Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Emerging Opportunities - The concept of a "low-desire society" does not equate to a lack of opportunities; instead, it presents new avenues for business growth [4]. - Consumer behavior is shifting towards second-hand markets, with significant growth in platforms like Xianyu and Zhuanzhuan, indicating a rising demand for second-hand goods [6][9]. - The pet economy is booming, with brands like Guobao and Zhongchong seeing strong sales as consumers prioritize spending on pets over traditional family structures [11][12][15]. - The adult care market is expanding, particularly in China, where products like adult diapers are expected to see significant growth due to an aging population [16][18]. - The beauty and wellness sectors are thriving, with products like collagen supplements and at-home beauty devices gaining popularity, reflecting a continued consumer focus on aesthetics [23]. - Outdoor and leisure activities are on the rise, with brands in camping and outdoor gear experiencing increased sales as consumers seek experiences over material possessions [24][30]. - The emotional economy is gaining traction, with products that provide comfort and joy, such as low-alcohol beverages, becoming increasingly popular [25][26]. - The "lazy economy" is emerging, driven by younger generations who prefer convenience, leading to growth in frozen food and smart home appliances [29][31]. Group 2: Market Trends and Strategies - The article suggests that the current economic climate, often viewed as a "winter," actually presents opportunities for those willing to invest in counter-cyclical sectors [33]. - The upcoming event, "Black Horse Consumption Rise," aims to provide insights into how Japanese and Chinese companies can thrive in a stock market era through product innovation and brand expansion [34][39]. - The importance of understanding consumer needs and market segmentation is highlighted, with successful companies focusing on niche markets and innovative product offerings [42]. - The article discusses the significance of global branding and the need for Chinese companies to build trust in international markets through effective storytelling and cultural adaptation [43][49].

Core Viewpoint - The article emphasizes that economic downturns can present unique opportunities for ordinary individuals to find low-cost business ventures, contrary to the common perception of difficulty in making money during such times [3][5]. Group 1: Economic Cycles and Opportunities - The article discusses the "Kondratiev Wave" theory, which suggests that economies experience cycles of prosperity, recession, stagnation, and recovery approximately every 60 years, with each phase lasting about 15 years [5]. - Currently, the global economy is transitioning from a low period that began in 2015 to a recovery phase, indicating that new opportunities are emerging amid structural adjustments [5][7]. - Historical examples from Japan and the United States illustrate that economic downturns do not eliminate opportunities but rather redistribute them, leading to the emergence of low-cost businesses that meet essential needs [7][8]. Group 2: Trends in Japan and the United States - Japan's economic transformation post-1990 crisis saw a shift towards value-oriented consumption, with the rise of discount stores and second-hand markets, emphasizing the importance of quality-to-price ratio [9][10]. - The U.S. experienced similar trends during the Great Depression and the 1970s stagflation, where low-cost entertainment and essential services thrived despite economic challenges [14][15][16]. - Both countries' experiences highlight the necessity for businesses to adapt to changing consumer demands during economic downturns, focusing on efficiency and cost-effectiveness [17]. Group 3: CHEES Model for Identifying Opportunities - The article introduces the CHEES model, which identifies five key areas for potential business opportunities: Cheap (value-oriented), Health (preventive care), Emotion (emotional fulfillment), Entertainment (low-cost leisure), and Lifestyle (niche markets) [19][21][23][27]. - Specific business opportunities are suggested, such as community discount supermarkets, second-hand luxury goods, and self-service fitness centers, which align with current consumer trends [20][22][24][26][28]. - The model serves as a practical guide for entrepreneurs to navigate economic fluctuations and identify viable business ventures [29][31]. Group 4: Practical Guidance for Entrepreneurs - The article stresses the importance of understanding economic trends and consumer behavior to convert insights into actionable business strategies [29][34]. - It encourages aspiring entrepreneurs to start with low-cost ventures to minimize risks and build experience, rather than pursuing large-scale projects without a solid foundation [30][39]. - The course offered by Wang Cen aims to provide a comprehensive framework for understanding economic cycles and applying the CHEES model to identify suitable business paths [31][42].

