芬兰的年轻人排队乘坐宇通客车提供的公交车，丹麦本地人开着比亚迪在街头驶过，背包客在挪威峡湾风光中用着大疆无人机，瑞典人从巨大的极星广告牌 下走过。 这个春节，新京报贝壳财经记者到北欧旅行过年，从公交车到私家车，从重工业到休闲潮玩，不少"中国智造"元素正融入北欧人的日常生活。 事实上，"中国智造"在海外已从单纯的品牌收购，升级为在全球范围内重组品牌、技术和市场资源。 "充一次电能跑200公里，安静得很" 芬兰赫尔辛基，当地时间清晨8时，新京报贝壳财经记者登上一辆公交车。在蓝色读卡器上选择乘坐区域后，把信用卡往读卡器一贴——"嘀"，车门关闭， 车辆开始运行。 车厢里安静得出奇，公交车无声地滑过赫尔辛基的街头。不经意间抬头看向车窗玻璃，发现角落处印着一个菱形标志以及一串方块汉字：宇通客车。 芬兰人每天乘坐的这辆公交车，来自中国郑州宇通。原来，在2021年，芬兰最大的交通运输公司Pohjolan Liikenne一口气采购了33辆宇通纯电动和燃油公交 车，全部投放在赫尔辛基地区，如今已陆续扩充至400辆。这些白蓝相间的巴士融入城市的毛细血管，载着无数北欧人，穿过清晨、黄昏和风雪。 一辆比亚迪从丹麦街头驶过。新京报贝壳 ...

Core Concept - The article discusses the emergence of the "emotional economy," which encompasses various aspects such as "self-love economy," "companionship economy," and "anger economy," highlighting how emotions are increasingly activated and monetized in consumer behavior [2][30]. Group 1: Emotional Economy Overview - The emotional economy is defined as a new economic form where consumer purchases are driven by emotional value rather than just functional or price considerations [5][33]. - Emotional consumption is characterized by the pursuit of inner joy, comfort, recognition, or stress relief, emphasizing the experience of feeling over the physical product itself [5][33]. - The emotional economy includes three layers: emotions as commodities, the role of platforms in capturing and analyzing emotional data, and the shift of brands towards providing meaning and empathy [6][33][36]. Group 2: Case Study - Pop Mart - Pop Mart serves as a clear example of how the emotional economy operates, utilizing a blind box model that creates uncertainty and emotional anticipation, significantly enhancing purchase willingness [7][35]. - The business model of Pop Mart relies on a system that converts emotions into data, allowing for the adjustment of emotional supply based on consumer feedback [8][36]. - Pop Mart's strategy focuses on maintaining ongoing emotional connections with consumers rather than just completing sales, thus transforming emotions into a systematic economic resource [8][36]. Group 3: Market Trends and Growth - The emotional economy in China is rapidly evolving, with a significant portion of young consumers (over 40.1%) prioritizing emotional value and interest in their purchasing decisions [9][37]. - The market size of the emotional economy in China reached approximately 2.3 trillion yuan in 2024, with projections to exceed 4.5 trillion yuan by 2029 [9][37]. - Emotional experiences shared on social media contribute to the formation of a "sympathy network," which can be transformed into economic value [9][37]. Group 4: Key Aspects of Emotional Economy - The "self-love economy" emphasizes personal well-being and mental health expenditures, with services like massage and meditation becoming regular budget items [16][44]. - The "companionship economy" includes the growing pet economy, which reached nearly 300 billion yuan in 2025, and the increasing acceptance of online psychological services [19][47]. - The "anger economy" highlights how negative emotions are exploited for engagement on social media, with anger being a particularly effective driver of content sharing and interaction [22][23].

