在新天地主秀场，5场大秀轮番上演，其中4场来自中国设计品牌。作为秀场到市场的延伸，新天地 秋冬风尚季将于10月18日至19日启动，汇聚域内品牌呈献近10场"即看即买秀"，激活首发经济。 时尚脉动再度与上海同频。昨天，2026春夏上海时装周以"拓界·再定义"为主题拉开帷幕。本季时 装周上，中国设计品牌纷纷走上秀场，从历史地标到新兴空间，秀出中国时尚新气象。 记者 叶宇 ...

Core Insights - Many online brands are expanding into offline retail by opening physical stores to enhance consumer experience and meet demand [4][5][8] - JD MALL has opened 24 large experience centers across various cities, providing immersive shopping experiences and addressing consumer pain points [5][6] - Aihuishou, a second-hand electronics recycling company, has over 2000 stores nationwide, focusing on transparency and face-to-face transactions to build consumer trust [6][7] - Apparel brands like Bianai are leveraging offline stores to strengthen brand image and enhance customer engagement, with a focus on experiential shopping [8][9] Group 1: JD MALL - JD MALL has launched 24 large experience centers in cities like Beijing and Shenzhen, attracting significant foot traffic, with over 100,000 visitors in the first two days of the Beijing store opening [5] - The experience centers feature diverse themes, including gaming and beauty, aiming to create a technology showcase and customer service hub [5][6] - The initiative is part of JD's strategy to address consumer needs and enhance the shopping experience through physical presence [5][6] Group 2: Aihuishou - Aihuishou has expanded its offline presence to 2092 stores across 291 cities, focusing on transparent transactions for second-hand electronics [6][7] - The company reported a 137% year-on-year increase in trade-in orders, indicating growing consumer participation in the second-hand market [7] - Aihuishou's offline strategy includes a comprehensive recycling process, enhancing customer trust and experience [6][7] Group 3: Apparel Brands - Bianai has opened over 60 stores in key cities, emphasizing the importance of physical presence for customer trust and product experience [8] - The brand's strategy includes using online data to select store locations and enhance community engagement [8] - Other fashion brands, like ANNAKIKI, are also establishing flagship stores to create immersive shopping experiences and maintain customer connections [8][9]

Group 1 - Many online brands are expanding into offline retail by opening physical stores to enhance consumer experience and meet demand [1][5] - JD MALL has opened 24 large experience centers across various cities, offering diverse scenarios to stimulate consumer demand, with over 100,000 visitors in the first two days at the Beijing store [2] - Aihuishou has over 2,000 stores nationwide, focusing on transparent transactions for second-hand electronics, which enhances consumer trust and reduces information asymmetry [3][4] Group 2 - The second-hand electronics market is seeing significant growth, with Aihuishou's trade-in orders increasing by 137% year-on-year in the first half of the year [4] - Apparel brands like Jiao Nai are opening physical stores to enhance consumer engagement and brand image, with over 60 stores established in key cities [5][6] - Smaller brands are also focusing on the experiential value of physical stores, offering unique experiences to attract consumers and create emotional connections [6]

Core Insights - The traditional luxury brand marketing strategy in China is losing effectiveness, as consumers shift towards seeking deeper, personalized experiences rather than material possessions [2][4] - LVMH's market value has halved by 43.5%, equating to a loss of $94.4 billion over two years, and Bain & Company predicts a 2%-5% decline in global luxury sales by 2025, marking the largest drop in nearly a decade [2][9] - The rise of experience-based consumption is redefining spending habits, with consumers prioritizing unique experiences over luxury goods [4][14] Consumer Behavior Shift - Consumers are moving from a mindset of showcasing wealth to one focused on personal fulfillment and identity [4][11] - Social media trends are shifting from showcasing luxury items to sharing experiences such as travel and outdoor activities, reflecting a broader cultural change [5][9] - The Z generation values experiences that contribute to content creation and social currency over traditional luxury goods [11][12] Market Dynamics - The luxury market is experiencing a significant contraction, with the number of global luxury consumers decreasing from approximately 400 million to 350 million, particularly affecting price-sensitive entry-level consumers [9][12] - Gucci's sales dropped by 23% in 2024, highlighting the challenges luxury brands face in adapting their marketing strategies to current consumer expectations [6][8] Experience Economy - The experience economy is projected to be a multi-trillion-dollar market, with China's experience retail market expected to reach 800 billion yuan by 2025 [9][14] - Luxury brands are beginning to adopt a "product + experience" model, integrating high-end experiences with product offerings to create a more compelling value proposition [14][15] - Successful experience-based offerings require authenticity and alignment with brand values to avoid becoming mere marketing gimmicks [14][15] Challenges for Luxury Brands - Luxury brands are struggling with a disconnect between their traditional marketing strategies and the evolving consumer landscape, leading to a decline in brand loyalty and sales [8][12] - The reliance on symbolic marketing and frequent price increases has eroded consumer trust and alienated younger consumers [8][9] - The challenge lies in balancing brand heritage with innovative experiences, as luxury brands navigate the complexities of digital transformation and changing consumer preferences [15][16]

