本文来自微信公众号： 区域品 牌事务所 ，作者：金多西&黄晓军，头图来自：AI生成 很多人都认为，东西越便宜越好卖。 区域品牌事务所 . 关注区域品牌增长方法论。 特别是在当下这个经济环境，连上海滩的餐饮老板都总结出来一个15元定律。 写字楼下还活着餐饮，大多是均价15元的现炒盖浇饭。 以下文章来源于区域品牌事务所 ，作者黄晓军 但你我的常识，绝不是放之四海而皆准的。就像在我们的身边，真的有人通过抬高价格刺激了销量。 一、奢侈品与凡勃伦效应 我在山东即墨碰到一个做保暖内衣的朋友，就这么干了。 据说2024年，青岛即墨内衣工厂依托1688平台，将传统保暖内衣价格从50元 / 套提至140-150元/ 套，带动整个产业带集体提价10%，却实现订单量增长30%。 为什么？以前中产们觉得这玩意太便宜了，不敢买哈哈哈。当然，材质升级、产地直播、人群渗透等 执行，也很到位。 你说这是特例？那泡泡玛特总不陌生了吧？ 人家在美国市场，玩偶LABUBU 3.0单价从21.99美元增长30%，涨至27.99美元。联名款玩偶二手价 从599元炒至1.3万元，涨价21倍。 最nb的是，他家初代作品拍卖108万元，溢价干翻黄金。 wh ...

很多人都认为，东西越便宜越好卖。 特别是在当下这个经济环境，连上海滩的餐饮老板都总结出来一个15元定律。 写字楼下还活着餐饮，大多是均价15元的现炒盖浇饭。 但你我的常识，绝不是放之四海而皆准的。就像在我们的身边，真的有人通过抬高价格刺激了销量。 一、奢侈品与凡勃伦效应 我在山东即墨碰到一个做保暖内衣的朋友，就这么干了。 人家在美国市场，玩偶LABUBU 3.0单价从21.99美元增长30%，涨至27.99美元。联名款玩偶二手价从599元炒至1.3万元，涨价21倍。 最nb的是，他家初代作品拍卖108万元，溢价干翻黄金。 why？有人说情绪价值，有人说看不懂的Z世代。但从最根本的消费行为学或者经济学研究来看，它背后有一个著名的凡勃伦效应。 美国经济学家凡勃伦在《有闲阶级论》中提到，消费者对一种商品需求的程度因其标价较高而不是较低而增加。 听起来很像有什么大病，但如果我换个例子，你会发现这个理论不仅行得通，还很常见。 老铺黄金，近年来多次主动提价。例如2025年8月的调价幅度达 10%-12%，但其上半年营收同比增长252%，股价也大幅上涨。 梵克雅宝2024年将经典五花手链价格上调11%，导致门店大排长龙，线 ...

Core Viewpoint - The article discusses the increasing global debt levels over the past two decades and emphasizes the importance of understanding the composition of sovereign debt holders, which has been underexplored in existing literature [3][5]. Group 1: Research Background and Data Construction - The paper constructs a dataset of sovereign debt holders across 101 countries from 1991 to 2018, categorizing investors into six types: domestic banks, private non-banks, official investors, foreign banks, foreign private non-banks, and foreign official investors [5][4]. - The dataset integrates data from multiple sources, including the IMF, World Bank, and central banks, covering 24 developed countries, 48 emerging markets, and 29 developing countries [5][4]. Group 2: Marginal Holders of Government Debt - The study finds that private non-bank investors hold 62% of newly issued debt on the margin, despite averaging only 44% of total sovereign debt holdings [7]. - In developed, emerging, and developing countries, private non-bank investors are the most active marginal investors, with emerging markets showing significant contributions from both domestic and foreign private non-banks [7]. Group 3: Analysis of Private Non-Bank Institutions - The paper segments private non-bank investors into domestic and foreign categories, revealing that in the U.S. Treasury market, 70% of marginal holdings by domestic private non-banks come from money market funds and hedge funds [9]. - In the UK, insurance and pension funds account for 50% of domestic private non-bank marginal holdings, while in the Eurozone, investment funds dominate with 78% of marginal holdings in foreign sovereign debt [9]. Group 4: Demand Elasticity Analysis of Sovereign Debt - The paper develops a framework to analyze the demand elasticity of sovereign debt, focusing on how price changes affect investor demand [10][12]. - It finds that private non-bank institutions exhibit higher demand price elasticity compared to banks, with foreign private non-bank investors showing a demand price elasticity of -9.74, indicating a strong sensitivity to price changes [12].

Core Insights - The European Central Bank's blog discusses the reaction of European consumers to the prospect of higher trade tariffs from the U.S. [1] - Many consumers are willing to forgo American products due to the recent tariffs imposed by the U.S. on European goods [1] Consumer Behavior - The report indicates that the impact of tariffs on consumers largely depends on the price elasticity of demand for affected products and services [1] - Typically, if prices rise, consumers may switch to cheaper alternatives; however, the recent U.S. tariffs may lead to a broader shift in preferences, causing Europeans to completely avoid American products and brands regardless of price changes [1]