当以"生鲜电商"起家的盒马，也瞄中了奢侈品的生意，能否复制零售巨头们的成功，又将为市场带来哪些新变化？ 01 买奢侈品的尽头是超市 "买烤鸡时顺便买件奢侈品"，已经不再是山姆、开市客的专属。 近日，不少细心的消费者发现，盒马App上线了奢侈品品牌Burberry旗下的服装、鞋类、背包、短袖以及披肩等产品。其中，原价万元以上的品牌经典格 纹披肩售价在2799-3188元/件，原价10250元的棕色双排扣棉服也仅只需要3450元。 | 不过，目前这些产品仅供线上销售，还未正式在线下门店售卖。 | | --- | 曾经，为了保持奢侈品打造出来的"高贵奢华"氛围，几乎所有的奢侈品品牌都更注重直营渠道的投入。但随着奢侈品寒潮的冲击、消费渠道的变化等，不 少品牌也在寻找更多渠道来降低自己的库存压力，突破销售瓶颈。 另一方面，山姆、开市客这类仓储会员制超市，早已靠着折扣奢侈品吸引了不少"中产"消费者前来选购，在打开品牌知名度的同时，还增强了会员用户黏 性。 除了Burberry外，盒马还引进了不少别的奢侈品品牌。 GUCCI古驰、FENDI芬迪、Balenciaga巴黎世家等奢侈品品牌旗下的手提包、围巾、太阳镜、运动鞋等产 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The 2025 Double Eleven e-commerce promotion concluded with a total online sales of 1,695 billion yuan, representing a 14.2% increase compared to 2024. Tmall led in overall e-commerce sales, while JD reported record high transaction volumes with a 40% increase in the number of orders and nearly 60% growth in order volume [3][26] - The jewelry sector performed exceptionally well, with gold products favored by younger consumers. The demand for gold has evolved from a singular focus on value preservation to a multifaceted need for cultural recognition and emotional value, indicating higher growth potential for aesthetically and culturally rich gold jewelry [3][29] - The beauty sector achieved a total GMV of 132.5 billion yuan, with skincare and fragrance/cosmetics sales reaching 99.1 billion yuan and 33.4 billion yuan, respectively. Domestic brands like Proya and Han Shu dominated the sales charts, showcasing the strength of local brands [3][32] - The integration of AI technology in retail is enhancing consumer experiences, creating a virtuous cycle among consumers, merchants, and platforms [3][42] Summary by Sections Retail Market Review - The retail industry index rose by 4.06% during the week of November 10-14, 2025, outperforming the Shanghai Composite Index, which fell by 0.18%. The retail sector ranked third among 31 primary industries [5][14] - The supermarket sector saw the highest increase, with a weekly growth of 7.09%, while the jewelry sector led the year-to-date performance with a 23.66% increase [18][21] Retail Insights: Double Eleven Promotion - The Double Eleven e-commerce event showed resilience in growth, with significant sales increases across platforms. Tmall's comprehensive e-commerce sales reached 16,191 billion yuan, while instant retail sales soared by 138.4% [26] - Gold jewelry sales saw a remarkable increase, with the flagship store of Lao Pu Gold achieving over 3 billion yuan in sales within 10 minutes of opening on Tmall [29] - The beauty category's GMV reached 132.5 billion yuan, with domestic brands capturing significant market share, particularly in skincare and cosmetics [32] Focus on High-Growth Sectors - Investment recommendations include focusing on high-quality companies in sectors driven by emotional consumption themes, such as gold jewelry, offline retail, cosmetics, and medical aesthetics [6][48] - Specific companies highlighted for investment include Lao Pu Gold, Proya, and Aimeike, among others, which are expected to benefit from current market trends [49]

