Core Insights - The Chinese consumer market is undergoing structural adjustments, with traditional consumption growth engines under pressure while new generation consumers are emerging, leading to a focus on "finding consumption power" [1] - The report from Beijing Business Daily outlines consumer trends, emphasizing that value concepts dominate, emotional drivers outweigh price drivers, and scenario innovation is reshaping consumption patterns [1] Consumer Attitudes - Domestic consumers are becoming more cautious in their spending, necessitating brands to seek growth within a stagnant market, although overall consumption willingness remains stable [3] - Consumers prioritize product quality over brand loyalty, as evidenced by a significant portion of restaurant consumers indicating they do not care about brand as long as the product is good [4] Value Sensitivity - The balance between quality and price is becoming crucial as consumers seek optimal solutions in product quality, performance, and pricing, particularly in the live-streaming e-commerce sector [6] - Consumers are willing to pay a premium for unique flavors in craft beer and higher-priced items in the trendy toy sector, indicating a shift towards value recognition over price temptation [6] Emotional Value - Emotional connections with brands can reduce price sensitivity, with brands focusing on emotional value seeing a 42% higher repurchase rate compared to traditional brands [9] - Examples include limited edition collaborations that create a sense of collectibility and storytelling in luxury brands that enhance perceived value [9][11] Scenario Innovation - High quality-to-price ratios combined with scenario-based operations are key to retaining consumers, with brands creating immersive experiences in flagship stores and restaurants adapting to diverse dining scenarios [12] - The craft beer market is evolving towards a multi-scenario approach, combining traditional bars with home consumption and outdoor activities to meet diverse consumer needs [12] Conclusion - Different sectors are redefining consumption scenarios, emphasizing the importance of refined operations and customer retention as a sustainable competitive advantage in the market [13]

New Consumption Overview - Stella Rosa launched a new watermelon and chili flavored wine, expanding its spicy series [2] - Nestlé Coffee has refreshed its American coffee family with three new products using Yunnan Arabica coffee beans [5] - Aldi opened its first store in Kunshan, focusing on zero membership fees and low-priced small packaging [5] - Yili introduced a new crispy cheese product, utilizing a vacuum microwave process developed over three years [5] - Nestlé launched a new Absolute Dark Tea Coffee series, featuring a blend of coffee and tea polyphenols [5] Investment and Financing - Autonomous robot company completed A round financing of several hundred million yuan, led by Meituan [7] - Spanish second-hand platform Percentil was acquired for €610,000, avoiding bankruptcy [9] - Steve Madden established a joint venture to re-enter the Chinese market, marking its third attempt [9] - E-bike manufacturer Tezos secured Pre-A round financing of 50 million yuan for product development and market expansion [10] - Snack brand Farmley raised $40 million in C round financing, bringing total funding to $54.7 million [10] Major Company Developments - Taiping Bird announced a new brand positioning aimed at high-quality development in the apparel industry [13] - Unilever decided to close its clean beauty brand Ren due to internal factors and market challenges, with plans to shut down by Q3 2025 [13] - Qeelin announced Chinese table tennis player Wang Chuqin as its brand ambassador [13] - Neta Auto closed its first dealership in Indonesia as part of a strategic decision to adjust operations [13] - Meituan plans to invest $1 billion in its food delivery service Keeta in Brazil over the next five years [15]