Group 1 - The 2026 Spring/Summer Beijing Fashion Week commenced on September 10, 2023, with the theme "潮塑新生—一拾启流光 溢彩京城," running until September 17, featuring over 300 brands and 150 designers, marking the largest scale in its history [1] - The event highlighted international elements by introducing renowned haute couture designer Guo Pei for the opening show and organizing the "FUTURE MODA China-Italy Fashion Night" to explore pathways for Italian brands to enter Beijing [2] - The fashion week emphasized domestic cultural trends by showcasing traditional brands and local ethnic fashion, alongside international brand launches, and hosted a cultural exchange night [2] Group 2 - The fashion week achieved seamless integration from runway to market with the "See Now, Buy Now" model, allowing audiences to purchase showcased items directly through the "Beijing Fashion Week Select" online platform [3] - The "Fashion Enjoyment Festival" was launched concurrently, covering nearly 100 commercial complexes in the Beijing-Tianjin-Hebei region, enhancing regional consumer activity with various promotional activities [3] - The event will also collaborate with other major events like the China Open Tennis and Beijing International Music Festival to create new experiential scenes in fashion [3] Group 3 - An annual awards ceremony will be held on September 26, featuring traditional awards and newly added honors to celebrate the achievements of the Beijing fashion industry over the past decade [4]

本报讯（记者马婧）昨晚，2026春夏北京时装周在国家会议中心二期启幕。本季时装周为期8天，以"潮 塑新生"为主题，联动隆福寺、望京小街、秀水街、首钢园、古北水镇等城市时尚地标，汇集300余个品 牌、150余位设计师，将举办超150场线下时尚活动，创历年活动数量之最。 聚焦东方美学与世界潮流的交汇碰撞，既有国内新锐年轻设计师及知名设计师品牌展现最新国潮新品， 又有意大利时尚品牌、德国设计师品牌、瑞典知名品牌进行产品首发。 ■"北京农商银行·金色时光"望京小街分会场 以"潮童艺术·银龄风尚"为主题，通过"T台展示+生活场景+即秀即售"的沉浸式体验，推动全龄段时尚消 费升级。 ■秀水街"一带一路"分会场 夜晚的国家会议中心二期，光影交织、时尚潮涌。在明星红毯环节，交互服务机器人与明星同台亮相， 实现科技与时尚的跨界对话。开幕当晚，国际知名高定设计师郭培以"鎏光"为主题，带来一场高定大 秀。 今年，国家会议中心二期首次成为北京时装周主会场，多场主题发布会都将在此呈现。一批品牌及设计 师将宋锦提花、香云纱晒莨、苏绣、云锦等非遗工艺带入T台，以现代设计语言重新激活传统技艺，彰 显中华优秀传统文化在时尚领域的当代生命力。 ...

