cultural industry and promoting the innovative development of traditional Chinese culture [7][8].

报告导读： "犒赏经济"崛起预示着新消费范式的出现 。 "犒赏经济"成为拉动内需、扩大消费的新引擎。 "犒赏经济"是指消费者在面对工作生活压力或特定的心理需求时，通过购买价格在承受范围内的非必需品或 体验服务，以获取即时性愉悦感、自我确认感和心理疗愈的一种经济活动。"犒赏经济"模式在年轻群体中悄然兴起并迅速发展，成为拉动内需、扩大消费的新 引擎。 "犒赏经济"兴起代表消费者决策逻辑的重要转变。 " 犒赏经济 " 的内涵虽与经济学中的 " 口红效应 " 有不少相似之处，但在本质上却截然不同。传统的 " 口红效应 " 是在经济形势波动时，人们被迫放弃大额消费而转向廉价非必要产品。而当下的 " 犒赏经济 " 则表现出更强的主动性和分化特征，消费不再仅仅 是为了单纯满足功能性需求，更多是为了实现自我关爱和心理建设，意味着消费者的决策逻辑发生了重要转变。消费者可能在日常刚需上精打细算，但在能够 提供高情绪价值的领域却不吝投入，呈现出理性与感性并存的特征。 近期"犒赏经济"火爆背后的驱动： 1 ）自上而下看， 2025 年 17 日官媒学习时报发文，肯定"犒赏经济"价值，认为这是人民群众对美好生活向往在微观层 面的具体投 ...

股票研究 /[Table_Date] 2025.12.20 情绪消费驱动，"犒赏经济"正当时 [Table_Industry] 耐用消费品 文创产品行业跟踪 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： "犒赏经济"崛起预示着新消费范式的出现。 投资要点： [Table_Report] 相关报告 耐用消费品《行业监管趋严，不合规产能有望加 速出清》2025.12.19 耐用消费品《2026 年有望延续产品大年，国内供 应链受益》2025.12.15 耐用消费品《英美烟草：Glo Hilo 反馈亮眼，新 型烟草加速扩张》2025.12.12 耐用消费品《业绩分化加速，龙头韧性凸显》 2025.11.03 耐用消费品《家具板块：底部确立，后势可期》 202 ...

文 | 新消费导读 每周末晚上，北京一家商场内的台球俱乐部都会灯火辉煌，新消费智库走进大厅，桌球的绿色台子在商场明亮的灯光下泛着专业的光泽。 二十几张中式八球台已有一半开台，三五成群的年轻人围在桌边，笑声和球杆的击球声清脆地混在一起。这里没有烟味，没有昏暗的灯光，也没有传统印象 中"社会气息"浓厚的氛围。三五成群的年轻人聚在这里，正在进行激烈的台球竞赛。 离开这个俱乐部不到三十米外，拐进一个相对偏僻的小区楼，再经过保安的盘问后，我们进入到小区内部，进入到小区下一个地下一层，另一家新开的自助 台球厅正通过闪烁的二维码吸引顾客，进门需要刷脸进入，一间大概100平米，名叫小铁的自助台球厅呈现在我们面前，台球厅无人自助，一切都要自己 来，即使是这样，我们去的台球厅依然满台。 与此同时在抖音上，#台球 话题下的总播放量已近千亿次，一场业余比赛的直播，能轻松吸引超过十万人同时在线围观那些滑稽的失误和偶尔的惊艳进球。 这些看似割裂的现象，却反映了台球在中国当下的真实消费现状：一项曾经与街头巷尾、昏暗灯光绑定的老式娱乐，正以一种前所未有的明亮、洁净和智能 的姿态，席卷城市的购物中心，并悄然改变着超2亿中国年轻人的线下娱乐选择 ...