Core Viewpoint - The article discusses the emergence of the "emotional economy," which encompasses various consumer behaviors driven by emotions, such as self-care, companionship, and anger, highlighting the complexities and implications of these trends in modern society [4][6][30]. Group 1: Emotional Economy Overview - The emotional economy is defined as a new economic form where consumers prioritize emotional value over functional value in their purchasing decisions [9][12]. - Emotional consumption is driven by the need for psychological comfort, self-identity, and emotional resonance, rather than just the utility of products [8][9]. - The emotional economy includes three layers: emotions as commodities, the role of data and platforms in shaping emotional experiences, and the shift from functional value to emotional connection in brand relationships [9][11]. Group 2: Examples of Emotional Economy - Pop Mart serves as a clear example of the emotional economy, where its blind box model creates emotional anticipation and excitement, leading to increased consumer willingness to purchase [10][11]. - The emotional value derived from Pop Mart's products is not just about the toys themselves but the designed emotional experience associated with the purchase [10][11]. - The emotional economy is rapidly growing, with a projected market size of approximately 2.3 trillion yuan in 2024, expected to exceed 4.5 trillion yuan by 2029 [12]. Group 3: Subcategories of Emotional Economy - The "self-love economy" has gained prominence, where consumers focus on personal well-being and emotional satisfaction through various expenditures, such as wellness services and hobbies [20][21]. - The "companionship economy" is characterized by the rise of AI companionship and emotional support services, which have become significant in addressing loneliness and emotional needs [24][25]. - The "anger economy" reflects the monetization of negative emotions, particularly through social media, where content designed to provoke anger garners more engagement and visibility [26][27]. Group 4: Future Implications of Emotional Economy - The emotional economy raises concerns about the potential for emotional commodification to lead to a depoliticized approach to self-care, shifting responsibility for emotional well-being onto individuals rather than addressing systemic issues [30][32]. - The article suggests that while the emotional economy can provide short-term comfort, it may also internalize structural problems as personal issues, complicating the relationship between individual well-being and societal conditions [31][32]. - The evolution of the emotional economy may lead to a revaluation of emotional skills in the workforce, particularly as AI takes over more analytical tasks, potentially benefiting those with strong emotional intelligence [33].

文：向善财经 创始人现场上演咏春对打，沈腾惊喜现身，生生把严肃的年会搞成大联欢。 没错！这就是别人家的年会现场。 更让人气不过的是，这场年会的热度还没褪去，泡泡玛特就交出了一份惊艳的年度成绩单，用实打实的销量证明了自己在潮玩赛道的绝对领跑地位。 数据显示，2025 年泡泡玛特全球员工规模突破 1 万人，注册会员数成功迈过 1 亿大关；爆款 IP LABUBU 系列全年销量超 1 亿只，全品类 IP 产品总销量高 达 4 亿只。 如今的泡泡玛特，业务版图已覆盖 100 多个国家和地区，全球门店数量超 700 家，手握 6 大供应链基地，更为全球创造了超 20 万个就业岗位。 //2025，情绪经济大年 2025年是消费市场公认的情绪经济大年，那啥是情绪经济？ 说白了，就是大家的消费观念变天了——以前买东西，看的是实用、性价比，现在掏钱，先问"能不能让我开心"，情绪价值必须拉满，这就是当下最火的情 绪经济。 拿日本的三丽鸥来说，上个世纪末的日本年轻人生活、工作压力普遍比较大，情绪需要放松，于是，HelloKitty 就这么火了。 直到现在，HelloKitty依然还是三丽鸥这家公司的台柱子。 说回现在的我们，生活 ...

