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国泰海通|传媒:男性消费力提升,“他经济”增长可期
Core Insights - The online consumption power of male users in China is increasing, particularly among those under 30, with a notable rise in high-end spending over 2000 yuan, driven by self-indulgent and stress-relief consumption needs in gaming, trendy toys, sports, and technology products [1][3] Group 1: Gaming - Male users account for nearly 70% of the gaming market, with the industry experiencing sustained growth during the summer season [1][3] - In May 2025, a total of 144 game licenses were issued, marking a new monthly high, which is expected to boost search traffic for gaming on platforms like Baidu starting in July [3] Group 2: Trendy Toys - The domestic IP toy market is growing robustly, with sci-fi mecha IPs being particularly popular among male consumers [1][3] - EDC (Everyday Carry) products have emerged as a rapidly growing segment, with 80% of EDC users being male, and sales during the 2025 618 shopping festival saw over a fourfold year-on-year increase [3] Group 3: Sports - Males are the primary audience for sports viewership, and there is a continuous increase in fitness-related demands [1][3] Group 4: Technology Consumption - Young and middle-aged males exhibit dual characteristics of tech-savvy and quality-oriented consumption, with rapid growth in outdoor cameras and gaming consoles [1][3] - By April 2025, the monthly active user (MAU) count for male users in China is projected to reach 634 million, reflecting a 2.2% year-on-year increase [1]