当各大平台纷纷晒出国庆消费成绩单时，一个诡异的现象正在发生：上海静安商圈人均停留时间从1.8小时增至3.5小时，但客单价同比下降18%；北京三里 屯网红买手店单日客流突破万人次，却有73%的顾客空手而出。这些看似矛盾的数据背后，隐藏着中国经济转型期的巨大撕裂——我们正在经历从"占有型 消费"到"体验型消费"的史诗级转变。 日本学者三浦展预言的"第五消费时代"正在中国以超常规速度变现。但与日本漫长的演化历程不同，中国的消费升级呈现典型的"压缩式演进"特征：北上广 深同时存在第二到第五消费时代的各种形态，既有追求logo的炫耀性消费，也有强调断舍离的极简主义。这种多重时空并存的奇特景象，使得任何试图用单 一模型解读中国消费市场的行为都显得徒劳。 当代年轻人正在上演令人费解的消费行为艺术：他们可以为了省5块钱运费纠结半小时，却愿意花888元体验非遗匠人的金工课程；穿着拼多多25元的纯棉T 恤，却背着中古市场淘来的2万元绝版LV；一边在豆瓣"消费主义逆行者"小组打卡，一边为偶像演唱会一掷千金。这种看似分裂的消费观，实则是新一代对 传统商业话语体系的彻底叛离。 当资本扎堆涌入养老产业时，青山资本的调研数据泼来一盆冷水： ...

国庆中秋小长假开始了。 此刻的你，无论正奔赴山海，还是选择"躺"在家，与街道上飘扬的国旗、商圈里涌动的笑意、线上线下的各类节日活动，一起构成了观察咱们国家 消费活力的黄金窗口。 在这个关键节点，《经济日报》鲜明地提出"要像抓生产一样抓消费"。这意味着"消费"这个曾经在宏观政策中稍显沉默的变量，如今成为和"生 产"并驾齐驱的经济增长引擎。 点击上图▲立即收听 " 要像抓生产一样抓消费。 " 文 / 巴九灵（微信公众号：吴晓波频道） 而要理解这一转向，不能只看数字涨跌，更要读懂背后的时代性变迁——我们究竟处在怎样的消费时代？又将去往什么样的未来？ 被称为"消费行业研究第一人"、著有《第四消费时代》的日本社会学家三浦展，在他的新书《第五消费时代》中提到，从2021年到2043年，日本 和中国会逐步进入一个全新的阶段——第五消费时代。 这一阶段的核心转变在于：人们不再执着于物质所有与外显成功，转而追求内心的充实、人际的连结与社会的可持续性。消费，正从"工具导 向"的价值，转向"即时情感满足"。 也许有人会问，为什么要借一位日本学者的视角，来观察当下的中国？ 答案恰恰在于：中国很可能是三浦展消费理论最有力、最生动的实践 ...

Core Insights - The current Chinese consumer market reflects a split between rational and emotional spending, with high demand for emotional value products like LABUBU, while traditional luxury goods like high-end liquor are experiencing a decline [1][6][11] Macro Data - Retail sales of consumer goods reached 24.55 trillion yuan, with a year-on-year growth rate of 5%, indicating a recovery in domestic demand [3] - The contribution of consumption to GDP stands at 52%, and core CPI has expanded for three consecutive months, suggesting ongoing recovery in consumer spending [1] Consumer Behavior - There is a notable divergence in consumer behavior, with young consumers willing to spend 949 yuan on emotional value but reluctant to pay 300 yuan for a fine dining experience [1][8] - The phenomenon of "macro heat, micro cold" illustrates the contrast between positive macroeconomic indicators and individual consumer experiences, with many opting for lower-cost options [3][11] Emotional Consumption - Emotional consumption has become a significant trend, with a compound annual growth rate of 12% since 2013, and the market is expected to exceed 2 trillion yuan [3][6] - Over 90% of young consumers recognize the importance of emotional value, with nearly 60% willing to pay for it, reflecting a shift towards prioritizing personal satisfaction over traditional status symbols [13][17] Industry Performance - Pop Mart, a leading player in the emotional consumption sector, reported a revenue of 13.88 billion yuan in the first half of the year, a year-on-year increase of 204.4%, with net profit soaring by 396.5% [6] - In contrast, the high-end liquor industry is struggling, with 15 out of 21 listed companies reporting declines in revenue and profit, highlighting a shift away from "face consumption" [8][11] Market Trends - The high-end hotel sector is facing challenges, with occupancy rates for five-star hotels dropping to 52%, while budget hotels and homestays are seeing increased demand [9] - Fast food consumption is on the rise, with a 9.7% increase in low-cost dining options, contrasting with a 15.3% decline in high-end dining [11] Future Outlook - The consumer market is expected to continue evolving along the lines of "cost-performance" and "emotional value," requiring companies to adapt their strategies to meet diverse consumer needs [16][17] - The rise of younger consumers and their preference for emotional spending over traditional luxury goods presents both challenges and opportunities for businesses [17]

