Core Viewpoint - The trend of "not eating too much" has become a daily routine for many middle-class white-collar workers, reflecting their pursuit of health and social status through selective eating habits [1][5][40]. Group 1: Eating Habits of Middle-Class Workers - Light meal brands like Wagas and gaga focus on the middle-class demographic, offering expensive salads that have become popular among white-collar workers [2][11]. - The concept of "appropriate hunger" is seen as a more advanced form of health maintenance, with studies indicating that maintaining a state of 70% fullness can stabilize blood sugar, lipids, and emotional levels [3][10]. - Many young professionals are using high-priced salads and multiple cups of coffee to control their appetite, which may not be a healthy approach despite aligning with their elite image [4][6]. Group 2: Social Implications of Eating Choices - The eating habits of the middle class reflect their desire for higher social status, as they often mimic the consumption patterns of the upper class, leading to "conspicuous consumption" [5][40]. - A significant portion of respondents (61.5%) view healthy food as a luxury, with higher-income areas having better access to fresh produce [16]. - The trend of "keeping hunger" is often misinterpreted, leading to extreme dietary practices like intermittent fasting or carb restriction, which may contradict the original health intentions [26][42]. Group 3: Health and Nutrition Awareness - Many young middle-class individuals lack proper nutritional knowledge, often misunderstanding the concept of "keeping hunger" as skipping meals or alternating between fasting and binge eating [6][42]. - Research indicates that moderate hunger can enhance cognitive function and reduce fatigue, as the brain tends to ignore sleep needs when hungry [23][24]. - The consumption of high-priced organic foods requires proper timing and pairing to truly reflect their nutritional value, rather than simply being a status symbol [41].

Core Insights - The concept of "emotional value" is becoming a significant investment theme in the Hong Kong stock market, driven by products like blind boxes, gold jewelry, and Chinese tea drinks [1] - The rise of "new conspicuous consumption" reflects a shift in consumer behavior towards identity expression and social recognition [1][3] - Labubu's success story illustrates how celebrity endorsements and high-fashion events can elevate a brand from niche to mainstream, emphasizing the importance of social status in consumer choices [2][3] Group 1: Emotional Value and Consumption Trends - Emotional value encompasses various aspects such as self-satisfaction, social recognition, and therapeutic consumption, with a focus on new forms of conspicuous consumption [1] - The historical context of conspicuous consumption shows its evolution from overt displays of wealth to more subtle forms of identity expression [1][11] - Labubu's transformation into a symbol of status is linked to its presence at Milan Fashion Week and endorsements from global celebrities, which sparked a buying frenzy among consumers [2][3] Group 2: Market Dynamics and Brand Positioning - Labubu's marketing strategies, including social media campaigns and collaborations, have significantly contributed to its brand recognition and sales growth [2][6] - The luxury market in China is evolving, with brands like Laopoo Gold leveraging cultural significance and craftsmanship to appeal to consumers seeking identity expression through luxury goods [7][11] - The rapid growth of Labubu's overseas market revenue, particularly in the Americas and Europe, indicates a strong demand for emotional and identity-driven products [6] Group 3: Cultural and Economic Context - China's economic development has led to a growing middle class with increasing disposable income, creating a fertile ground for luxury and identity-driven consumption [9][10] - The concept of "face economy" in the Middle East highlights a similar trend where consumers seek to express their status through virtual goods and social media engagement [12][16] - The interplay between cultural heritage and modern luxury consumption is evident in the success of brands that can effectively communicate their identity and value propositions [11][17]