Core Viewpoint - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight sectors that present significant business opportunities in a low-desire society [3]. Group 1: Economic Trends - The concept of a "low-desire society" does not equate to a lack of opportunities, as consumer behavior is shifting towards different spending patterns [4]. - The phenomenon of consumption upgrading and demand migration is identified as the largest business opportunity [5]. Group 2: Key Industries - **Second-hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a significant revenue increase. In China, platforms like Hongbulin and Panghu are experiencing similar growth [6][7]. - **Pet Economy**: Despite declining birth rates, spending on pets is increasing, with brands like Inaba in Japan and Guobao in China seeing strong sales [10][11]. The pet healthcare sector is also expanding rapidly [12][13]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, indicating a substantial growth potential for similar products in China [14][15][16]. - **Health Food and Beverages**: Changes in population structure and rising health awareness are driving the growth of sugar-free beverages and functional foods in both Japan and China [19][20]. - **Beauty Economy**: The demand for beauty products, such as collagen supplements and home beauty devices, remains strong, indicating that beauty is both an economic and therapeutic necessity [22]. - **Outdoor and Leisure**: The outdoor equipment market is thriving, with brands in China experiencing rapid sales growth, reflecting a desire for leisure activities despite economic constraints [22]. - **Emotional Economy**: Products that provide emotional comfort, such as low-alcohol beverages and unique consumer goods, are gaining popularity [23][24]. - **Convenience Economy**: The demand for convenience foods and smart home appliances is rising as younger generations seek to save time in cooking and household chores [27][28]. Group 3: Market Outlook - The article suggests that while many perceive the current market as a "cold winter," the true winners are those who can identify and invest in counter-cyclical opportunities [31].

Core Insights - The total retail sales of consumer goods in China reached 24,545.8 billion yuan in the first half of 2025, with a year-on-year growth of 5%, highlighting the resilience of high-end consumption, particularly in luxury goods [1] - International luxury brands are actively innovating consumer experiences to deepen their presence in the Chinese market [1] Luxury Market Trends - A flagship store of Louis Vuitton in Shanghai has seen a daily visitor count of 2,000, with August bookings fully booked, indicating strong consumer interest [4] - The store's opening has tripled the regional foot traffic, showcasing the impact of luxury brands on local commerce [4] - A new luxury store concept in Shanghai combines exhibition, dining, and retail, creating an immersive cultural experience for consumers [5] Brand and Cultural Integration - Luxury brands are exploring new ways to integrate with local culture, as seen in a renovated old house in Shanghai that offers a unique shopping experience blending local and Italian styles [6] Market Expansion and Digital Transformation - In 2024, 278 monitored luxury brands opened approximately 350 new stores in China, with a focus on first-tier cities and digital upgrades [8] - The second-hand luxury market is gaining traction, with a notable increase in consumer awareness and the rise of circular consumption concepts [9][15] Demographic Shifts in Consumer Base - The second-hand luxury market is seeing a younger demographic, with a growing proportion of male buyers [12] - Stores are diversifying their inventory to include a wide range of products, catering to various consumer needs [13] Future Outlook - The luxury market in China is expected to maintain a positive trajectory, driven by ongoing consumption policies and the potential of younger and lower-tier market consumers [17] - The luxury sector is shifting from "buying new" to "activating existing inventory," indicating a broader evolution in the industry [17]

Core Viewpoint - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth [6][7][9]. - **Pet Economy**: Despite declining birth rates, spending on pets is increasing, with brands like Inaba in Japan and Guobao in China seeing strong sales. The pet healthcare sector is also expanding significantly [10][11][13][14]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing potential for similar products in China, driven by an aging population [15][16][17]. - **Health Food and Beverages**: Changes in population structure and rising health awareness have led to the success of sugar-free products and functional beverages in both Japan and China [20][21]. - **Beauty Economy**: The demand for beauty products remains strong, with companies like Jinbo Bio achieving high market valuations through collagen products, indicating a persistent consumer interest in beauty [23]. - **Outdoor and Leisure**: The outdoor equipment market is thriving, with brands in China experiencing rapid sales growth, reflecting a desire for leisure activities despite economic constraints [24]. - **Emotional Economy**: Brands like Labubu and Rio are capitalizing on the need for emotional comfort, showing that consumers are willing to spend on experiences that provide joy [24][25]. - **Lazy Economy**: The trend towards convenience is evident in the growth of frozen food brands and smart home appliances, which cater to a generation with less time for cooking [28][29][30]. Group 2: Market Insights - The article emphasizes that even in a low-desire economy, there are significant opportunities for those willing to invest in counter-cyclical sectors. It encourages stakeholders to recognize and act on these emerging trends [32].