Core Insights - The 2023 Double Eleven shopping festival reflects a shift in consumer behavior, indicating a redefinition of consumption values rather than just a sales competition [2][15][17] Consumer Behavior Trends - There is a significant decline in social media discussions about Double Eleven, with a 66% drop in posts from ordinary users in October, although the purchasing behavior remains stable [3] - Families are prioritizing spending on household needs, with mentions of "families with children" increasing from 10% to 22%, while personal categories like "students" and "mothers" have decreased [3] - The elderly consumer segment is gaining purchasing power, with mentions of "retired/elderly" rising from 1.4% to 3.2%, highlighting the importance of the silver economy [4] Spending Categories - Health and wellness spending is on the rise, with mentions increasing from 14% to 17%, as consumers seek certainty in uncertain times [4] - The beauty and skincare category has seen a rise in mentions from 19% to 25%, indicating that "lipstick economy" remains strong even during economic downturns [6] - The clothing and accessories category has significantly declined, with mentions halving from 15% to 7.5%, as consumers prioritize practicality over appearance [11][12] Promotional Strategies - Simple and straightforward promotions are more appealing to consumers, with mentions of consumption vouchers increasing by 488% from 0.8% to 4.7% [6] - Consumers are increasingly wary of price fluctuations, with mentions of "price commitment" rising from 0.9% to 7.9%, while "low price" mentions dropped from 15% to 9.4% [7] - Social interaction during shopping is becoming more important, with mentions of "social interaction" rising from 5% to 8.7% and "group buying interaction" increasing by 283% [7] Quality and Trust - Consumers are becoming more discerning about product quality, with overall mentions of "product quality" dropping from 42% to 15%, indicating a shift towards more specific quality expectations [6] - There is a growing preference for authoritative endorsements over user reviews, as consumers shift from relying on "comments" to "authoritative certifications" [10] Future Outlook - The nutrition and health product category is poised for significant growth, with mentions skyrocketing from 4.2% to 12%, indicating a potential golden opportunity in the next three years [11] - The overall consumer sentiment reflects a transition from mere price sensitivity to a more nuanced understanding of value, as "price sensitivity" decreased from 10% to 5.6% while overall discount-driven behavior increased [15]

Core Insights - The report by Accenture titled "New Propositions for a Better Life - Insights into Chinese Consumers" analyzes the structural changes occurring in the Chinese consumer market, highlighting two main themes: "Rational Upgrade" and "Demand Restructuring" [2][10]. Group 1: Rational Consumption and Brand Loyalty - Chinese consumers are becoming increasingly rational, with over 55% frequently comparing multiple brands even if they have a preferred one, indicating a dilution of brand loyalty [3][25]. - Domestic brands are rising across various categories, with consumer preference for domestic products surpassing that for international brands in beauty, 3C electronics, home appliances, and apparel [3][14]. - The preference for domestic brands is driven not only by price but also by cultural recognition and emotional value, with 85% of consumers prioritizing cost-effectiveness and 70% valuing product quality [15][25]. Group 2: New Priorities and Consumer Behavior - Consumers are reordering their life priorities, with a significant increase in focus on health and wealth, while aspirations related to career, love, and personal growth are being suppressed [4][40]. - Nearly 90% of consumers actively focus on physical and mental health, with 70% choosing to save money to enhance financial resilience, and 60% engaging in skill development or side jobs, forming a "safety triangle" of health, wealth, and learning [4][47]. - The shopping experience is evolving, with 85% of consumers preferring online browsing while still valuing in-store experiences, indicating a desire for a blend of efficiency and emotional interaction [4][39]. Group 3: AI Integration in Daily Life - AI is rapidly becoming integrated into daily life, with 77% of consumers frequently using AI tools, viewing them as advisors (65%) or assistants (63%), and even as partners (46%) [5][26]. - AI lowers the barriers to information access, enabling consumers to make more autonomous and efficient decisions in shopping, learning, and other areas [5][39]. Group 4: Brand Response Strategies - In the era of rational consumption, brands must provide "justifiable premiums" through solid product quality and clear value propositions to gain consumer trust [6][11]. - Emotional connections are crucial, with brands needing to engage deeply with consumers in real-life scenarios, such as creating immersive experiences or enhancing consumer confidence through integrated online and offline services [6][11]. - Leveraging AI to understand consumer needs and optimize experiences is becoming a core competitive advantage for brands [6][11].

Core Insights - The 2025 Double Eleven shopping event shows a significant trend towards efficacy and ingredient-focused beauty consumption, with over 90% of consumers paying attention to skincare product ingredients and nearly 60% focusing on efficacy [1][3][4] - A majority of consumers (82%) prioritize the legitimacy of supply chains when purchasing beauty products, with 90.8% selecting JD.com as the most reliable platform for authentic beauty and skincare products [1][5][6] Consumer Behavior Trends - Over 90% of consumers are concerned about skincare ingredients, with 50.7% making secondary selections based on these ingredients [3][4] - 59% of consumers choose products based on their skin type, with key recognized ingredients including hyaluronic acid (66.8%), collagen (61.9%), and niacinamide (57.3%) [3][4] - The primary skincare concerns are hydration (61.3%) and anti-aging (59.0%), reflecting a shift from emotional to rational decision-making in beauty purchases [4][5] Platform Preferences - 93.6% of consumers prefer JD.com for purchasing high-end beauty products, citing superior authenticity guarantees, delivery, and after-sales service compared to other platforms like Taobao and Tmall [1][6] - Consumers view "official authorized channels" as the top assurance for purchasing genuine skincare products, followed by brand recognition and authoritative certification [4][5] Market Dynamics - The high-end beauty market is experiencing growth, with increasing consumer demands for product quality and service [5][6] - JD.com has become the leading online sales channel for numerous international luxury beauty brands, including Lancôme, SK-II, and Dior [6]

