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宏观深度报告20251111:服务业IP的兴起及其深层次原因
Soochow Securities· 2025-11-11 02:35
Group 1: Service Industry IP Emergence - The rise of "service industry IP" reflects a profound transformation in China's consumption structure, gradually replacing "product IP" as a media and online focus[11] - In 2024, the proportion of per capita service consumption expenditure reached 46.1%, an increase of approximately 6.4 percentage points since 2013[10] - The domestic tourism market saw 5.615 billion trips in 2024, a year-on-year increase of 14.8%, with total spending reaching 5.75 trillion yuan, up 17.1%[32] Group 2: Factors Driving Service Industry IP - Intensified local competition has led to a demand for service industry IP, as traditional economic drivers like real estate enter a downturn, increasing fiscal pressure on local governments[2] - The K-shaped consumption differentiation indicates that some consumers are willing to pay a premium for unique experiences, while others prioritize cost-effectiveness, creating a conducive environment for service industry IP development[5] - The emergence of grassroots service IP, such as "粥饼伦" and "鸡排哥," highlights the emotional value provided to consumers, enhancing their overall experience[41] Group 3: Government Support Measures - Local governments have implemented supportive measures for service industry IP, such as relocating popular vendors and promoting them as cultural ambassadors[42] - Initiatives like customized tourism lines and free access to local attractions for ticket holders have been introduced to enhance consumer experience and engagement[42] - The government's role is crucial in maintaining the long-term appeal of service industry IP, ensuring that these initiatives are sustainable and beneficial for local economies[43] Group 4: Risks and Challenges - Potential risks include inadequate support policies for service consumption development and the exacerbation of economic impacts from the real estate downturn[44] - A slowdown in resident income growth may also affect consumer spending and support for service industry IP[44]