Core Insights - Honor will launch the industry's first trendy toy smartphone in collaboration with Pop Mart on January 19, 2026, reflecting both companies' ambitions for differentiation and new commercial strategies [1][9] - The global smartphone market has seen a decline in shipment volumes for several consecutive quarters, making collaborative partnerships a strategic choice rather than just a marketing gimmick [10][12] Group 1: Market Context - In Q3 2025, China's smartphone market shipped approximately 68.4 million units, a slight year-on-year decrease of 0.5%, with Honor and OPPO tied for fifth place with 9.9 million units each [12] - The smartphone industry's cost structure is rising, putting significant operational pressure on global manufacturers, while high-end market consumers remain less price-sensitive if products demonstrate sufficient technological innovation [12] - Honor's collaboration with Pop Mart aims to achieve product differentiation through trendy toy IPs, breaking through the homogenization of competition [12] Group 2: Company Performance - Honor's global shipment volume reached 71 million units in 2025, with a 9% year-on-year increase, and overseas sales grew by 47%, marking the first time overseas sales accounted for over half of total sales [10][13] - Pop Mart reported a revenue of 13.88 billion yuan in the first half of 2025, a year-on-year increase of 204.4%, with significant growth in both domestic and overseas markets [10][13] Group 3: IP Value and Business Logic - Pop Mart's IP empire is expanding rapidly, with the LABUBU series generating 4.81 billion yuan in revenue in the first half of 2025, a staggering year-on-year growth of 668% [14][16] - The collaboration with Honor allows Pop Mart to extend its IP value into the 3C digital field, reaching a broader audience beyond its core fan base [14] - Analysts categorize IP collaborations into lightweight partnerships focusing on branding and deep customizations that integrate IP culture throughout the product lifecycle [14][15] Group 4: Future Outlook - The collaboration between Honor and Pop Mart has the potential to create genuine value integration, moving beyond superficial marketing tactics [17] - Pop Mart's global strategy aims for overseas revenue to account for 55% by 2026, with significant growth in international markets already observed [17][18] - Recent trends in Pop Mart's blind box business show a divergence between online sales and secondary market performance, indicating a more rational development phase in the trendy toy market [18]

Core Insights - The "crying horse" toy, initially a production error, unexpectedly became a commercial success, highlighting the ability to turn mistakes into business opportunities in Yiwu [1][4] - The phenomenon reflects a growing trend in consumer behavior where emotional value surpasses functional value, resonating particularly with modern workplace anxieties [2][3] Group 1: Emotional Value in Consumer Products - The "crying horse" resonates with contemporary workers' emotional pain points, serving as a soft representation of their unexpressed fatigue and stress [2][3] - The success of the "crying horse" illustrates how emotional resonance can drive consumer demand, as seen in other successful media that address similar themes of resilience and acceptance [2][3] Group 2: Yiwu's Market Dynamics - Yiwu's rapid response to market trends, including the swift production of the "crying horse," showcases its strong supply chain capabilities and market sensitivity [3][4] - The "crying horse" phenomenon exemplifies the Yiwu spirit, characterized by adaptability, courage in facing challenges, and a commitment to maintaining market integrity through pricing strategies [4][5] Group 3: Broader Implications for Market Economy - The "crying horse" phenomenon emphasizes the importance of individual empowerment within the market economy, creating opportunities for ordinary people to seize unexpected chances [5]

Core Insights - The Chinese consumer market in 2026 will be driven by five core consumer groups, shifting from "cost-performance" and "emotional value" to "quality-price ratio" and "holistic self-consumption" [1] - Consumers will prioritize rationality and quality, expecting brands to be both functional and emotionally resonant [1] Group 1: Generation Z (Ages 18-27) - Consumption for Generation Z is a means of self-expression and social identity, where purchases serve as "social currency" to enter specific circles [3][5] - They are willing to spend significantly on items that symbolize their identity, such as limited edition sneakers or local cultural products, reflecting their values and community [5][6] - The rise of "identity consumption" indicates that purchases are more about expressing beliefs and belonging than fulfilling needs [6] - The "谷子经济" (Guzi Economy) represents a mature emotional currency system, with a market size projected to reach 200 billion, driven by fandom and collectibles [9] - Young consumers are increasingly skeptical of influencer marketing, preferring authentic and relatable brand interactions [10][11] - The trend of "micro-luxury" consumption allows young consumers to find joy in small, affordable indulgences, enhancing their daily lives [12] - There is a growing demand for time-saving solutions, with consumers willing to pay for convenience in their daily routines [13][15][17] - The second-hand market is thriving, combining environmental consciousness with unique personal style, as consumers seek vintage items for both quality and social status [18][19] - Digital ownership, such as collecting unplayed games or apps, provides a sense of security and potential [20] - Aesthetic preferences are shifting towards simplicity and authenticity, rejecting excessive packaging and marketing [21][23][24] - Young consumers are exploring less commercialized areas for authentic experiences, seeking a contrast to urban life [25][26] Group 2: Small Town Middle-Aged Consumers - This demographic is characterized by stable income, property ownership, and a strong sense of local pride, making them a foundational consumer group [30] - Their purchasing decisions heavily rely on recommendations from friends and family, emphasizing trust over advertising [30] - Leisure activities define their consumption patterns, focusing on local experiences and community engagement [31][32] - Social currency is significant, with purchases serving to enhance their social image within their communities [33] Group 3: Millennials - There is a polarization in spending habits, with consumers seeking high value in everyday items while indulging in premium products for self-care and family [40][42] - Service consumption is on the rise, as consumers prefer to pay for convenience and quality outcomes rather than doing tasks themselves [43][44] - The "healing economy" is emerging, with consumers regularly engaging in emotional wellness activities, indicating a shift towards prioritizing mental health [46] - Anti-aging products are becoming more sophisticated, with consumers investing in comprehensive health management systems [47] - Membership-based shopping models are gaining traction, as consumers value curated selections that save time and ensure quality [49] - The revival of physical media, such as books and vinyl records, reflects a desire for tangible experiences and meaningful consumption [50] Group 4: New Middle-Class Women - The concept of "self-pleasure" is evolving into a comprehensive investment in personal growth, encompassing various aspects of life [51][52] - Women are increasingly investing in education, fitness, mental health, and skincare, seeking holistic self-improvement [52] - Brands must shift from merely meeting needs to providing integrated solutions that empower consumers [52]