Group 1: Second-Hand Luxury Market - The second-hand luxury goods market is expanding into county-level cities, reflecting an increase in consumer spending power in these areas. During the Spring Festival, order volume for second-hand luxury items in fifth-tier cities grew by 33%, while third and fourth-tier cities also saw double-digit growth [1] - Challenges for second-hand luxury stores in county areas include limited style variety, inventory backlog, and profit compression, necessitating stable sourcing and authentication capabilities [1] - The second-hand luxury industry is shifting from high profits to refined operations, with competition expected to concentrate among financially strong major players or local small shops [1] Group 2: New Consumption Trends - New consumption brands are rapidly emerging by targeting lower-tier markets and utilizing efficient channels, disrupting traditional consumer perceptions in first and second-tier cities [2] - Generation Z consumers prioritize emotional value, cost-effectiveness, and information transparency, driving a comprehensive restructuring of products, brands, and channels [2] - The lower-tier market shows strong consumption potential, becoming a new growth engine, reflecting profound changes in demand-side consumption [2] Group 3: Emotional Value in Luxury Consumption - A report indicates that happiness dominates luxury consumption trends in China, with brands needing to provide enjoyable and relaxed experiences while emphasizing equality and respect [4] - The value of luxury goods is shifting towards emotional, cultural, and personal expression, with consumers seeking resonance with ideal personas [4] - Changes in product roles are evident, with bags focusing on practicality and jewelry serving as emotional tokens, highlighting the need for brands to create high-level emotional connections [4] Group 4: Gold Consumption and IP Collaboration - The gold consumption market in China is experiencing turbulence, with rising gold prices but weak demand, leading to a decline in jewelry consumption and an increase in investment gold bars [5] - Brands are exploring the "Golden Valley" model, combining IP collaborations with the value retention of gold to shift consumer perception from "family assets" to "personal expression" [5] - Companies like Chow Tai Fook and Lao Feng Xiang are partnering with anime IPs to achieve product premiumization, while future strategies must balance value retention with emotional needs [5] Group 5: Fast Fashion Challenges - The fast fashion industry faces challenges due to the end of the U.S. tax exemption policy for small packages, significantly impacting the "small order quick response" model represented by Shein [10] - New tariffs increase costs and extend customs clearance times, undermining the rapid response advantage of these businesses [10] - While industry scale may decline in the short term, the "small order quick response" model remains a long-term development direction, requiring companies to innovate technologically and commercially [10] Group 6: Silver Economy in Luxury Brands - Luxury brands are targeting the "silver economy," with China's silver economy scale reaching 7 trillion yuan, indicating significant future potential [11] - Brands are developing practical products and age-appropriate experiences, such as lightweight handbags and cultural scene enhancements, to cater to this demographic [11] - Silver consumers are rational and loyal, focusing on self-expression and brand connotation, prompting brands to reinforce nostalgic emotions through classic revivals and workshops [11] Group 7: Brand Dynamics - The Chinese menswear brand Li Ning has opened its first overseas store in Malaysia, marking a key step in its internationalization strategy [12] - The opening aligns with Li Ning's multi-brand and international strategy, with projected revenue of 3.65 billion yuan in 2024 and a total of 2,773 stores [12] - Semir's children's clothing brand Balabala is facing challenges in a competitive market, with a decline in revenue and net profit, necessitating supply chain optimization and product enhancement [13]

Core Viewpoint - The company, Zhuanzhuan Group, has opened its first offline store, "Super Zhuanzhuan," which focuses on selling second-hand luxury goods and aims to transform its brand image from a second-hand mobile phone platform to a multi-category second-hand marketplace [2][11]. Group 1: Store Concept and Strategy - The "Super Zhuanzhuan" store is the first multi-category second-hand warehouse store in China, covering over 3,000 square meters and offering a variety of second-hand products including bags, clothing, and jewelry [2][5]. - The store features 30,000 SKUs and is designed to meet consumer demand for a larger shopping experience compared to traditional small second-hand stores [5][6]. - The management has not set a profitability timeline for the store, focusing instead on refining operational processes and establishing a replicable business model [4][10]. Group 2: Integration and Supply Chain - The opening of the store follows the full acquisition of Hongbulin by Zhuanzhuan in September 2024, marking a significant step in their integration efforts [12]. - The products sold in the store are sourced from Hongbulin's warehouse, utilizing its authentication capabilities and user resources, with both systems now interconnected [13]. - The company aims to create a trust space for consumers, allowing them to physically inspect products, which enhances the credibility of the online platform [14][15]. Group 3: Customer Experience and Market Position - The store's design emphasizes simplicity and authenticity, avoiding luxury decor to highlight the products themselves [9][8]. - The target demographic for the store includes primarily female shoppers, with many customers spending considerable time browsing [14]. - The return rate for products sold in the store is reported to be ten times better than that of purely online sales, indicating improved customer satisfaction [16]. Group 4: Future Outlook - The company currently has no plans for an IPO, with its consumer electronics business already profitable while the multi-category business is still in the investment phase [17]. - The management expresses a commitment to iterating and evolving the "Super Zhuanzhuan" concept, maintaining a startup mentality despite the company's ten-year history [18].