Group 1: Consumer Market Overview - The overall consumer market in China shows vitality, with a 5% year-on-year growth in retail sales of consumer goods in the first half of 2025, reaching 24.55 trillion yuan [1][2] - The contribution rate of final consumption expenditure to GDP growth is 52%, indicating that domestic demand is a key driver of economic growth [1] - The Consumer Price Index (CPI) has shown signs of recovery, with a 0.1% year-on-year increase in June and a 0.8% increase in July, suggesting a continuous recovery in domestic demand [1] Group 2: Emotional Consumption Trends - Emotional consumption has become a significant trend, with the emotional consumption market expected to exceed 2 trillion yuan by 2025, growing at a compound annual growth rate of 12% since 2013 [3][4] - Companies like Pop Mart have seen substantial revenue from emotional products, with LABUBU generating 4.81 billion yuan in revenue in the first half of 2025, contributing to Pop Mart's total revenue of 13.88 billion yuan, a 204.4% year-on-year increase [4][5] - The rise of emotional consumption is reflected in various sectors, including toys, gaming, and entertainment, where consumers are willing to pay a premium for products that provide emotional value [3][4] Group 3: Shifts in Consumer Preferences - There is a notable shift from traditional consumption patterns, often referred to as "old consumption," towards emotional and experience-driven purchases, particularly among younger consumers [6][8] - The traditional liquor and high-end tea markets are experiencing declines, with many companies reporting negative growth in revenue and profit, contrasting with the growth seen in emotional consumption sectors [6][7] - The younger generation prioritizes individual satisfaction and emotional value over traditional status symbols, leading to a decline in "face consumption" [8][9] Group 4: Impact on Specific Industries - The restaurant industry is facing challenges, with major chains like Haidilao reporting a 3.7% decline in revenue, while their takeaway business is growing significantly [14] - The tea beverage market is also seeing a divide, with brands like Mixue Ice City performing well, while others like Nayuki's Tea are struggling with losses [15] - The home appliance sector has benefited from government subsidies, with major players like Midea and Haier reporting over 10% revenue growth, while the smartphone market saw a 65% increase in sales during the subsidy period [16][18] Group 5: Real Estate and Investment Trends - The real estate market is experiencing a downturn, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025, leading to cautious consumer sentiment towards property purchases [18][19] - Investment trends indicate a shift towards stock markets and gold, with A-shares and Hong Kong stocks seeing increased liquidity, while gold prices continue to rise, reflecting a preference for safer assets [19][20] - The overall sentiment among consumers is characterized by a cautious approach to spending, with many preferring to save rather than invest in real estate, leading to a significant increase in second-hand property transactions [18][20]

Core Viewpoint - The rise of singer Na Yina and her popularity among the younger generation reflects the transition to the "Fifth Consumption Era," where emotional resonance, participation, and self-expression take precedence over material possessions [2][19]. Group 1: Transition to the Fifth Consumption Era - The Fifth Consumption Era is characterized by a shift from material ownership to "self-pleasing consumption" and self-realization, with consumers focusing more on spiritual fulfillment [4][12]. - The current domestic market is also transitioning towards the Fifth Consumption Era, as evidenced by various trends and events that align with the "self-pleasing economy" [5]. Group 2: Na Yina's Popularity and Its Implications - Na Yina's rise to fame can be attributed to her unique engagement with the internet and her ability to resonate with younger audiences through her music, despite her age [7][10]. - Her concerts have become immensely popular, often selling out, indicating a strong demand for experiences that provide emotional value and community engagement [10][11]. Group 3: Consumer Behavior and Trends - The younger generation is increasingly investing in experiences and personal interests rather than traditional material possessions, as illustrated by individual stories of spending on hobbies and entertainment [6][19]. - The pricing strategy for Na Yina's concerts, set at 99 yuan, aligns with the trend of "consumption downgrade," making it accessible for a larger audience [11][19]. Group 4: Characteristics of the Fifth Consumption Era - The Fifth Consumption Era is driven by factors such as economic slowdown, demographic changes, and the rise of individualism, leading to a focus on emotional and experiential consumption [12][14]. - Key trends include interest-based consumption, emotional support for idols, and a shift towards experiences over ownership, which are becoming increasingly evident in the domestic market [16][17][18]. Group 5: Strategic Insights for Businesses - Businesses need to adapt to the changing consumer landscape by focusing on emotional connections and social attributes, rather than solely on product quality [19]. - Understanding the dynamics of the Fifth Consumption Era will enable companies to resonate with the younger generation and align their strategies accordingly [19].