Group 1 - The core consumption logic in China is shifting from "cost-performance" and "emotional value" to "quality-price ratio" and "comprehensive self-satisfaction" as consumers become more rational and discerning in their purchases [2][3] - The Z generation (ages 18-27) views consumption as a means of expressing identity and belonging, prioritizing "identity consumption" over mere "need consumption" [4][6][10] - The "谷子经济" (Guzi Economy) is emerging as a significant market, driven by emotional value and the willingness of consumers, especially the Z generation, to pay for intangible assets like fandom and community [10][11] Group 2 - The Z generation is increasingly skeptical of influencer marketing, with only 11% trusting recommendations from online personalities, preferring authentic and relatable brand interactions [12][13] - The trend of "micro-luxury" consumption is rising, where consumers seek small indulgences that provide immediate happiness and a sense of control over their lives [12][13] - The demand for convenience is leading to a rise in "extreme time-saving" solutions, with consumers willing to pay for products that simplify their daily routines [15][16] Group 3 - The second-hand market is gaining traction as consumers seek unique, high-quality items while also valuing sustainability, with platforms for vintage and second-hand goods becoming social hubs [16][17] - Digital assets are being accumulated for their potential future value, with consumers finding satisfaction in owning a vast array of digital content, even if unused [18][19] - A trend towards "aesthetic minimalism" is emerging, with consumers favoring simpler, less polished designs that emphasize authenticity over excessive packaging [20][23] Group 4 - The younger generation is increasingly seeking authentic experiences, often traveling to less commercialized areas to escape urban monotony and engage with local cultures [24][25] - The Z generation is characterized by "precise ambiguity," using specific labels to express their multifaceted identities, which brands must understand and respect [26][27] - The "小镇中年" (Small Town Middle-Aged) demographic is becoming a stable consumer base, relying heavily on community recommendations and valuing local pride [30][32] Group 5 - The "leisure economy" is thriving, with consumers prioritizing leisure activities that enhance their quality of life, such as local dining and short trips [33][34] - Social currency is becoming a key driver of consumption, where purchases are made not just for personal use but also to enhance social standing within local communities [35][36] - The preference for trusted national brands is evident, with consumers favoring mid-range products that offer reliability and value for money [36][37] Group 6 - The rise of service consumption reflects a shift towards valuing time and convenience, with consumers willing to pay for services that simplify their lives [46][47] - The "healing economy" is emerging as a significant market, with consumers regularly engaging in emotional wellness activities to cope with modern stressors [48][50] - Anti-aging products are evolving into a more systematic and scientific approach, with consumers investing in comprehensive anti-aging solutions [51][52] Group 7 - Membership-based shopping models are gaining popularity, as consumers seek curated selections that save time and ensure quality [52][54] - The revival of physical media, such as books and vinyl records, highlights a desire for tangible experiences and the ritualistic aspects of consumption [57][58] - The "new middle-class women" are redefining self-satisfaction, investing in holistic self-improvement across various aspects of life [61][62]

