从心理学视角看，青年情绪消费兴起的核心动因，可归结为情绪管理的代偿机制与心理需求的场景化满 足。所以，"哭哭马"的逆袭，不能被理解为年轻人面对工作生活压力时的悲观绝望，不能被看作是焦虑 困境来临时的抛弃放弃，而应视之为通过追捧这一看似不完美的生肖玩偶获得心理慰藉、情感释放和自 我认同，并借这一情绪消费的心理出口，促成接纳尚不完美的自己与世界的情绪共识。不必永远阳光灿 烂，偶尔阴天也没关系，不必永远笑容洋溢，偶尔落泪也无所谓，适时适当的情绪消费，或许有助于让 年轻人能够在脆弱时蓄势而发，在困顿时鼓起继续向前走的勇气。 上海市青少年研究中心及旗下有数数据创新实验室发布的《韧性生长——2025中国青年生活全景报告》 显示，情绪消费已成为青年群体的"刚需"，近九成受访青年有过"为情绪价值买单"的经历，其中近四成 属于高频消费者。从消费动机来看，46.8%的青年将情绪价值视为"缓解压力焦虑的良药"，43.1%的青 年通过此类消费获得"被需要、被看见"的心理满足。情绪消费的浪潮里，跳动着年轻人追求幸福生活的 渴望，折射出青年群体消费需求的变革趋势。 情绪消费超越了商品传统功能需求，转而追求情感与自我实现的"小确幸"。据《 ...

文｜王毓婵 兰杰 编辑｜乔芊 杨轩 来源｜36氪未来消费（ID：lslb168） 封面来源｜官方公众号 1989年，伊丽莎白女王的发型师给艾西·温卡登女士写信，要求她提供"芭蕾舞鞋"——艾西162号指甲油。当艾西看到那封带有皇室印章的信时，她就知 道，自己成功了。 从那以后的几十年里，艾西的裸色系指甲油成为居住在比弗利山庄、纽约上东区和伦敦肯辛顿的特定女性群体的社交必备指甲油。女性精英群体的选择引 发大众模仿，艾西·温卡登的同名品牌指甲油直到今天仍是美国家喻户晓的品牌。 35年后，艾西的故事在中国公司泡泡玛特的创始人王宁身上重演。2024年4月，泰国籍的韩国女团Blackpink成员Lisa发布了抱着LABUBU的Instagram Story。同时间，泰国网民对"LABUBU"一词的搜索量达到高峰。泰国成为了全球第一个染上"LABUBU狂热"的国家。 同样的事一年后再次出现——2025年5月，当美国网民看到天后女星蕾哈娜背着LV手袋，上面挂着一只粉色的LABUBU时，他们立刻做出了跟泰国网民一 样的行为，高强度搜索"LABUBU"、下载泡泡玛特应用商店。王宁的净资产一天内就增长了16亿美元。 LABUBU与 ...

Core Insights - The report highlights the rise of Chinese潮玩 (trendy toys) brands in the global market, driven by emotional consumption trends and innovative cultural export models [1][17] - Chinese潮玩 companies are successfully penetrating mature markets in Europe and North America, as well as emerging markets in Southeast Asia, leveraging unique IP operations and efficient supply chains [1][3] Group 1: U.S. Market Dynamics - The U.S. economy is experiencing a "K-shaped" recovery, where high-income consumers show resilience while low-income groups face pressure from inflation and employment fluctuations [2][21] - The "healing economy" trend is gaining traction, with潮玩 products like blind boxes and plush toys providing emotional value and social engagement, leading to increased demand [2][21] - Chinese潮玩 brands, such as Pop Mart, differentiate themselves by offering original IPs and innovative product formats, achieving a price range of $20 to $40, appealing to various income levels [2][21] Group 2: Southeast Asia Market Opportunities - Southeast Asia is viewed as a blue ocean market for潮玩, characterized by a young population, high internet penetration, and strong consumer upgrade intentions [3][4] - The success of Pop Mart's LABUBU toy in Thailand, following a social media endorsement by local celebrity Lisa, exemplifies the alignment of潮玩 with local youth culture [3][4] - Despite challenges such as fluctuating external tariffs and internal political complexities, Chinese brands are advancing into this market with localized designs and a multi-channel approach [3][4] Group 3: Company Strategies and Differentiation - Pop Mart focuses on building a comprehensive IP ecosystem, from creation to sales, aiming to transform short-term trends into long-lasting IPs through various media [4][5] - Miniso leverages its global retail network and supply chain efficiency to act as a high-efficiency IP monetization platform, enhancing store performance through strategic IP collaborations [4][5] - TOP TOY, as a rising player, benefits from synergies with Miniso, focusing on product development while utilizing Miniso's sales channels for rapid market expansion [5][6] Group 4: Cultural and Economic Shift - The success of Chinese潮玩 brands signifies a shift from "Made in China" to "Emotional Brands from China," emphasizing universal emotional connections rather than relying solely on traditional cultural narratives [6][17] - Chinese companies are combining mature supply chains with innovative business models and original designs, transitioning from traditional manufacturing roles to becoming key players in the global潮玩 industry [6][17]

Globalizer | The Globalizer What's Ahead for China's Economy? You're reading the Globalizer, offering a recap of Citi's leading research and highlighting key topics. This week, we look at the 2026 outlook for China's economy. We consider potential implications of events in Venezuela. Plus more recent insights from Citi. You can always find more notes on our Research page, arranged by week. China Economics: 2026 Outlook Xiangrong Yu and team see China's K-shaped growth pattern — good news in the new economy ...