Core Viewpoint - The launch of the "Super Turn" second-hand store in Beijing marks a significant transformation for the company, aiming to enhance consumer trust and broaden the perception of second-hand goods beyond just mobile phones to a diverse range of categories [1][5][9] Group 1: Store Launch and Concept - The "Super Turn" store features 30,000 officially inspected second-hand items across over 200 categories, including luxury goods, gaming devices, and photography equipment, in a 3,000 square meter space [1][5] - The store's design emphasizes a hands-on experience, allowing consumers to physically interact with products, which is seen as more effective than viewing items online [4][5] Group 2: Strategic Transformation - The transition to "Super Turn" began with a strategic investment of $100 million in the second-hand luxury goods platform Hongbulin in November 2022, culminating in a full acquisition in early 2024 [5][7] - This integration provides a mature luxury goods supply chain and authentication capabilities, essential for the company's strategy to diversify its product offerings [5][7] Group 3: Market Potential and Operations - The domestic luxury goods market is valued at 4 trillion yuan, with only 5% of transactions occurring in the second-hand market, significantly lower than the 20%-30% seen in developed countries [7] - The operational model combines online and offline inventory, allowing real-time synchronization between a million online verified products and 30,000 in-store items, enhancing customer engagement [7] Group 4: Challenges and Future Directions - The company faces challenges in inventory management and brand perception, needing to convince consumers that it can reliably offer luxury items despite its origins in mobile phone sales [8] - Cost control is a significant concern, as the store is located in a historical area rather than a high-end shopping district, focusing on product quality and pricing rather than luxury decor [8] - The company is still exploring profitable business models for the physical store, acknowledging that the costs associated with offline operations are higher than online [8]

Core Viewpoint - Beijing Friendship Store is undergoing a significant renovation to revitalize its business model and attract more consumers by introducing diverse service offerings alongside traditional retail [1][6][8]. Group 1: Renovation and New Offerings - The renovation includes the introduction of a medical beauty institution, a dental hospital, and a youth travel agency, enhancing the service-oriented business model [1][3]. - The project features the first physical store of "Super Zhuangzhuang," which specializes in second-hand luxury goods and electronic products, attracting a steady flow of customers since its opening [3][4]. - The "Friendship Garden" area has been transformed into a popular social spot with various dining options, contributing to the overall consumer atmosphere [4][6]. Group 2: Strategic Positioning and Market Competition - The store is strategically located along Chang'an Avenue, benefiting from high foot traffic and consumer potential, which is crucial for its competitive positioning [4][8]. - The renovation aims to enhance the store's brand uniqueness, service quality, and marketing activities to compete effectively with other commercial entities in the CBD area [1][8]. - The project is part of a broader trend of upgrading traditional commercial spaces in the CBD, with other nearby projects also undergoing significant transformations to attract consumers [8][9]. Group 3: Future Development Plans - Future plans include hosting diverse cultural events such as fashion shows, music festivals, and art exhibitions, aiming to create a vibrant community space [7][8]. - The store's design will focus on a garden-style ecological layout, enhancing the shopping experience and promoting cross-industry collaborations [7][8]. - The expected reopening in the second half of the year will mark a new chapter for the Friendship Store, positioning it as a cultural and commercial hub [6][7].

Core Viewpoint - The article emphasizes that new consumption, particularly in the second-hand market, is becoming a significant trend in 2025, driven by policy support, changing consumer behavior, and the growth of second-hand e-commerce platforms like Wanwu Xingsheng (Ai Huishou) [1][3][16]. Group 1: Market Trends - The new consumption wave is characterized by the rise of "self-indulgent consumption" and circular economy practices among Generation Z [1][4]. - Wanwu Xingsheng reported a total revenue of 4.65 billion yuan in Q1 2025, a year-on-year increase of 27.5%, surpassing revenue guidance [1][3]. - The overall retail sales in China grew by 4.6% year-on-year, while Wanwu Xingsheng outperformed this with a consistent growth rate of over 20% for eleven consecutive quarters [3][5]. Group 2: Consumer Behavior - Young consumers are increasingly embracing second-hand products, reflecting a shift towards a "refined self-indulgence" consumption logic [4][5]. - The demand for high-quality living at affordable prices is driving consumers to engage in second-hand transactions, balancing quality and economic pressures [5][15]. - The second-hand market is expected to grow significantly, with estimates suggesting that the domestic idle trading market will exceed 3 trillion yuan by 2025 [3][4]. Group 3: Industry Infrastructure - The second-hand e-commerce sector is evolving into a key infrastructure for new consumption, with platforms like Wanwu Xingsheng expanding their service offerings and enhancing consumer trust through offline stores [7][13]. - Wanwu Xingsheng's offline store count reached 1,886 by the end of Q1, covering 283 cities, indicating a robust expansion of its delivery capabilities [13][15]. - The integration of online and offline services is enhancing consumer experience and trust in second-hand products, leading to increased sales and profitability [15][19]. Group 4: Future Outlook - The circular economy is positioned as a new growth engine, with government policies increasingly supporting recycling and second-hand markets [16][18]. - The collaboration between circular economy enterprises and traditional retail is expected to drive further innovation and consumer engagement [16][19]. - The article predicts that the circular economy will continue to grow, driven by changing consumer preferences and the need for sustainable practices [19][21].