《报告》还显示，上半年，包括在线旅行预订、在线交通出行和在线文体娱乐等在内的数字文旅出行消费额过万亿元，在线餐饮外卖消费额过万亿元，在线 医疗、在线教育及在线家政等数字民生服务消费额超过5000亿元。 中国企业资本联盟副理事长、中国区首席经济学家柏文喜认为，数字背后展现的不仅是"线上零售额"那么简单，而是把商品、服务、内容三大板块一次性纳 入统计，折射的是中国数字经济从"基础设施"走向"应用深水区"。而Z世代、银发族、农村人群同时"在线"，考验的是在"存量深耕"时代，谁能提高客单、 延长时长，谁就能吃到下一波增量。下一步的竞争，将是谁能利用9.37万亿元的实时需求数据，把供给侧做得更柔性、更绿色、更普惠；而政策的核心任 务，则是让这一巨大流量在促进增长的同时，不落下任何一群人和任何一片街区。 《报告》指出，数字消费正站在人工智能技术革命与全球化变革的交汇点，"人工智能+消费"模式蕴含着无限潜力与可能。随着人工智能核心能力向消费领 域的渗透，将有望通过用户动态画像与场景动态构建起数据驱动、实时迭代的消费新生态。 近日，中国互联网络信息中心政策与国际合作所发布《数字消费发展报告（2025）》（以下简称《报告》）， ...

报告认为，2025年以来，数字消费在智能设备、潮玩等多个细分领域表现亮眼。今年上半年，购买 过智能家居、智能数码及智能可穿戴设备等智能产品的用户规模占网民的39.1%。网购过盲盒、IP周 边、二次元产品的用户规模占网民的8.2%。 报告指出，数字消费渠道正加速实现深度融合，数字消费场景边界不断延伸。数字文娱内容供给持 续丰富，撬动智能硬件、文化、旅游等多领域消费融合；生活服务消费方面，截至今年6月，在线跑腿 代办及家政维修等到家服务用户超2.23亿人，服务品类扩展至宠物护理、养老陪护等多个领域，为居民 日常生活提供高效便捷的支持。 【纠错】 【责任编辑:王雪】 新华社北京12月16日电（记者王思北）中国互联网络信息中心政策与国际合作所近日发布的《数字 消费发展报告（2025）》显示，2025年上半年我国数字消费用户规模突破9.58亿人，占网民总数的 85.3%，数字消费正成为消费的重要动能。 用户结构方面，"Z世代"数字消费用户规模占比27.2%；60岁及以上"银发族"用户规模占比12.2%； 农村用户规模占比26.0%。不同年龄、不同地域的数字消费群体，为构建多元数字消费市场奠定了基 础。 ...

Core Viewpoint - The article discusses the transformation of domestic consumption in China, emphasizing the concept of "fusion consumption" as a response to changing consumer demographics and demands, which is reshaping market dynamics and creating new growth opportunities [1][4]. Group 1: Fusion Consumption - Fusion consumption extends beyond online and offline channels, integrating products and services, and different consumer segments and brands, leading to the emergence of new consumption scenarios and groups [1]. - Traditional demographic classifications based on age and income are becoming inadequate, as new consumer groups defined by interests, values, and lifestyles are reshaping the market landscape [1][2]. - The integration of diverse cultural elements, such as the collaboration with the ACG (Anime, Comic, and Games) culture, is providing brands with fresh engagement opportunities and attracting new consumer segments [2]. Group 2: Case Studies - Shanghai Bailian's transformation into "ZX Creative Space" has successfully attracted over 20 million visitors in two years, with a peak daily footfall of 90,000 during the May Day holiday, showcasing the effectiveness of the fusion consumption model [1][2]. - The revival of Beijing's Friendship Store, which has been rebranded to blend historical and modern elements, demonstrates the potential of cultural integration in retail to drive foot traffic and consumer interest [3]. - Wangfujing Group plans to transform another flagship store into a high-end experiential "culture + retail" complex, indicating a broader trend of innovation in the retail sector [3]. Group 3: Market Trends - The domestic ACG economy has surpassed 500 million users in 2023, with a projected compound annual growth rate of 17% over the next five years, highlighting the significant market potential for fusion consumption targeting younger demographics [2]. - The shift in consumer focus from merely purchasing products to seeking emotional value and social identity reflects a broader trend in consumer behavior, necessitating a more experience-driven retail approach [2]. - The aging population presents new opportunities in fusion consumption, with projections indicating that by 2050, 16% of the global population will be aged 65 and above, emphasizing the need for innovative products and services tailored to this demographic [3].