Core Viewpoint - The article emphasizes the importance of learning from Japan's consumer market strategies, particularly during economic downturns, to achieve resilient growth in the Chinese market [7][12][14]. Group 1: Event Overview - The event will take place from August 7 to August 9 in Shanghai, focusing on the methodologies of Japanese and Chinese consumer giants [5][11]. - It aims to provide a deep dive into the concepts of efficiency revolution, demand reconstruction, and capital breakthroughs [12][16]. Group 2: Key Insights from Japanese Market - Japanese companies have shown resilience during economic downturns, with examples such as: - Salaria's store count increasing by 23% and profit rising by 105.8% [14]. - Meiji Foods achieving 28 years of continuous growth through a "hit product matrix" [14]. - Uniqlo and Muji expanding their market share during economic recessions [14]. - The article highlights the need for businesses to adapt to changing economic environments and consumer behaviors [6][12]. Group 3: Learning Objectives - Participants will learn about: - Efficiency strategies from Salaria, including a "three-cut method" to reduce costs without compromising quality [14][17]. - Consumer insights and product development techniques from experts like Miura Nobu [14][21]. - Capital strategies for navigating the current market landscape [16][22]. Group 4: Target Audience - The event is aimed at founders and CEOs of consumer enterprises looking to break through growth ceilings and optimize cost structures [23].

Core Viewpoint - The article emphasizes the importance of learning from Japanese consumer companies during economic downturns, highlighting their resilience and innovative strategies that can be applied to the current challenges faced by Chinese consumer brands [7][14]. Group 1: Event Overview - The event will take place from August 7 to August 9 in Shanghai, featuring prominent figures from the Japanese and Chinese consumer sectors [11][14]. - The course aims to provide insights into efficiency revolution, demand reconstruction, and capital breakthroughs, drawing lessons from Japan's experience [4][15]. Group 2: Current Market Challenges - The Chinese consumer market is undergoing significant adjustments, with flow costs rising by 220% compared to pre-pandemic levels, and 68% of new consumer brands facing growth bottlenecks [14]. - Financing in the consumer sector has reverted to levels seen in 2016, indicating a challenging environment for growth [14]. Group 3: Japanese Success Stories - Japanese companies have thrived during economic downturns, with examples such as Salvia increasing store numbers by 23% and achieving a profit growth of 105.8% [14]. - Meiji Foods has maintained 28 years of continuous growth through a "hit product matrix," while Uniqlo and Muji expanded their market share during economic recessions [14]. Group 4: Learning Objectives - The event will cover three main areas: efficiency revolution, demand reconstruction, and capital breakthroughs, with specific methodologies shared by industry experts [15][16]. - Participants will learn about cost-cutting strategies, consumer insights, and product development processes that have proven successful in Japan [16][17]. Group 5: Target Audience - The event is aimed at founders and CEOs of consumer enterprises looking to break through growth ceilings and optimize cost structures [20]. - Supply chain and brand operators are also encouraged to attend to enhance their product resilience against market cycles [20].