Group 1 - The 2026 Spring/Summer Beijing Fashion Week will be held from September 10 to 17, featuring over a hundred fashion events under the theme "Tide Shaping New Life" [1] - The main venue will be the National Convention Center Phase II, marking its debut as the main site for the fashion week, with a grand show by renowned designer Guo Pei [1] - The event will include a collaboration with the Italian Embassy and the Italian Chinese Association for the "Future Moda China-Italy Fashion Day," showcasing new collections from various Italian fashion brands [1] Group 2 - The Xiushui Street sub-venue will host the "Hello, Beijing" Sino-Nigerian cultural exchange night, featuring traditional Nigerian clothing and a fashion show by Chinese designer Ma Yanli [2] - The closing show will be led by Chinese master craftsman Zhu Bingren, integrating traditional craftsmanship with modern fashion [2] - The fashion week aims to enhance commercial conversion capabilities, linking with major shopping districts and over 80 commercial complexes in Beijing and Hebei to stimulate fashion consumption [2]

Core Insights - The expansion of China's visa-free and transit visa-free countries to 47 and 55 respectively is driving an increase in inbound tourism and shopping trends in China [2][5][11] - The "China Tour" is gaining popularity, with "China Shopping" emerging as a new trend for inbound tourism [2][5][11] - The total sales amount for tax refunds on purchases made by foreign tourists in the first half of the year increased by 94.6% year-on-year [2][5][11] - Popular consumer goods among foreign tourists include souvenirs, trendy toys, and technology products [2][5][11] - Shanghai, as the first stop for inbound tourism, has shown strong consumer activity, with 64,000 tax refund applications processed in the first half of the year, a 140% increase compared to the same period last year [2][5][11]

Core Viewpoint - The article discusses the concept of marginal propensity to consume (MPC) and its implications for investment analysis, emphasizing the importance of understanding different consumer behaviors and their impact on consumption patterns and investment opportunities [2][3][26]. Group 1: Marginal Propensity to Consume - Marginal propensity to consume is a key concept in Keynesian economics, indicating the proportion of additional income that is spent on consumption [2]. - A higher MPC leads to greater returns on government investment, but the pandemic has caused a decline in MPC, resulting in lower economic multipliers [3][4]. - The stability of MPC is influenced by consumer psychology, lifestyle habits, and social culture, which can vary significantly among different demographic groups [20][21][22]. Group 2: Consumer Behavior Analysis - The article identifies two distinct consumer groups with different MPCs, which affects their spending behavior and investment implications [9][12]. - For example, two families with the same income can exhibit vastly different consumption patterns based on their spending habits, with one family being more conservative and the other more liberal in their spending [10][11][13]. - The differences in MPC among these groups highlight that consumption growth is not solely driven by income increases but rather by the spending behavior of those most willing to spend [13][15]. Group 3: Consumption Trends and Recovery - The article outlines the sequence of consumption decline and recovery, noting that high MPC groups tend to recover faster than low MPC groups during economic upturns [34][35]. - During the consumption downturn from 2020 to 2021, traditional discretionary goods were the first to be affected, while new consumption categories remained resilient until later in the downturn [31][32]. - The recovery process is characterized by a reversal of the decline sequence, with new consumption categories leading the recovery, particularly those associated with high MPC consumers [35][37].

Group 1 - The article discusses the potential imposition of a 50% tariff on EU products by the U.S. starting June 1, as suggested by President Trump, citing unfair trade practices by the EU [1] - The EU has not yet commented on this new threat and is awaiting discussions between EU trade officials and U.S. representatives [1] - Following the announcement, European stock markets fell sharply, with major indices in the UK and Germany dropping over 1.5%, and luxury goods stocks like LVMH and Hermès declining more than 3% [1] Group 2 - The European luxury goods industry, which includes products like handbags and fashion, is highly sensitive to overseas markets, with the U.S. being a key growth area for the sector this year [2] - France and Italy are the largest exporters of luxury goods to the U.S., with the French luxury sector employing over 600,000 people [2] - Bernard Arnault, chairman of LVMH, emphasized the need for the EU to soften its stance on U.S. trade demands to avoid high tariffs and protect European jobs, as the U.S. market accounts for 25% of LVMH's annual sales [2] - Industry experts indicate that establishing manufacturing facilities in the U.S. to circumvent tariffs is currently impractical due to a lack of skilled labor and expertise [2] - A recent S&P report highlighted that the luxury goods sector is one of the most affected by U.S. tariffs, suggesting that price adjustments may be the primary method for companies to mitigate tariff impacts, although some brands may have limited pricing power due to consumer purchasing capacity [2]