Core Insights - The cooperation between the Belt and Road Environmental Technology Exchange and Transfer Center (Shenzhen) and JUMIA aims to promote green and low-carbon transformation in cross-border e-commerce, marking a significant step in the development of "Green Silk Road e-commerce" [1][2] Group 1: Partnership Details - The partnership will focus on key areas such as green product certification, compliance standards guidance, trade facilitation measures, and the greening of supply chains [2] - The Belt and Road Environmental Technology Exchange and Transfer Center (Shenzhen) will establish a strict green product selection and standard recognition mechanism, leading the construction of the first Silk Road e-commerce pilot project based on a unified green label [2] - The initial focus will be on categories with significant green advantages, including 3C electronic products, energy storage devices, and beauty and skincare products [2] Group 2: Market Context - In the first half of 2024, China's import and export volume with Africa increased by 14.4% year-on-year, making Africa one of the fastest-growing regions for China's foreign trade [1] - JUMIA, a leading African e-commerce platform listed on the New York Stock Exchange, has a total merchandise transaction volume of $720.6 million and revenue of $167.5 million as of 2024, serving approximately 5.4 million customers [1] Group 3: Strategic Implications - This collaboration will not only provide African consumers with more high-quality, environmentally friendly Chinese products but also offer a greener and more convenient path for Chinese enterprises to enter the African market [3] - The integration of online e-commerce traffic and offline distribution networks creates a new channel for green trade with Africa, injecting new momentum into the "Green Silk Road" initiative [2]

Core Insights - Douyin e-commerce is experiencing a surge in business during the Double 11 shopping festival, with various brands benefiting from the platform's upgraded promotional strategies and incentives [1] Fashion Industry Highlights - In the fashion sector, the top 10 outdoor sports brands achieved sales exceeding 100 million, with Camel, Fila, and Nike leading the pack [1] - The women's fashion category saw several brands surpassing 100 million in sales, with Yaya, Bosideng, and AP taking the top three spots [1] - Men's fashion brands such as Romon, Woodpecker, and Pierre Cardin also reported sales exceeding 100 million, ranking them as the top three in the trend men's fashion category [1] Jewelry and Luxury Goods - The consumption of jewelry and luxury goods continues to rise, with gold being a favorite among consumers; the top three jewelry brands are Lingfeng Gold, Houde Gold, and China Gold [1] - The luxury brand leaderboard is led by Ralph Lauren, ICICLE, and Hugo Boss [1] Fast-Moving Consumer Goods (FMCG) Highlights - There is a strong demand for stockpiling in the FMCG sector, with significant sales increases in beauty, food and health, household cleaning, personal care, pet products, alcoholic beverages, and parenting education brands [4] - Beauty remains a key category for stockpiling during Double 11, with Pechoin, Proya, and THE WHOO ranking as the top three beauty brands [4] - Health food brands are gaining traction, with Nutrend leading the food and health category [4] - Leading brands in household cleaning and personal care include Vinda and Feminine Care, respectively [4] - In the pet product category, emerging brand Jingu leads the rankings, while top alcoholic beverage brands like Moutai, Fenjiu, and Jianan Spring have also surpassed 100 million in sales [4] - The parenting education sector is strong, with brands like Dutch Lady taking the top spot [4] Durable Goods Highlights - Consumers are increasingly purchasing durable goods such as mobile phones, 3C digital products, small appliances, and home goods through Douyin Mall, leading to significant growth for various brands [6] - The top 10 mobile phone brands all exceeded 100 million in sales, with Apple, Huawei, and Xiaomi leading the new mobile phone category [6] - In the 3C digital product category, DJI, Lenovo, and ASUS ranked as the top three brands [6] - The small appliance category is led by Ecovacs, Youwang, and Roborock, while the home goods category features Xilinmen, ZhiHuaShi, and Linshi Home as the top three brands [6] Overall Market Trends - The Double 11 shopping festival on Douyin e-commerce is activating consumer purchasing power, leading to continuous business achievements for merchants [9] - The platform plans to support merchants through traffic assistance, exposure incentives, and logistics guarantees to capitalize on the promotional opportunities [9]