Core Insights - The article highlights significant changes in the consumer market in 2025, emphasizing the emergence of new consumption patterns and the evolution of various sectors within the industry [2]. Instant Retail - Instant retail is recognized as the "explosion year" in 2025, expanding beyond food delivery to encompass a wide range of products [3]. - Major players like JD.com and Alibaba have entered the market, leading to intense competition and a subsidy war among platforms [4]. - The industry is shifting towards a more sustainable model, focusing on long-term ecological coexistence rather than short-term gains [4]. Emotional Consumption - Emotional consumption has become a key trend, driven by the desire for psychological comfort and social recognition among consumers [5]. - The market for emotional consumption in China reached 2.3 trillion yuan in 2024, with projections to exceed 4.5 trillion yuan by 2029 [5]. - Various segments, including healing products and immersive experiences, are gaining popularity, reflecting a shift in consumer preferences [6]. Reverse Tourism - There is a notable increase in tourism orders in county-level areas, with local entrepreneurs capitalizing on unique cultural experiences [7]. - The focus has shifted from traditional sightseeing to immersive local experiences, appealing to younger demographics [7]. Consumption Downward - Lower-tier cities are experiencing a surge in consumer activity, with significant growth in orders during events like Double 11 [8]. - Brands are increasingly targeting these markets, with local players gaining traction through culturally resonant products [8]. Hard Discounts - The hard discount retail sector is expanding, challenging the perception that low prices equate to low quality [11]. - Major internet companies are driving this trend, with new store formats and streamlined supply chains enhancing efficiency [11]. Light Health - Health-conscious products are becoming popular among younger consumers, with a focus on convenience and effectiveness [13]. - The market is evolving to include innovative health products that cater to the busy lifestyles of young professionals [14]. Circular Economy - The circular economy is gaining traction, with a shift in consumer attitudes towards second-hand goods and sustainability [16]. - Platforms like Xianyu and Zhuanzhuan are adapting their strategies to enhance trust and user experience in the second-hand market [17]. Pet Economy - The pet economy is experiencing rapid growth, with a market size exceeding 811.4 billion yuan and a 25.4% annual growth rate [18]. - There is a diversification of products and services catering to pet owners, reflecting a shift towards more personalized and premium offerings [18]. Value Export - Chinese brands are increasingly focusing on global markets, leveraging cultural resonance and operational efficiency to build brand loyalty [19]. - The strategy of value export is reshaping perceptions of "Made in China" and driving foreign trade growth [19]. Prepared Dishes - The prepared dishes industry is moving towards standardization and innovation, addressing consumer trust issues through transparency [20]. - Technological advancements in preservation and quality control are enhancing product offerings in this sector [20].

Group 1 - The core concept of emotional consumption is gaining traction in China, with a projected market size exceeding 2 trillion yuan by 2025, reflecting a compound annual growth rate of 12% since 2013 [3] - The phenomenon of "emotional consumption" is exemplified by the rise of figures like "Chicken Chop Brother," who has become a social media sensation, demonstrating how personal narratives can drive consumer engagement and traffic [4][5] - The emotional value associated with products, particularly in the trendy toy market, is significant, with the market expected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan by 2024, achieving a compound annual growth rate of 35.1% [5] Group 2 - Trust is identified as a core asset in the trendy toy economy, where consumers expect high-quality designs and emotional experiences that extend beyond the product itself [5][6] - The volatility of emotional consumption is highlighted, as trust can easily be broken, leading to significant repercussions for brands and individuals in the market [9] - The shift in societal attitudes towards self-care and emotional well-being is evident, with young people moving from a mindset of "proving themselves" to "treating themselves," indicating a deeper resilience in social sentiment [10]