这是新消费智库第 2 7 3 0 期文章 新消费导读 每周末晚上 ， 北京一家商场内的台球俱乐部都会灯火辉煌，新消费智库 走进大厅， 桌球的绿色台 子 在商场明亮的灯光下泛着专业的光泽。 二十 几 张中式八球台已有一半开台，三五成群的年轻人围在桌边，笑声 和球杆的击球声清脆地混在一起。这里没有烟味，没有昏暗的灯光，也没 有传统印象中 " 社 会 气 息 " 浓 厚 的 氛 围 。 三 五 成 群 的 年 轻 人 聚 在 这 里 ， 正在进行激烈的台球竞赛。 离开这个俱乐部不到 三十米外， 拐进一个相对偏僻的小区楼，再经过保 安的盘问后，我们进入到小区内部，进入到小区下一个地下一层 ， 另 一 家 新 开 的 自 助 台 球 厅 正 通 过 闪 烁 的 二 维 码 吸 引 顾 客 ， 进 门 需 要 刷 脸 进 入，一间大概 100 平米，名叫小铁的自助台球厅呈现在我们面前，台球 厅无人自助，一切都要自己来，即使是这样，我们去的台球厅依然满台。 与此同时在 抖音上， # 台球 话题下的总播放量已近千亿次，一场业余 比赛的直播，能轻松吸引超过十万人同时在线围观那些滑稽的失误和偶尔 的惊艳进球。 作者 ：会写字的机 ...

近日，中央党校主办刊发文章，将一种在年轻群体中悄然兴起的"犒赏经济"定义为拉动内需、扩大 消费的新引擎。 核心驱动力是为情绪价值买单。据权威预测，作为"犒赏经济"典型代表的潮玩产业，到2026年市场 规模将达到1101亿元。 01 经济新概念 "犒赏经济"并非传统经济学概念的简单再现。 它是指消费者为应对压力或满足特定心理需求，购买能力范围内的非必需品或体验服务，以获取即 时愉悦感、自我确认感和心理疗愈的经济活动。 这与"口红效应"有本质区别。后者是经济波动时人们被迫转向廉价非必需品，而"犒赏经济"表现出 更强的主动性和情感导向，消费不仅为满足功能，更是为了自我关爱和心理建设。 潮玩产业是"犒赏经济"最生动的注脚。市场正经历爆发式增长。中国潮玩产业已超越"盲盒"的单一 形态，发展成千亿级的"情绪生意"。 产业内部充满活力与想象空间。2025年4月的数据显示，全国现存的潮玩相关企业超过5万家，头部 品牌泡泡玛特2024年营收首次突破百亿元。 一个值得关注的现象是，头部品牌的市场份额之和尚不足一半，超过50%的市场仍是广阔蓝海。 03 消费新面貌 现代年轻人的消费画像正被"犒赏经济"深刻重塑。 消费者的行为特征是 ...

Core Viewpoint - The rise of the "Reward Economy" among young consumers in China reflects a shift in consumption patterns, driven by the desire for self-care and emotional fulfillment, as the economy transitions from high-speed growth to high-quality development [1][2][3] Group 1: Definition and Characteristics of the "Reward Economy" - The "Reward Economy" refers to consumers purchasing non-essential goods or experiences to gain immediate pleasure and psychological relief in response to work and life pressures [1] - Unlike the traditional "lipstick effect," which is a reaction to economic downturns, the "Reward Economy" showcases a proactive approach where consumers prioritize emotional value over mere functionality [2] - This consumption behavior indicates a significant shift in consumer decision-making, where emotional and psychological needs are increasingly prioritized alongside basic necessities [2][3] Group 2: Psychological and Social Drivers - The "Reward Economy" is supported by psychological resilience, where self-rewarding behaviors help individuals cope with stress and enhance mental well-being [3] - A notable increase in emotional and self-actualization needs, as per Maslow's hierarchy, drives consumers to seek products that provide emotional significance beyond their functional use [3] Group 3: Impact on Industry and Market Dynamics - The "Reward Economy" is reshaping consumer behavior and placing higher demands on supply-side industries, prompting innovation and the development of unique, high-quality products and services [4] - It encourages cross-industry integration, where traditional sectors like manufacturing and services merge to create new business models that enhance emotional value [4] - Cultural consumption is significantly boosted, particularly in areas like creative cultural products, which fosters the development of traditional culture through innovative transformation [4] Group 4: Regulatory and Market Considerations - The government is encouraged to promote rational consumption and prevent the pitfalls of consumerism associated with the "Reward Economy," ensuring that it serves broader human development goals [5] - Market regulation is essential to address issues like product quality and deceptive marketing practices, ensuring a trustworthy environment for consumers [5] - Companies are urged to enhance their supply capabilities and focus on delivering high-quality, emotionally resonant products, moving beyond superficial marketing tactics [5]