Core Insights - Richemont Group reported a 4% year-on-year increase in sales for the fiscal year ending March 31, 2025, reaching €21.399 billion, while operating profit slightly declined by 1% to €3.76 billion, resulting in a profit margin of 20.9% [1] - The jewelry segment remains the core growth driver for Richemont, with brands like Cartier and Van Cleef & Arpels generating €15.33 billion in revenue, an 8% increase year-on-year, and contributing over half of the group's revenue and 70% of its profit [1] - The watch segment, including brands like Jaeger-LeCoultre and Vacheron Constantin, saw a 13% decline in revenue and a significant 69% drop in profit [1] Market Performance - Other luxury brands faced challenges in the fiscal year 2024, with LVMH reporting a 2% decline in revenue to €84.683 billion and a 17% drop in net profit to €12.25 billion, while Kering's revenue fell by 12% to €17.194 billion and net profit decreased by 62% [2] - Hermès maintained strong performance with a 15% increase in revenue to €15.17 billion and a 7% rise in net profit to €4.603 billion [2] - Prada, after acquiring Versace, reported a 17% increase in revenue to €5.432 billion and a 25% rise in net profit to €0.839 billion, with Miu Miu's revenue soaring by 93.2% [2] Leadership Changes - Significant leadership changes occurred across major luxury brands, including Pierpaolo Piccioli taking over as creative director at Balenciaga and Demna moving to Gucci, indicating strategic shifts within Kering [3] - LVMH also saw notable changes, with Damien Bertrand appointed as LV's deputy CEO and Pierre-Emmanuel Angeloglou becoming the new CEO of Dior, reflecting the group's focus on retail and global expansion [3] - Richemont appointed Laurent Perves as CEO of Vacheron Constantin, replacing Louis Ferla, who moved to Cartier, showcasing internal restructuring efforts [3] Competitive Landscape - Traditional luxury brands are facing growth challenges, while independent brands are achieving rapid growth through precise positioning and product innovation [4] - The luxury sector is increasingly impacted by geopolitical risks and the rise of local brands, necessitating a new balance between institutional resilience and market insight [5] - The U.S. tariff policies have raised concerns within the luxury sector, particularly for Swiss brands, with Richemont's chairman expressing caution regarding future pricing and trade conditions [5][6] Local Market Dynamics - In the Chinese market, local brand Lao Pu Gold has shown remarkable growth, with a stock price increase of 495.56% in 2024, outperforming established luxury brands like Cartier and Tiffany in sales per store [7] - The competitive pressure from local brands is intensifying, prompting international luxury brands like Richemont to reconsider their strategies in response to changing consumer preferences [7]

这是新消费智库第 2 6 3 5 期文章 新消费导读 新消费 1. 安慕希 × 绿箭推出清新薄荷味酸奶 1. 安慕希 × 绿箭推出清新薄荷味酸奶 2. 52TOYS 上线异形系列新品 3. Alexander Wang 与喜茶携手推出联名系列 4. 和其正推新养生水 5. 雀巢冠能发布抗过敏猫粮新品 6. 山东未来机器人获数亿元战略领投 7. 青岛啤酒拟收购即墨黄酒 100% 股权 8. 博裕基金拟收购北京 SKP 最高 45% 股权 9. 传欧莱雅有意收购 Medi k8 10. 白犀牛完成 2 亿元 B 轮融资 11. 斯嘉丽 · 约翰逊护肤品牌创业伙伴离职 12. PETA 呼吁爱马仕推出纯素奢侈包袋 13. 美团闪购联合百大品牌推出安心闪购计划 14. CRAFT 于上海和南京双城开店 15. 始祖鸟联手松赞推出纳木措主题系列 安慕希官宣推出与绿箭联名的夏季限定新品：清新薄荷味酸奶。该产品融合薄荷与酸奶风味，希望为消费者带来解暑与清凉体验。营养含量方 面，新品采用无蔗糖配方，每瓶含 7.1 克蛋白质。 （ FBIF 食品饮料创新） 2. 52TOYS 上线异形系列新品 52TOYS 重磅官宣「异形」系 ...

