Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The market has shifted towards emotional - value driven, with consumers moving from "function - oriented" to "sensory - driven", and fragrance becoming a key factor in purchase decisions [5]. - Fragranced laundry detergents have strong growth, with significant growth in online sales, and fragrance being the top decision - making factor (27.0% share), and long - lasting fragrance being the most concerned aspect [6]. - Fragrance type trends are diversified, with woody scents (pine, ebony) growing fast, floral scents remaining mainstream, and new concepts such as oriental scents, seasonal limited editions, and salon scents emerging [7]. - Consumer profiles are differentiated, with four types of users ("natural explorers", "boutique seekers", "new adopters", "fragrance lovers") having distinct demands [8]. - There are still technical pain points, as nearly 40% of users report that the fragrance fades after drying, and long - lasting fragrance technology is the key to product upgrading [9]. - Brands can enhance perception through fragrance, which can significantly improve brand luxury, memorability, and emotional connection [10]. - There are three trend themes: "Flower Peach", "Touch of Wood", and "Clear New Realm", corresponding to different fragrance styles and consumption scenarios [11]. 3. Summary by Directory Research Background Assessment - The report is jointly produced by Rihuazhiyun, Zhiyunjingzao, and dsm - firmenich, with market and consumer insight support from Magic Mirror Insight (Beijing Taolin Technology Co., Ltd.) [3]. - The consumer research sample size is N = 500 (in Beijing, Shanghai, Guangzhou), and some special research has N = 156 [3]. - The research time range is from 2024 - 2025 (some data covers 2020 - 2025) [3]. - The report has high authority as Zhiyunjingzao is a professional ODM/OEM service provider in the daily chemical industry, dsm - firmenich is a global leading fragrance company, and Magic Mirror Insight is an AI - empowered professional market research institution [3]. - The report was released in 2025, with data covering January - July 2025, reflecting current market dynamics and trends and having strong timeliness [3]. Scope and Boundary Confirmation - The sub - industry is fabric care (laundry detergents, laundry pods, washing powder, intimate laundry detergents, delicate care products, etc.) [4]. - The fragrance types include floral, fruity, woody, herbal, oceanic, milky, oriental, tea - like scents, etc. [4]. - The geographical market is the national market, focusing on first - and second - tier cities (such as Beijing, Shanghai, Guangzhou) [4]. - The user group is consumers of scented laundry detergents, with women aged 26 - 35 living in first - tier and new first - tier cities as the core group [4]. - The channels cover online platforms (Tmall, JD.com, Douyin, etc.) and social media platforms (Weibo, Xiaohongshu, Douyin) [4]. Core Abstract Refinement - Market driving: Emotional value > Functional value [12]. - Consumption decision: Fragrance (27.0%) > Cost - performance (16.5%) > Cleaning power (14.1%) [12]. - Fragrance type trend: Woody scents are growing rapidly, floral scents remain mainstream, and oriental scents, seasonal limited editions, and salon scents are emerging [12]. - User segmentation: Four types with distinct demands [12]. - Product pain point: Insufficient fragrance retention after drying [13]. - Brand opportunity: Fragrance can enhance luxury, memorability, and emotional recognition [13]. - Future themes: "Flower Peach", "Touch of Wood", and "Clear New Realm" [13]. Key Data Extraction and Presentation - In 2024, the overall retail scale of the Chinese fabric care market was about 75 billion yuan [14]. - In the decision - making factors of consumers of scented laundry detergents, fragrance accounts for 27.0% [14]. - The year - on - year growth of ebony - scented laundry detergents is 567.3% [14]. - From January - July 2025, the social media voice share of scented laundry detergents reached 36.5% (31.1% in 2024) [14]. - Nearly 40% (39.6%) of users reported that the fragrance faded or disappeared after drying [14]. - 83% of consumers believe that "fragrance can improve my mood" [14]. - Among users of scented laundry detergents, 78% have used sensory - type laundry detergents of well - known local brands [14]. Risk and Opportunity Diagnosis - **Market risks and opportunities** - Risks: Intensified homogeneous competition, easy imitation of fragrance concepts; consumers' dissatisfaction with long - lasting fragrance; raw material cost fluctuations affecting pricing and profit [15]. - Opportunities: Natural and green ingredients; Seasonal limited editions combined with local culture; Salon fragrance experience [15]. - **Consumption risks and opportunities** - Risks: Users' increased sensitivity to fragrance and aesthetic fatigue; Some consumers prioritize cost - performance and have limited acceptance of fragrance premiums; Obvious demand differentiation [17]. - Opportunities: Emotional healing and scene - based fragrance types; "Scent wardrobe" system; Functional + fragrance combination [17]. - **Technology risks and opportunities** - Risks: Micro - capsule and other long - lasting fragrance technologies have not fully solved the durability problem; Compatibility challenges between fragrance and washing ingredients [17]. - Opportunities: Biodegradable micro - capsule technology; Intelligent fragrance adjustment and personalized customization [17].

