随着 Z 世代成为消费主力，商业市场正经历审美与价值的双重革新。这一群体不再满足于 "性价比" 的 传统标准，而是将消费视为自我表达的载体 —— 国潮品牌的崛起印证了文化认同的消费转化，小众设 计师品牌的走红体现了对 "独特性" 的极致追求。 消费决策呈现 "社交货币化" 特征：产品是否具备分享价值、能否构建圈层认同感，成为比实用功能更 重要的考量因素。虚拟消费市场爆发式增长，数字藏品、元宇宙社交空间等新兴领域，正在重塑年轻群 体的价值交换方式。 企业需要建立 "情感连接优先" 的营销范式：通过内容共创增强参与感，依托社群运营沉淀用户资产， 用可持续理念呼应其社会责任感。理解 Z 世代 "买即信仰" 的消费哲学，才能在新一轮市场竞争中占据 先机。 接下来为这篇文章生成配图。 (AI生成 F eg # ( B n a B 3 L gA g 3 La S ...

Core Viewpoint - The article discusses the evolving landscape of consumer behavior in China, highlighting the coexistence of emotional and rational consumption trends, and the implications for investment opportunities in the market [5][22]. Group 1: Consumer Trends - Despite perceptions of a cooling consumer market, data shows that final consumption expenditure contributed 53.5% to economic growth in the first three quarters of 2025, an increase of 9 percentage points from 2024 [6]. - Social retail sales grew by 4.0% year-on-year in the first 11 months of this year, surpassing the 3.5% growth expected for the entire year of 2024 [6]. - A McKinsey survey indicates that the expected share of domestic consumption in disposable income for 2025 is stable at 0.0%, a significant improvement from the previous year's expectation of -0.5% [9]. Group 2: Emotional and Rational Consumption - The article identifies two main trends in consumer behavior: emotional consumption, which focuses on personal satisfaction and identity, and rational consumption, which emphasizes quality and cost-effectiveness [13]. - A Nielsen IQ report reveals that 47% of respondents in China purchased only essential items to avoid waste, while 68% were willing to spend more on products that help relieve stress [13]. - The rise of the second-hand economy is noted, with platforms like Xianyu seeing a daily average of 7 million items listed, reflecting a growing acceptance of "recycling consumption" among young consumers [14]. Group 3: Future Consumption Landscape - The emotional economy in China is projected to reach a market size of 2.3 trillion yuan in 2024, with expectations to exceed 4.5 trillion yuan by 2029 [15]. - The article suggests that the health and wellness industry, as well as the pet economy, will benefit from shifting consumer spending towards self-investment and emotional fulfillment [20]. - The emergence of AI-driven emotional technology and virtual consumption is anticipated to create new market opportunities, as consumers increasingly seek personalized emotional experiences [21].

"买你的白酒去吧，老登。" 国盛证券分析师的这句话，几乎总结了过去一年的消费行业——当AI、创新药成为小登最爱，消费， 似乎被扫进了故纸堆。 今年前11个月，社会消费品零售总额同比增长4.0%，超过2024年全年3.5%的水平。 这样的数据背后有另一个有意思的数据支撑。 那就是根据麦肯锡的调查，2025年国内消费占可支配收入比重为预期是+0.0%，尽管只是保持不变，但 在去年的调查中，这一预期是-0.5%。 在飞天茅台价格一度跌破1500，泡泡玛特却被黄牛炒至上千元的这一年，消费，彻底变了。 01 过去两年，大家似乎在从各种方面论证，消费不行了。 消费降级、餐饮遇冷，商场没人逛了。 但，作为社会增长的重要引擎，消费显然没有消失。 国家统计局数据显示，2025年前三季度，最终消费支出对经济增长的贡献率达到53.5%，相比2024年全 年提升9个百分点。 尽管普遍认为消费冷清，但今年的消费需求增长总体趋稳。 这意味着，尽管消费者对2025年"家庭平均可支配收入"的增长预期降低了1.1个百分点到1.4%，但是， 起码消费者没有继续缩减自己的消费。 这样的情绪转变背后，一方面是政策持续发力。 今年前11个月，消费品以 ...