Group 1 - JD's 11.11 shopping festival has seen explosive growth, with over 200 categories experiencing more than 300% year-on-year growth and over 2000 brands achieving over 100% growth [1] - High-quality warm clothing has surged in sales due to significant temperature drops in northern regions, with women's down jackets and coats seeing sales double year-on-year [2] - Children's warm clothing and shoes have also seen a significant increase, with children's down jackets and thermal underwear sales doubling [3] Group 2 - The demand for high-end beauty products has increased, with over 500 skincare brands experiencing more than double year-on-year sales growth [4] - Jewelry and luxury items have seen substantial growth, with gold jewelry sales increasing by 80 times and investment gold sales doubling [4] - Major gold brands like Lao Pu Gold have reported over 70 times year-on-year sales growth, while other brands also saw significant increases [5]

Core Insights - JD Beauty held its first "Beauty Awards" ceremony in Tianjin, showcasing over 100 renowned beauty brands and sharing its development progress in areas such as category co-construction, new product incubation, and celebrity collaborations [1][3] Performance Overview - JD Beauty's overall performance has accelerated in the first half of the year, leading the industry in the share of imported high-end beauty brands, becoming the largest online sales channel for major international brands like Lancôme, SK-II, and Dior [3][5] Award Details - The "Beauty Awards" is a comprehensive industry award established by JD Beauty, evaluating products based on sales, user reputation, and technical strength across 32 categories, including skincare and makeup, aimed at selecting quality beauty products for consumers [3][4] Industry Trends - The beauty industry faces both opportunities and challenges, with over 90% of users emphasizing the importance of genuine products and 54.9% focusing on specific efficacy like anti-aging and skin barrier repair [4] Strategic Initiatives - JD Beauty is implementing a "Category Penetration" strategy to support key segments like anti-aging and sun protection, collaborating with brand partners to create standout products [4] - The "Tenfold Growth Plan" is designed to provide tailored resource combinations for brands, enhancing their growth through refined operations [4] Marketing Innovations - JD Beauty is innovating its marketing strategies through gift scenarios and celebrity collaborations, enhancing brand visibility and sales [6] - The "Physical Sampling" initiative has significantly increased sampling scale by over 16 times, improving user repurchase rates [6] Future Plans - JD Beauty aims to continue enriching its product offerings and optimizing service systems to enhance the beauty shopping experience, while fostering sustainable development in the beauty industry through open ecosystems and refined audience operations [7]

Core Insights - The report highlights the structural opportunities in the consumer sector driven by new demands, scenarios, and models, emphasizing emotional and personalized upgrades in consumer needs, particularly in high emotional value categories like trendy toys and beauty products [2][9] - The medical beauty industry is entering a new phase, with light medical beauty gaining traction due to its low risk and quick recovery, while domestic beauty brands are expected to accelerate their growth through innovative business models and enhanced channel efficiency [3][13] - The trend of emotional consumption is reshaping the market, with consumers increasingly motivated by personal connection and emotional resonance rather than mere necessity, leading to a shift in purchasing behavior [27] Consumer Sector Trends - The consumer market is experiencing a profound transformation, with service consumption becoming a primary growth engine, contributing significantly to overall consumption growth [4][28] - The service sector is evolving towards standardization and digitalization, with a focus on enhancing customer experience and operational efficiency, which is expected to drive industry consolidation [4][31] - The report anticipates three major trends in the consumer sector: simultaneous growth in high-end quality and cost-effective consumption, the rise of emotional value as a key decision factor, and the penetration of niche concepts like "green consumption" [10][28] Medical Beauty and Domestic Brands - The light medical beauty market is projected to grow at a CAGR of 10.9% from 2025 to 2028, driven by its appealing characteristics to price-sensitive consumers [13] - Domestic beauty brands are rapidly gaining market share, with a notable increase in the importance of content e-commerce channels, and are expected to leverage scientific narratives to strengthen consumer recognition [17][18] Trendy Toys and IP Economy - The trendy toy market is expanding across all age groups, with significant growth expected in the doll category, projected to increase from 26.8 billion in 2024 to 71.7 billion by 2029, reflecting a CAGR of 23.7% [22][23] - The industry is witnessing a shift towards immersive experiences and innovative marketing strategies, enhancing consumer engagement and loyalty [26][27] Service Consumption Evolution - Service consumption is transitioning from a supplementary role to a core driver of economic growth, with a significant increase in the proportion of service spending in total consumer expenditure [4][28] - The report identifies four key trends in the service sector: supply chain innovation, demand segmentation, ecological layout, and globalization, which are expected to reshape the competitive landscape [31][36]