迈进年终"剁手购物季"，美国消费市场"冰火两重天"。 Adobe Analytics数据显示，美国消费者"黑色星期五"当天线上支出达到创纪录的118亿美元，同比增长 9.1%。尽管美国消费者今年"黑色星期五"支出高于去年，但价格上涨抑制了需求，结账时购买的商品数 量减少。实体店客流相对冷清，由于持续通胀、贸易带来不确定性以及劳动力市场疲软的情况下，消费 者担心超支。 根据Mastercard SpendingPulse的数据，美国"黑色星期五"零售销售（不含汽车）同比增长4.1%，高于去 年同期的3.4%。这些数据未经通胀调整，涵盖了线上和线下购物。实体店销售额仅增长1.7%，高于去 年同期水平。线上销售额增长10.4%，低于去年同期增幅。 Adobe还预测，传统上作为线上促销重要节点的"网络星期一"将再次成为本购物季线上消费额最高的一 天，预计当天线上销售额将达到142亿美元，较去年增长6.3%。电子产品预计折扣最深，最高达七折， 服装和电脑也将有大幅优惠。 但需要警惕的是，支出增长主要来自价格上涨而非销量提升，消费者倾向于降级消费并优先购买必需 品，火爆的数据背后是愈发脆弱的消费者。 假日购物季释放多重信 ...

Group 1 - The core viewpoint of the article highlights the contrasting dynamics in the U.S. consumer market during the holiday shopping season, with record online spending but concerns over the quality of growth due to inflation and reduced purchasing volume [1][5][10] - Adobe Analytics reported that online spending on Black Friday reached a record $11.8 billion, a year-on-year increase of 9.1%, while in-store sales saw a modest growth of 1.7% [1][5] - The average selling price increased by 7%, leading to a decrease in the number of items purchased per transaction, which fell by 2% year-on-year [5][8] Group 2 - High-income consumers are driving luxury and high-end product sales, while middle and low-income households are facing pressures from inflation and a weak job market [5][10] - The use of AI-driven shopping tools surged, with a reported 805% increase in AI-driven visits to retail websites compared to the previous year, indicating a shift in consumer behavior towards online shopping [6][10] - The holiday shopping season reflects a K-shaped economic recovery, where spending patterns diverge significantly between high-income and low-income consumers [5][10] Group 3 - The overall consumer spending environment is challenged by high inflation, rising unemployment rates, and elevated interest rates, which are expected to suppress future consumption growth [8][9][10] - Despite the resilience shown in short-term consumer spending, long-term growth potential may weaken due to declining purchasing power and a cooling labor market [10][12] - The Federal Reserve faces a dual challenge of managing inflation while addressing rising unemployment, leading to uncertainty in monetary policy direction [12][13]

Adobe Analytics数据显示，美国消费者"黑色星期五"当天线上支出达到创纪录的118亿美元，同比增长 9.1%。尽管美国消费者今年"黑色星期五"支出高于去年，但价格上涨抑制了需求，结账时购买的商品数 量减少。实体店客流相对冷清，在持续通胀、贸易带来不确定性以及劳动力市场疲软的情况下，消费者 担心超支。 迈进年终"剁手购物季"，美国消费市场"冰火两重天"。 根据Mastercard SpendingPulse的数据，美国"黑色星期五"零售销售（不含汽车）同比增长4.1%，高于去 年同期的3.4%。这些数据未经通胀调整，涵盖了线上和线下购物。实体店销售额仅增长1.7%，高于去 年同期水平。线上销售额增长10.4%，低于去年同期增幅。 Adobe还预测，传统上作为线上促销重要节点的"网络星期一"将再次成为本购物季线上消费额最高的一 天，预计当天线上销售额将达到142亿美元，较去年增长6.3%。电子产品预计折扣最深，最高达七折， 服装和电脑也将有大幅优惠。 但需要警惕的是，支出增长主要来自价格上涨而非销量提升，消费者倾向于降级消费并优先购买必需 品，火爆的数据背后是愈发脆弱的消费者。 假日购物季释放多重信号 ...

Core Insights - The "childlike economy" is gaining traction, appealing not only to children but also to adults, as seen with the popularity of LABUBU blind boxes and the opening of the first LEGO theme park in Shanghai [1][2][6] Group 1: Market Trends - LABUBU blind boxes are experiencing significant demand, with hidden variants selling at over 20 times their original price in the secondary market [1] - The LEGO theme park in Shanghai has seen a surge in ticket sales and hotel bookings since its opening on July 5 [1] - The overall market for IP toys in China is projected to grow from 48.6 billion yuan in 2020 to 75.6 billion yuan in 2024, with a compound annual growth rate of 11.68% [7] Group 2: Consumer Behavior - The primary demographic for purchasing blind boxes is between 25 to 35 years old, accounting for 60% to 70% of buyers, who seek emotional value and low-cost happiness [7] - The rise of social media has transformed niche interests like blind boxes into mainstream trends, enhancing consumer engagement and interaction [7] Group 3: New Business Models - The demand for doll clothing has surged, with one store owner reporting a production capacity of 30,000 units per day, half of which are for overseas orders [3] - The emergence of "doll modification" services has created new job opportunities, with one artist's orders fully booked until August [5] - The integration of toy culture with tourism is exemplified by the collaboration between TNTSPACE and Impression West Lake, which launched a successful blind box series [6] Group 4: Economic Impact - The "childlike economy" is fostering new business ecosystems, including custom doll clothing, modification services, and themed accessories, enhancing user engagement and creating new job opportunities [6] - The transformation of traditional shopping areas into hubs for trendy toys has led to significant increases in foot traffic and sales, with one mall reporting a 60% year-on-year increase in revenue during the 2024 National Day holiday [6]

Core Viewpoint - The article discusses the pressure on Walmart due to increased tariffs and the company's decision to raise prices, which has drawn criticism from former President Trump, who believes Walmart should absorb the costs instead of passing them on to consumers [4][10]. Group 1: Trump's Criticism of Walmart - Trump criticized Walmart for planning to raise prices due to tariffs, stating that the company, which made billions in profit last year, should absorb the costs [4][5]. - He emphasized that Walmart's price hikes should not be blamed on tariffs, as the company has already seen significant profits [4][10]. Group 2: Financial Performance of Walmart - Walmart reported total revenue of $165.6 billion for the first fiscal quarter of 2026, a 2.5% increase year-over-year, with adjusted operating income of $7.3 billion, up 4.3% [5][7]. - However, the net income attributable to Walmart fell by 12.1% to $4.49 billion, indicating the impact of rising costs on profitability [5][7]. Group 3: Impact of Tariffs on Costs - Walmart's management highlighted the significant cost pressures from tariffs, particularly those imposed on imports from China, which have accelerated since late April [9][8]. - The company is exploring various strategies to mitigate these costs, including diversifying profit sources through e-commerce [9][8]. Group 4: Broader Retail Price Increases - Walmart's price increases may signal a trend for other retailers, as it serves a large portion of American consumers [10]. - Other companies, including Ford and luxury brands, have also announced price hikes, indicating a potential widespread increase in retail prices [10]. Group 5: Inflation and Consumer Sentiment - Consumer confidence in the U.S. has dropped significantly, with the May index falling to 50.8, the second-lowest level recorded since 1978 [12][14]. - Inflation expectations among consumers have risen, with one-year expectations increasing to 7.3%, the highest since 1981 [14][12].