Core Insights - Emotional consumption has emerged as a new trend among young consumers, with over 90% recognizing "emotional value" and nearly 60% willing to pay for it [1][3] - The report indicates a significant increase in the proportion of individuals choosing to spend on emotional value, rising by 16.2 percentage points to 56.3% compared to the previous year [3] Group 1: Consumer Behavior - Young consumers exhibit a tendency to spend small amounts for significant emotional returns, as evidenced by the popularity of "happy gift shops" in urban areas like Shanghai [1] - The top five categories for emotional value purchases include physical items (plush toys, aromatherapy, stress relief toys), experiential consumption (concerts, stand-up comedy, psychological counseling), social consumption (Disney playdates), digital consumption (digital avatars, digital pets), and collaborative/brand consumption [3][5] Group 2: Market Trends - Data from a specific e-commerce platform shows a 100% year-on-year increase in orders for trendy toys during a promotional period, with a notable 15-fold increase in sales for a flagship store [3] - The popularity of original designer postcards has surged in a cultural and creative store in Shanghai, indicating a shift towards unique, artistic products [6] Group 3: Wellness Consumption - There has been a marked increase in self-care consumption, with searches for "hair dye group purchases" rising over 145% and "therapeutic wellness" searches increasing by over 188% this year [8][9]

Core Insights - "Emotional consumption" has emerged as a new consumer trend in fast-paced urban life, with over 90% of young people recognizing "emotional value" and nearly 60% willing to pay for it [1][8] Group 1: Consumer Behavior - Consumers are increasingly adopting a mindset of spending small amounts for significant emotional satisfaction, as evidenced by the popularity of "happy gift shops" in urban areas like Shanghai [4] - A notable consumer, Ms. Wang, highlighted that product color schemes that evoke dopamine are particularly appealing [3] Group 2: Market Trends - The "2025 Generation Z Emotional Consumption Report" indicates that 56.3% of respondents are willing to spend for emotional value or interests, marking a 16.2 percentage point increase from 2024 [8] - Popular product categories that fulfill emotional value include plush toys, aromatherapy, stress relief toys, experience consumption like concerts and therapy, digital pets, and collaborative IP products [8] - Data from a specific e-commerce platform shows a 100% year-on-year increase in orders for trendy toys from October 10 to 20 [8] Group 3: Product Popularity - In a creative store in Shanghai, postcards, especially designer originals, have become the best-selling online product recently [10] - There has been a significant increase in self-care consumption this year, with searches for "hair perm and dye group buying" up over 145% and "therapeutic wellness" searches up over 188% [10]

Group 1 - The core viewpoint of the articles highlights the rise of "emotional consumption" among young consumers, with over 90% recognizing its value and nearly 60% willing to pay for it [1][9] - A significant trend is observed where young consumers prefer to spend small amounts for greater happiness, as evidenced by the popularity of stores like "Happy Gift House" in Shanghai [3] - The "2025 Generation Z Emotional Consumption Report" indicates that 56.3% of respondents engage in "happy consumption" for emotional value, marking a 16.2 percentage point increase from 2024 [9] Group 2 - Popular product categories that satisfy emotional value include plush toys, aromatherapy, stress relief toys, and various experiential and digital consumption options [9] - Data from a specific e-commerce platform shows a 100% year-on-year increase in the number of orders in the trendy toy category from October 10 to 20 [9] - The demand for self-care and wellness-related consumption has surged this year, with searches for "hair dye group buying" and "therapeutic wellness" increasing by over 145% and 188%, respectively [13]

Group 1 - MINISO FRIENDS opened its first store in South China, located in Shenzhen, aiming to create a new landmark for youth culture through immersive IP experiences [2] - The store features a unique "Right Right Sauce" glass window and various interactive installations, integrating popular global IPs such as Disney and Harry Potter [2] - MINISO's latest financial report indicates a total revenue of 4.97 billion yuan in Q2, representing a year-on-year growth of 23.1%, with a gross margin of 44.3%, up 40 basis points from the previous year [2] Group 2 - Shenzhen is promoting consumption upgrades through the "first store economy," with trendy toys becoming a significant aspect of this initiative [2] - Jin Guanghua Plaza has introduced 21 first-store brands, including high-traffic toy brands like WANGXIAOBEN and TOP TOY [3] - Shenzhen leads the nation in the toy industry, housing over 3,000 toy-related companies, which account for 14.4% of the total number of toy enterprises in China, forming a complete industry chain from design to export [3]