Core Insights - The Beijing Book Fair, held from September 12 to 22, 2025, attracted 180,000 visitors in just three days, showcasing nearly 500,000 publications and cultural products, an increase of approximately 100,000 compared to 2024 [1][2] - The event featured a total exhibition area of about 20,000 square meters, which is 2,000 square meters larger than the previous year [1] - A total of 5 million yuan in book consumption vouchers were distributed to readers, significantly boosting consumer purchasing motivation [2] Company Insights - The issuance of consumption vouchers and the fair's effect have notably increased book sales for participating publishers, with companies like CITIC Publishing Group reporting a higher foot traffic and sales compared to last year [2] - CITIC Publishing brought a diverse range of classic and creative cultural products to meet reader demand, indicating a shift towards a "book + cultural product" sales model [2] - The increase in foot traffic and sales for publishers like Moti Group is attributed to the larger number of exhibition booths and enhanced voucher distribution [2] Industry Trends - The growth in cultural product consumption reflects a shift towards emotional value and experiential consumption among new-generation consumers [3] - The book fair serves as a cultural experience and social interaction hub, enhancing brand recognition and influence for publishers [3] - Publishers are increasingly focused on effective book display and dissemination through physical venues like the book fair, as traditional exposure channels for niche books continue to diminish [4]

Core Insights - The government work report emphasizes the importance of boosting consumption and expanding domestic demand as a top priority for 2025, highlighting consumption as the "main engine" of economic growth [1] Group 1: Structural Changes in Consumption Market - The consumption market is undergoing a profound structural transformation, with domestic demand being a long-term strategy for economic upgrading [1] - Recent trends show a shift in consumption performance, with inward and growth-oriented consumption sectors becoming more attractive for investment [1] Group 2: New Consumption Trends - The "high-growth consumption new track" initiative reflects macroeconomic and demographic changes, with service consumption increasing significantly as GDP per capita rises [1] - New consumption models are emerging across various fields, with examples like the integration of culture and tourism, and the rise of smart consumption scenarios [1] Group 3: Consumer Behavior and Emotional Value - Consumers are increasingly valuing emotional aspects of consumption, with trends in self-satisfaction and social consumption gaining traction [2] - The complexity of modern consumer needs is evident, with a blend of desires for happiness, health, solitude, and social interaction influencing purchasing decisions [2] Group 4: Investment Opportunities in Traditional Consumption - Traditional consumption sectors are currently undervalued, with many companies increasing dividend payouts, indicating a shift towards quality dividends [2] - The ongoing policies to stimulate domestic demand are opening up valuation recovery opportunities for traditional consumption "white horse" stocks [2] Group 5: Investment Framework for Consumer Goods - The growth of consumer goods companies can be categorized into three stages: product explosion, channel adjustment, and platform phase, providing a systematic methodology for evaluating growth potential [2] Group 6: Future Consumption Investment Landscape - Future consumption investments will require a blend of technological insights and humanistic understanding, focusing on the impact of AI and IoT on consumption scenarios and the emotional value shifts among Generation Z [3]