Group 1: Market Overview - The U.S. stock market is experiencing a downturn, particularly in the tech sector, leading to concerns about a potential crash, while the Hong Kong market shows resilience despite recent adjustments [1] - The Hong Kong market's recent performance indicates weakness in short positions, as it has not seen significant declines despite bearish sentiment [1] Group 2: Earnings Reports and Institutional Activity - Tencent and Alibaba reported stable earnings, but their capital expenditures have increased significantly for long-term AI strategies, leading to a misinterpretation of their financial results [2] - Institutional investors, including Bridgewater, have significantly increased their holdings in Chinese assets, with Bridgewater's stake in Alibaba rising by 5.4 million shares, a 21-fold increase, indicating a bullish outlook on Chinese stocks [2] - Major investment firms like Hillhouse and Highfields have also increased their investments in Chinese stocks, reflecting optimism about the Chinese market [5] Group 3: Sector-Specific Insights - Goldman Sachs has adjusted its ratings on Chinese gaming stocks, highlighting a divide in performance between major players like Tencent and NetEase versus smaller firms facing market consolidation [6] - The gaming industry is seeing a shift in consumer demand towards high-quality and casual games, with opportunities for significant revenue generation in differentiated game offerings [6][7] - The overseas market remains a significant opportunity for Chinese game developers, with increasing capabilities in development and innovation [7] Group 4: Index Adjustments - The Hang Seng Index is set to announce its quarterly review, with companies like Pop Mart and BeiGene being potential candidates for inclusion, reflecting their strong performance and low short positions [4] - The index aims to expand its constituent stocks to better represent market dynamics, although the total number of constituents has remained unchanged in recent reviews [4]

Core Viewpoint - The article discusses the trend of luxury brands entering the restaurant and café business in China, highlighting the blend of cultural influences and the strategic marketing behind these ventures [4][5][7]. Group 1: Luxury Brands and Restaurant Ventures - Prada opened its first independent restaurant "迷上" in Shanghai, designed by renowned director Wong Kar-wai, featuring a fusion menu that combines Italian and Chinese flavors [4]. - Other luxury brands like Gucci, Chanel, and Tiffany have previously explored café concepts in China, often as part of marketing strategies rather than standalone businesses [5]. - The success of these ventures is supported by third-party operators, such as 云觅餐饮集团 managing the kitchen for THE HALL restaurant by Louis Vuitton [6]. Group 2: Consumer Experience and Brand Strategy - Luxury brands focus on creating experiences that attract customers, with the aim of converting them into buyers of their primary products [7]. - The shift in consumer behavior from mere shopping to seeking experiences is evident, prompting brands to adapt their service models [8]. Group 3: Challenges in the Luxury Market - The luxury market in Macau is facing challenges, with a reported 8% decline in retail rental income at Wynn Palace, reflecting a downturn in luxury consumption [9]. - Despite an increase in tourist numbers, the average spending per visitor has significantly decreased, indicating a shift in consumer spending habits [10]. - The luxury sector may not return to its previous heights, with experts suggesting it could take several years to recover to 2018 and 2019 levels [10]. Group 4: Changing Consumer Preferences - Chinese consumers are not necessarily spending less; rather, they are shifting their preferences away from traditional luxury brands like LV [11].

Core Viewpoint - The article discusses how young people's abstract ideas are being transformed into tangible products through the use of AI, showcasing a new era of creativity and consumer engagement in the market [34][45]. Group 1: Young People's Creativity - Young people are increasingly expressing their abstract ideas through various creative outlets, such as unique kites at events and innovative umbrella designs that reflect current trends and nostalgia [2][3][20]. - The emergence of AI tools has enabled these abstract concepts to be visualized and materialized, allowing young individuals to turn their imaginative ideas into product prototypes [12][35]. Group 2: AI's Role in Product Development - AI has facilitated the transformation of previously unimaginable ideas into concrete designs, making it easier for young creators to bring their visions to life [12][41]. - The article highlights various AI-generated products, such as a disaster survival device and a pet bathing tub, showcasing the diverse applications of AI in addressing unique consumer needs [11][18]. Group 3: Consumer to Creator Shift - There is a notable shift from passive consumption to active creation among young consumers, who are now taking on the role of product managers, designing items that reflect their personal tastes and lifestyles [44][45]. - Platforms like Douyin (TikTok) are fostering this creative environment by allowing users to submit their ideas and see them potentially developed into marketable products, creating a feedback loop between consumers and brands [44][46]. Group 4: Market Implications - The integration of AI in product design is not only enhancing creativity but also providing brands with insights into consumer preferences, enabling them to respond more effectively to market demands [41][43]. - The article suggests that this trend could redefine the future of consumption, where consumer-generated ideas become the foundation for new products, leading to a more collaborative relationship between brands and consumers [45][46].