Core Insights - Douyin E-commerce launched the "Interest Industry Belt Support Plan" in Guangzhou, marking a significant step in integrating digital economy with the real economy, aimed at fostering new consumption dynamics and driving industrial upgrades [1][6] Group 1: Interest Consumption Rise - The concept of "Interest Industry Belt" refers to geographic clusters of products that fulfill consumers' emotional and spiritual needs, characterized by niche, cultural, and social aspects [3] - In the past year, five interest industry belts on live-streaming e-commerce platforms achieved a payment GMV exceeding 10 billion, with 57 belts surpassing 100 million, and Guangzhou's related order volume exceeding 340 million [3] Group 2: Digital Empowerment and Upgrading - The growth of interest industry belts is facilitated by live-streaming e-commerce platforms, which have lowered operational barriers for small and medium-sized businesses through policies like zero-cost entry and zero-commission on product cards [4] - The complete industry chain for the Guangzhou water pet industry belt includes "pet breeding + equipment maintenance + knowledge payment," showcasing a successful transition from traditional offline models to online integration [4] Group 3: Building a Guangzhou Model - Guangzhou has been designated as a key area for pet consumption, with Douyin E-commerce providing services such as traffic subsidies and operational training to stimulate local industry vitality [6] - Douyin E-commerce's initiatives have reached 130 cities across 27 provinces, helping 332 industry belts achieve order volumes exceeding 10 million and 830 belts with sales over 100 million [6] Group 4: Economic Growth through Interest Consumption - Interest consumption is identified as a crucial direction for consumption upgrade, transforming niche interests into new growth for the real economy [7] - The ongoing implementation of the "Interest Industry Belt Support Plan" is expected to deepen the integration of digital and real economies, contributing to the construction of a new development pattern and fostering new productive forces [7]

Summary of the Conference Call Company and Industry Overview - **Company**: Cool Play (酷乐潮玩) - **Industry**: Retail, specifically in the toy and trendy goods sector Key Points and Arguments 1. **Growth Strategy**: Cool Play maintains growth through emotional consumption products and a low-price strategy during economic downturns, with rapid expansion in cities like Wuhan and Changsha in 2023, indicating its potential to navigate economic cycles [1][4] 2. **Store Expansion Plans**: After rapid expansion in 2018, the company has adopted a cautious approach post-2023, planning to open no more than 30 new stores in 2025, reflecting a conservative industry outlook on market recovery [1][9][18] 3. **Sales Recovery**: Single-store sales have recovered to approximately 90% year-on-year, with average sales per store around 410,000 to 420,000 yuan [10] 4. **Store Characteristics**: Typical store size is about 200 square meters, with 2,500 to 3,000 SKUs, primarily categorized into toys (60%), daily necessities (20%), and trendy accessories (30%) [11][12] 5. **Profit Margins**: Profit margins vary by product category, with children's toys at 40%-60%, two-dimensional products at 35%-40%, and trendy accessories potentially exceeding 60% through promotions [13] 6. **IP Product Sourcing**: The company negotiates directly with IP holders or sources from authorized small brands, with high-profile IPs generally yielding lower margins due to higher costs [14][15] 7. **Market Competitors**: Major competitors include Miniso and GARM Party, with Cool Play ranking third in sales but having a higher average sales per store compared to competitors [19][20] 8. **Profitability Comparison**: Cool Play's net profit margin is in the double digits (approximately 12%-13%), while Miniso's is around 40%, highlighting Cool Play's more conservative growth strategy without external capital [21] 9. **International Expansion**: The company is focusing on international market expansion, particularly in Southeast Asia, where sales have reached three times that of domestic sales, with plans to enter the Thai market in 2025 [22] 10. **Supply Chain Advantages**: China's supply chain complexity and efficiency provide a competitive edge, allowing brands to meet consumer demands effectively [23] Additional Important Insights 1. **Trends in the Grocery Sector**: The grocery sector in China is experiencing positive growth, particularly during economic downturns, with a focus on emotional consumption products [3] 2. **Blind Box Market Decline**: The blind box market has rapidly shrunk, with only a few brands like Pop Mart remaining active, indicating a shift in consumer preferences [27] 3. **Impact of COVID-19**: The pandemic led to a temporary closure of underperforming stores, but the subsequent drop in rental prices has created opportunities for grocery stores to expand [7][8] 4. **Consumer Behavior**: Demand for children's products remains stable despite economic fluctuations, indicating resilience in this segment [17] 5. **Future Challenges**: The retail industry faces challenges, particularly in shopping centers where rising rents may hinder growth, while smaller discount and convenience stores are expected to thrive [61]