烘焙品牌正在经历大退潮。今年10月28日，85度C北京最后一家门店（白广店）正式停业。与此同时， 公司在泉州、上海和苏州开出了甜甜圈专门店'85℃ DONUt'。 这场 "收缩与试水" 的反差背后，是传统烘焙品牌集体面临的生存困境，更是行业从增量扩张到存量竞 争的深度变迁。 85 度 C 的困局：闭店潮与转型自救的双重奏 85 度 C 的收缩早在业绩数据中埋下伏笔。其母公司美食- KY财报显示，2025 年上半年大陆市场收入下 跌 11.08% 至 35.22 亿元新台币（约合 8.22 亿元人民币），若不调整营运结构，全年亏损恐扩大至超 9300 万元人民币。业绩压力下，品牌开启战略收缩，除全面退出济南市场外，北京、杭州、南京等多 地门店相继闭店，截至 10 月 30 日，其大陆在营门店虽仍超 400 家，但关店趋势已不可逆。 闭店的同时，85 度 C 的转型尝试聚焦于 "轻量化" 突破。新推出的'85℃ DONUt'采用 10 平米左右的档 口式 "店中店" 模式，依托既有门店降低租金与装修成本，14个SKU涵盖 13款甜甜圈与1款三明治，定 价6-10.8元，主打 "新鲜湿润" 的生甜甜圈概念。 从高饱 ...

Core Viewpoint - 85°C is undergoing a painful transformation amidst a brutal reshuffle in the baking industry, with a retreat from core business areas and an attempt to innovate through the launch of a new donut store concept, "85℃ DONUt" [1][6] Company Strategy - The new donut stores have opened in Quanzhou, Shanghai, and Suzhou, utilizing a "store within a store" model, occupying about 10 square meters within existing 85°C locations [1][6] - The donut store features a vibrant design with high-saturation yellow, contrasting with the more subdued aesthetic of traditional 85°C stores, aiming to attract a younger demographic [3][6] Product Offering - The donut store offers 14 SKUs, including 13 types of donuts and one sandwich, with prices ranging from 6 to 10.8 yuan [3][6] - The focus is on "raw donuts," emphasizing freshness and a moist texture, differentiating from traditional baked goods [5][6] Market Context - 85°C has faced significant challenges in the domestic market, with over 40 store closures expected this year, marking the largest adjustment in five years [6][8] - Despite a slight overall revenue increase of 1.32%, the mainland market revenue has declined by 11.08% to 35.22 billion New Taiwan dollars (approximately 8.22 billion yuan) [6][8] Consumer Trends - The introduction of donuts aligns with the "single product economy," allowing for standardized supply chains and lower operational costs, which is a shift from the heavy asset model [7][8] - The strategy also taps into consumer behavior during economic downturns, where lower-cost, visually appealing products can provide instant gratification, reflecting the "lipstick effect" [7][8] Brand Repositioning - The move to launch donut stores represents a brand rebranding and cost restructuring effort, aiming to leverage supply chain advantages for better pricing and efficiency [8] - If successful, this could help 85°C transition from a heavy asset model to a high-efficiency small store model, potentially serving as a lifeline during challenging market conditions [8]