转自：新华财经 当智能科技邂逅非遗技艺，当国潮国风对话新兴消费，一场诠释中国品牌创新力量的盛宴在莫干山下拉开帷幕。5月10日晚，以"中国品牌 世界共享"为主 题，2025中国品牌日晚会在浙江德清举行，通过科技与人文的交响共鸣，为现场千余名观众呈现出中国品牌"硬科技"与"软实力"。 作为世界观察中国品牌创新发展的重要"窗口"，自2017年起，每年5月10日被定为"中国品牌日"。与之相伴相随，中国品牌日晚会每年如约而至，共同见证 中国品牌蓬勃生长的发展图景。 科技"向新"，锻造硬核竞争力 从先进核电到导航卫星，从集成电路到脑机接口，从虚拟数字人到人形机器人，在历届中国品牌日晚会舞台上，"科技创新"是一以贯之的主线，一批"大国 重器""科技新锐""未来之星"纷纷登台亮相，从实验室、生产线"飞入寻常百姓家"，生动展现中国科技从"跟跑到领跑"的发展历程。 近年来，人工智能浪潮迅速席卷千行百业，成为驱动产业升级的数智化引擎。在今年晚会现场，"人工智能+"成为瞩目焦点：春晚"网红"宇树机器人亮相T台 走秀，与波司登创始人、集团董事局主席兼总裁高德康共话"AI+时尚"产业新未来——通过整合设计研发、用户研究、前沿时尚趋势数据 ...

朱克力中国信息协会常务理事，国研新经济研究院创始院长、新经济智库(CiNE)首席研究员，湾区新经 济研究院院长。 在全球消费市场加速转型与技术创新深度渗透的双重背景下，首发经济作为一种以"首发性""稀缺 性""体验性"为核心特征的商业形态，正成为驱动消费升级、重塑产业竞争格局的重要力量。作为中国 消费变革的新引擎，首发经济不仅打破了传统商业的线性增长模式，更通过技术创新、场景重构与价值 共创，构建了"产品—消费者—市场"的动态互动体系。近日，国研新经济研究院创始院长、《首发经 济：中国消费变革新驱动》作者朱克力做客本报《理论研究周刊》，从理论内涵、发展阶段、消费心 理、政策效应、未来趋势等维度，系统性阐述首发经济的发展态势和行业实践。 首发经济的核心驱动因素和行业演进特征 《金融时报》记者：您如何定义首发经济？它与传统消费模式的本质区别是什么？推动首发经济崛起的 核心驱动力有哪些？ 朱克力：首发经济就是把"新"字做到极致的商业形态。它不是简单把新产品放到市场上，而是通过一系 列精心策划的"首秀"，把商品、服务、技术甚至商业模式，以全球首发、全国首发、区域首发的形式推 向大众。就像电影首映礼，把最精彩的内容用最 ...

大会期间，国内外权威专家围绕解码设计驱动产业跃迁的实施路径、构建中国新兴产业与国际创新体系 的价值链接、共创可持续发展的人类命运共同体解决方案三大命题开展深入交流，为北京市设计赋能产 业、产业反哺设计建言献策。 "设计是产业的灵魂、产业是设计的载体。"北京市经济和信息化局党组书记、局长姜广智表示，"十四 五"以来，北京市积极推进设计在传统产业转型升级、关键核心技术攻关、数字经济标杆城市建设等多 方面应用，取得了一系列成果实践，设计助力产业，产业反哺设计。 他表示，面向未来，北京将加强产品设计赋能时尚产业，即将发布《北京市时尚产业高质量发展实施方 案（2025-2027年）》。作为北京市首个时尚产业发展方案，该方案将配套出台中小企业工业设计券、 数字化营销券等一系列创新政策，鼓励企业加快应用前沿技术，发展科技潮品；加强产品设计赋能，打 造时尚名品；引领时尚生活潮流，开发健康新品；推动跨界融合发展，塑造创意精品，打造具有国际竞 争力的时尚产业，满足人民群众日益增长的品质化、多样化、个性化消费需求。 姜广智介绍，下一步将重点打造北京未来设计实验室赋能平台，持续汇聚设计、技术、产业三类生态合 作伙伴。北京将通过实施一 ...