Group 1 - The 138th Canton Fair, held from October 15 to November 4, has attracted over 32,000 exhibitors and nearly 240,000 overseas buyers, marking a 6.8% increase compared to the previous session [1][2] - The fair serves as a significant platform for foreign buyers to understand the dynamics of Chinese manufacturing and explore new collaboration opportunities [2][3] - The event showcases a record number of over 10,000 high-quality enterprises, including those recognized for high-tech and specialized innovations [6][7] Group 2 - The fair has introduced a new area of approximately 3,000 square meters for foreign trade products to connect with domestic markets, promoting the integration of domestic and international trade [4][5] - Exhibitors are increasingly focusing on innovative products, with over 1 million new products developed in the past year showcased at the fair [6][7] - The fair highlights the trend of Chinese foreign trade enterprises embracing new changes and actively expanding into domestic markets, enhancing their resilience [5][6]

Core Insights - The 138th Canton Fair serves as a barometer for China's foreign trade, showcasing over 32,000 exhibitors and attracting nearly 240,000 overseas buyers, marking a 6.8% increase compared to the previous session [1][2][8] Group 1: Exhibitor and Buyer Statistics - The fair features over 32,000 exhibitors, a historical high, with more than 10,000 quality enterprises participating for the first time [5][8] - Nearly 240,000 overseas buyers from 223 countries and regions attended the first two phases of the fair, indicating a strong international interest [2][4] Group 2: Market Opportunities and Innovations - Exhibitors are showcasing innovative products, including smart devices and home decor, reflecting the vitality of Chinese manufacturing and supply chain capabilities [2][11] - The fair has established a dedicated area for foreign trade products to connect with domestic markets, promoting the integration of domestic and international trade [7] Group 3: Industry Trends and Future Outlook - The fair highlights a shift towards high-tech, specialized, and innovative enterprises, with a notable increase in the number of exhibitors recognized for their advanced technologies [8][12] - The event is seen as a critical platform for foreign trade enterprises to demonstrate their R&D capabilities and introduce new industry products [9]

Core Insights - The term "healing" has gained significant traction in recent years, with over 830 million people in China identified as being in a state of psychological sub-health, indicating a vast potential consumer base for the "healing economy" [1][7] - The healing economy is not an independent sector but rather a value increment that integrates with various industries, reshaping the core value of products and services [2][3] Group 1: Healing Economy Characteristics - The healing economy is transforming traditional industries by shifting from practical product sales to creating "healing spaces" in home decor, offering "spiritual healing journeys" in tourism, and integrating emotional wellness into dining and beauty services [3][4] - Consumers are willing to pay a premium for healing services, as they seek emotional value and psychological comfort rather than just functional benefits [4][12] Group 2: Social and Psychological Factors - The rise of the healing economy is attributed to a combination of social structure, economic environment, and individual psychological factors, with widespread feelings of "involution" and "anxiety" prevalent across society [5][7] - The emotional economy is emerging as a new economic model focused on meeting consumers' emotional needs, shifting the focus from traditional functional value to emotional value [8][9] Group 3: Consumer Demographics - The demand for healing services is concentrated in economically developed regions, with a significant user base in cities like Jiangsu, Zhejiang, Shanghai, Beijing, and Guangdong [9] - The primary consumers of the healing economy are individuals aged 21 to 40, who represent over 75% of the user base, facing multiple life pressures while possessing disposable income and awareness of mental health [9][10] - Female consumers dominate the healing economy, accounting for over 75% of attendees at healing expos, reflecting their greater emotional expressiveness and unique pressures in balancing work and family [10] Group 4: Economic Implications - The healing economy presents a multi-trillion market potential, but questions remain about whether consumers are genuinely achieving healing or merely experiencing temporary relief from stress [12][13] - While the healing economy offers a "pause" from daily pressures, it does not address the underlying systemic issues causing anxiety and stress, leading to concerns about the commodification of emotional relief [13][18] - The lack of industry standards and effective regulation raises risks of blurring lines between legitimate healing practices and pseudoscience, potentially exploiting vulnerable consumers [13][19]

Core Insights - The "Chengdu Must-Buy + Chongqing Yu Ban Li" joint exhibition market opened in Chengdu's Qingyang District, attracting a large number of citizens and tourists during the National Day and Mid-Autumn Festival period, becoming a popular consumer destination [1] Group 1: Event Overview - The market focuses on two major brands: "Chengdu Must-Buy" and "Chongqing Yu Ban Li," showcasing local time-honored brands, new national goods, cultural and creative products, and intangible cultural heritage crafts [3] - The event features a vibrant atmosphere with a variety of food and cultural products, allowing visitors to experience the unique flavors and cultural heritage of the Chengdu-Chongqing area [5] Group 2: Product Highlights - Chengdu's offerings include well-known condiments like Dan Dan Douban and Pixian Douban, traditional snacks, and cultural products such as silver jewelry and creative gifts, catering to diverse taste preferences [3] - Chongqing's products feature local cultural items like silk scarves and traditional hot pot base, along with unique handicrafts that blend traditional techniques with modern aesthetics [5] Group 3: Alcoholic Beverages - The market showcases a variety of alcoholic beverages from four core production areas in Chengdu, highlighting the quality and cultural significance of Sichuan liquor [7] - Notable brands from different regions, including traditional and innovative flavors, are presented to meet various consumer demands [7] Group 4: Cultural Experience - The market includes a "non-heritage theme exhibition" with performances such as Sichuan opera and storytelling, enhancing the festive atmosphere and cultural experience for visitors [7] - The event will continue until October 8, with additional promotional activities and performances planned to further engage attendees [7]