众所周知，凡勃伦（Thorstein Veblen）在《有闲阶级论》一书中描述了"炫耀性消费"。简言之，人们通过奢侈消费、浪费性支出等行为展示财富和地 位。"炫耀性消费"也成为批判现代资本主义和消费主义的一个经典对象。 "真正标志着花钱人地位的，是用身体、空间、金钱具化成女孩的身高、美貌和数量，酒瓶的大小和多少，以及是否拥有卡座。"在《VIP世界》这本书 中，作者阿什利·米尔斯主要基于美国派对和俱乐部的田野研究，为读者呈现了一种有关"女性"和"美貌"的炫耀性消费。"只有坐在卡座，才证明你是有价 值的人。"一个混迹于俱乐部多年的受访者告诉米尔斯。米尔斯本人是近年来颇受关注的青年社会学家，此前曾出版同主题的《美丽的标价》。看似光鲜 靓丽的各种派对、俱乐部，都是一场精心设置的编排，其道具包括香槟、容貌、座位等诸多要素。米尔斯试图为读者描述一张错综复杂的社会网络。 以下内容经出版方授权节选自《VIP世界》一书相关章节。摘编有删减，标题为摘编者所起。注释见原书。 原文作者 | 阿什利·米尔斯 《VIP世界》 作者：[美]阿什利·米尔斯 译者：时川萌 版本：华东师范大学出版社2025年3月 作为人类学观察对象的"夸富宴" ...

Group 1 - The core idea presented by Morgan Housel emphasizes simple investment strategies over complex ones, suggesting that wealth can be achieved through straightforward methods like index funds and dollar-cost averaging [3][4][9] - Index funds are highlighted as a reliable investment vehicle that tracks market performance, providing broad market representation and risk diversification, thus allowing investors to achieve average market returns without the need for active management [3][4] - Dollar-cost averaging (DCA) is described as a strategy that mitigates the impact of market volatility by investing a fixed amount regularly, which can lead to significant asset growth over time through compounding [4][5] Group 2 - The concept of "conspicuous consumption" is discussed, warning that the desire to showcase wealth can detract from effective financial planning and long-term investment growth [4][7] - The importance of patience in investing is underscored, with a focus on the power of compounding and the need to resist the urge to react to short-term market fluctuations [5][7] - The article stresses the significance of understanding and managing risk, advocating for a rational approach to investment decisions based on market knowledge and emotional control [7][9] Group 3 - The pursuit of freedom is presented as a fundamental goal of investing, suggesting that true happiness comes from having control over one's time rather than merely accumulating wealth [7][8][9] - The article encourages investors to recognize when to continue investing and when to step back, emphasizing the personal nature of investment decisions based on individual passion and capacity [8][9] - Overall, Housel's insights provide a comprehensive framework for ordinary investors, focusing on simple principles that can lead to wealth accumulation and personal fulfillment [9]

Group 1 - Balenciaga has released a controversial women's blue knitted skirt priced at 4500 yuan, which many consumers initially mistook for men's underwear, leading to widespread mockery online [1][3][5] - The skirt is part of Balenciaga's 2025 Fall Collection and features a unique design with a Balenciaga logo at the waistband and an unconventional cut [3][5] - The brand is known for its unconventional designs, including a "Peking Duck Bag" priced at 15500 yuan, which resembles a potato chip bag and has garnered significant attention [5][11] Group 2 - Balenciaga's history of producing "expensive and incomprehensible" designs is rooted in its brand identity, which emphasizes innovation and avant-garde fashion [19][22] - The current creative director, Demna Gvasalia, has been pivotal in pushing the brand's boundaries since his appointment in 2015, leading to a notable increase in sales from approximately 350 million euros in 2015 to an estimated 2.5 billion euros in 2023 [20][22] - Despite a predicted decline in sales for 2024, Balenciaga's overall performance remains relatively stable compared to the broader luxury goods market [20][22] Group 3 - The concept of "expensive and useless" items is prevalent in the luxury goods sector, serving as a marketing strategy to attract attention and create discussions around the brand [23][31] - Balenciaga's pricing strategy and unique designs contribute to its brand allure, as consumers often engage in discussions about the absurdity of the products, which in turn enhances brand visibility [33][34] - The phenomenon of "conspicuous consumption" is highlighted, where luxury goods serve as a status symbol, and the discussions surrounding their impracticality further solidify their market presence [33][34]