Core Viewpoint - The article emphasizes the importance of learning from Japan's consumer market strategies, particularly during economic downturns, to achieve resilient growth in the Chinese market [7][12][14]. Group 1: Event Overview - The event will take place from August 7 to August 9 in Shanghai, focusing on the methodologies of Japanese and Chinese consumer giants [5][11]. - It aims to provide a deep dive into the concepts of efficiency revolution, demand reconstruction, and capital breakthroughs [12][16]. Group 2: Key Insights from Japanese Market - Japanese companies have shown resilience during economic downturns, with examples such as: - Salaria's store count increasing by 23% and profit rising by 105.8% [14]. - Meiji Foods achieving 28 years of continuous growth through a "hit product matrix" [14]. - Uniqlo and Muji expanding their market share during economic recessions [14]. - The article highlights the need for businesses to adapt to changing economic environments and consumer behaviors [6][12]. Group 3: Learning Objectives - Participants will learn about: - Efficiency strategies from Salaria, including a "three-cut method" to reduce costs without compromising quality [14][17]. - Consumer insights and product development techniques from experts like Miura Nobuhiro [14][21]. - Capital strategies for navigating financing and mergers in the current market landscape [16][22]. Group 4: Target Audience - The event is aimed at founders and CEOs of consumer enterprises looking to break through growth ceilings and optimize cost structures [23].

Core Viewpoint - MUJI has experienced a significant turnaround in its performance in China, driven by a combination of local market adaptation, consumer insights, and strategic operational changes [2][4][15]. Group 1: Financial Performance - In the first quarter of the new fiscal year, MUJI reported a revenue increase of 21.3% year-on-year, reaching 197.6 billion yen, and an operating profit increase of 58.2%, totaling 21.9 billion yen [2]. - MUJI's sales in mainland China exceeded expectations, with existing store sales growing over 11.0% year-on-year [2][15]. Group 2: Market Position and Strategy - China is MUJI's most important overseas market, with a dedicated marketing and product development team, and it has become the second-largest market globally after Japan [3][6]. - MUJI has shifted its strategy to include localized operations, such as launching delivery services, live streaming sales, and opening unique stores to cater to Chinese consumers [4][5][15]. Group 3: Consumer Insights - The brand's revival is attributed to its long-standing consumer-centric philosophy, resonating with the current trend of sustainability and long-term value among Chinese consumers [6][12]. - MUJI's target demographic includes a diverse range of consumers, from young professionals to affluent middle-class individuals, who appreciate the brand's focus on practicality and timeless design [8][12]. Group 4: Product Adaptation - MUJI has introduced over 5,000 customized products tailored to Chinese consumer preferences, including pet supplies and mobile accessories, reflecting a deep understanding of local market needs [16][17]. - The company has also adjusted its pricing strategy, with significant price reductions on various products, making them more competitive in the market [17][18]. Group 5: Operational Changes - MUJI has streamlined its supply chain and increased local sourcing, with a goal of achieving 70% local supply for certain product categories in mainland China [17]. - The company has accelerated its store opening strategy, increasing the number of new stores from an average of 20+ per year to over 50 in recent years, with a total of 414 stores across 81 cities in China [20]. Group 6: Marketing and Sales Channels - MUJI has successfully expanded its online presence and introduced instant retail through partnerships with platforms like Meituan, significantly enhancing its sales performance [19]. - The company has leveraged promotional events, such as "MUJI Week," to drive customer engagement and boost sales across channels [18].

Core Insights - The rise of the "ticket root economy" is significantly boosting secondary consumption rates in Shanghai, with a reported increase of 63% since its implementation [4] - Shanghai's performing arts market is thriving, with projections for 2024 indicating 57,000 performances and an audience of 25.45 million, generating a box office revenue of 5.17 billion yuan, marking year-on-year growth of 25.2%, 28.1%, and 56.2% respectively [5][11] - The phenomenon of young consumers prioritizing entertainment spending, particularly on concerts and performances, despite a general trend of reduced discretionary spending in other areas [8][12] Group 1: Ticket Root Economy - The "ticket root economy" is becoming a key driver for urban tourism, with young consumers increasingly engaging in travel for performances, leading to a significant rise in local consumption [4][11] - The promotional activities associated with ticket purchases, such as discounts on accommodation and attractions, are attracting more visitors to Shanghai [2][3] Group 2: Performing Arts Market Growth - Shanghai's historical and cultural significance in the performing arts has established it as a leading market in China, with a rich legacy of theatrical performances dating back to the 19th century [5][6] - The city has implemented various initiatives to enhance its performing arts sector, including the establishment of new performance spaces and support for original productions, contributing to its status as a cultural hub [6][7] Group 3: Young Consumers' Spending Behavior - Young consumers are exhibiting a paradoxical spending behavior, where they are cutting back on general expenses while eagerly spending on entertainment, particularly concerts [8][12] - The average spending on concerts is seen as a worthwhile investment for personal happiness, with many young people justifying high ticket prices by comparing them to other forms of expenditure, such as therapy [10][12]