Group 1 - The core viewpoint of the report is that the Chinese consumer market is undergoing a profound transformation, influenced by economic fluctuations, technological innovations, and cultural confidence, leading to a reconfiguration of consumer psychology and behavior [1][15][20] - The report highlights the dual existence of "rational consumption" and "emotional consumption," where consumers seek both value for money and emotional satisfaction, indicating a shift in consumer priorities [1][15][20] - Generational differences and regional disparities shape the market landscape, with distinct consumption values and behaviors emerging from different age groups, such as Baby Boomers, Generation X, Millennials, and Generation Z [1][24][30] Group 2 - Approximately 90% of future consumption growth is expected to come from non-first-tier cities, necessitating brands to adopt localized and refined operational strategies rather than a one-size-fits-all approach [2][26][29] - The report identifies four differentiated development models for cities: emerging hotspots, public service advantage cities, tourism-driven cities, and cities facing housing price pressures, each requiring tailored marketing strategies [2][29] - The emotional connection and cultural recognition are becoming increasingly important for consumers, particularly among Generation Z, who prioritize brands that resonate with their values and interests [1][25][30] Group 3 - Technological innovations are reshaping consumer experiences, with personalized recommendation systems evolving from "precision" to "understanding," enhancing engagement and satisfaction [3][4] - The report emphasizes the importance of brands becoming "spiritual partners" for consumers, especially during economic downturns, by focusing on cultural and emotional fulfillment rather than mere material possession [3][4] - Six brand case studies illustrate the growth logic in the new consumption era, showcasing how brands leverage emotional value, cultural empowerment, and innovative strategies to connect with consumers [4][5]

Investment Rating - The report indicates a positive investment outlook for the Chinese perfume and fragrance industry, highlighting its resilience and growth potential in the face of global market fluctuations [10][11][12]. Core Insights - The Chinese perfume and fragrance industry is experiencing a transformation from "transactional purchasing" to "value resonance consumption," where consumers prioritize emotional connections and cultural narratives over mere product functionality [10][25]. - The market is witnessing a significant shift towards emotional and experiential consumption, particularly in lower-tier cities, which are becoming key growth drivers due to their untapped potential [12][33]. - International brands are increasingly localizing their strategies to resonate with Chinese consumers, while domestic brands are focusing on deepening their presence in the local market and exploring global opportunities [40][46]. Summary by Sections Part 1: Resilient Growth of the Chinese Consumer Market - The report decodes the "ice-fire resilience" of the Chinese consumer market, driven by policy stimulation and inherent growth dynamics, particularly in lower-tier cities [18][19]. - The retail sales growth rate of consumer goods has shown a positive trend, with a peak in May 2025, indicating a recovery in consumer sentiment [21][25]. - The shift from survival consumption to development-oriented consumption is emphasized, with a focus on enhancing the quality and cultural aspects of products [25][26]. Part 2: Evolution of the Chinese Perfume and Fragrance Market - The Chinese perfume market is projected to grow significantly, with an expected compound annual growth rate (CAGR) of 8% from 2024 to 2028, reaching a market size of 33.9 billion yuan [58][59]. - The report highlights the dual leadership of the Chinese market, where local beauty brands demonstrate resilience alongside global growth engines [56][58]. - The concept of the "olfactory economy" is emerging, where fragrances extend beyond traditional products to become integral to lifestyle experiences [65][66]. Part 3: Consumer Behavior Insights in the Chinese Perfume Market - There is a notable increase in interest among consumers in lower-tier cities, indicating a growing market for fragrances [14][33]. - The report identifies a trend of personalized scent experiences, where consumers seek unique olfactory identities [36][39]. - The evolving consumer landscape is characterized by a shift towards emotional and experiential connections with brands [52][53]. Part 4: Product Development Trends in the Chinese Perfume Market - The industry is moving towards a new era of fragrances that integrate sensory experiences into daily life, emphasizing lifestyle solutions [47][48]. - The report discusses the evolution of fragrance products, highlighting the importance of cultural narratives and emotional connections in product development [15][16]. Part 5: Marketing Development Trends in the Chinese Perfume Market - Marketing strategies are evolving to focus on emotional resonance and cultural narratives, moving from symbolic consumption to value co-creation [16][55]. - The integration of digital platforms and experiential marketing is reshaping how brands connect with consumers [16][55]. Conclusion - The report concludes that the Chinese perfume and fragrance market is poised for robust growth, driven by emotional consumption trends, the awakening of lower-tier markets, and the collaborative efforts of international and domestic brands [51][54].