Core Insights - The business landscape in 2025 is characterized by significant transformations driven by AI, e-commerce, and local services, with major companies like JD.com, Alibaba, and Pop Mart leading the charge [3][4][7] - Key figures in the industry are recognized for their innovative approaches and impactful strategies, earning them accolades such as "most impactful" and "most daring" [3][7][10] Group 1: JD.com and Liu Qiangdong - Liu Qiangdong made a strong public return in 2025, taking on the role of "Chief Experience Officer" and engaging directly with consumers through various initiatives [5][6] - His actions, including cooking live and delivering food, aimed to enhance JD.com's local service offerings and reshape the company's image as more relatable and community-focused [5][6] - JD.com also committed to providing full social insurance for its delivery riders, emphasizing sustainable employee welfare over mere competition on subsidies [6] Group 2: Alibaba and Jiang Fan - Jiang Fan returned to lead Alibaba's e-commerce division, focusing on integrating various business segments under a unified platform to enhance operational efficiency [7][8] - His strategy included the launch of Taobao Flash Purchase, which significantly boosted user engagement and was projected to generate substantial transaction growth in the coming years [8] Group 3: Pop Mart and Wang Ning - Wang Ning, founder of Pop Mart, successfully transformed emotional value into a profitable business model, with the LABUBU IP becoming a top-tier brand [9] - Despite market concerns about sustainability, Pop Mart remains a leading player in the collectible toy industry, with plans to further explore long-term value creation [9] Group 4: AI and Yan Junjie - Yan Junjie, founder of MiniMax, is recognized for his foresight in AI development, having started his venture before the AI boom [15][16] - MiniMax focuses on efficient resource use and innovative algorithms, with a young workforce that emphasizes agility and high performance [16] Group 5: GPU Industry and Zhang Jianzhong - Zhang Jianzhong's company, Moore Threads, successfully launched on the STAR Market, becoming a significant player in the domestic GPU sector [17][18] - The company achieved a remarkable IPO process, with a high stock price and low lottery rate, indicating strong market interest and potential for growth [18][19]

以下文章来源于爅爅有闻 ，作者赵小爅 爅爅有闻 . Z世代消费观察 本文来自微信公众号： 爅爅有闻 ，作者：赵小爅 步入2026，我们的消费市场正在经历一场从"物"到"人"、从"满足需求"向"创造意义"的跃迁。 当AI能够模仿一切，真实反而成为最稀缺的资源。 当传统成功学叙事失效，年轻人开始自己定义什么是"有意义的生活"。 在过去，消费品牌习惯告诉消费者"你应该成为谁"；而现在，年轻人用消费行为反向宣告"我是谁"。 Z世代正凭借鲜明的"主体性"，推动消费行为从被动接受转向主动定义，重塑着消费市场的传统观 念。 国家统计局数据显示，2025年第三季度，中国居民服务性消费支出占居民消费支出比重为46.8%，服 务零售额增速持续高于商品零售额增速，且服务消费已成为拉动消费增长的主要动力。 这一结构性变化背后，是消费者从"实物型"到"服务型"，从"购买产品"到"购买体验和关系"的底层消 费逻辑转变。 爅爅有闻试图以2025年五个最具感知度的消费关键词为棱镜，折射其中蕴藏的需求暗涌，描摹商业 世界正在生成的新地图。 每一个消费关键词，都是需求水面之下，冰山浮出的尖顶。 读懂2025的信号，就能感知2026演进的轨迹。 ...

过去的一年，人们依然没有停下争吵。 2025年《牛津英语词典》的年度词汇是"愤怒诱饵（Rage bait）"，意指"刻意设计来引发愤怒的网络内容"，2024年的年度词汇则是"脑腐（brain rot）"，牛 津语言总裁格拉斯沃尔的解释是，"二者共同构成了一个强大的循环：愤怒情绪点燃互动，算法机制将其放大，而持续不断的冲击最终使我们精神衰竭。 这些词汇不仅定义了潮流趋势，更揭示了数字平台如何重塑我们的思维与行为模式。" 类似的事情也在我们身边发生，在纷繁复杂的事件和讨论背后，"情绪"成为过去一年最重要的线索，它被我们挂在嘴边，被算法放大，也被有意识地利 用，甚至在一些时候极大地影响了商业。 过去这一年，有偶然踩中某种情绪而走红，收获巨大商业利益的LABUBU、《哪吒2》和DeepSeek，也有因违逆公众情绪而翻车的案例，如始祖鸟"炸 山"、西贝预制菜风波、新东方俞敏洪在南极发全员信，还有想要利用舆论和情绪，打造人设却被反噬的企业家们，如小米的雷军、胖东来和于东来以及 娃哈哈的宗庆后、宗馥莉等。 在2025年的倒数第二天，我们和中国人民大学新闻学院教授、传播系主任刘海龙聊了聊这些事件。作为一个传播学学者，刘海龙提 ...

智通财经APP获悉，花旗发布研报称，展望2026年，预期泡泡玛特(09992)在IP多元化、产品创新，以及 跨领域变现方面取得突破，以支持持续增长。维持"买入"评级，目标价415港元。 该行认为，更重要的是泡泡玛特IP的运营及变现能力，能否持续创造价值。公司的长期策略聚焦于产 品、内容、社群及IP保护，旨在将LABUBU打造成一个长青的IP。其多元化IP策略亦应有助于增强抵御 单一IP周期风险的能力，并激发新的需求。授权业务能深度连结所有消费细分领域，有望成为泡泡玛特 另一个收入增长引擎。 该行认为在2024至25年取得显著成功后，市场开始关注若LABUBU热潮减退，泡泡玛特的长期增长路 径如何，LABUBU的新鲜感或许已暂时见顶，需待下一个爆款出现方能突破。 ...

该行认为在2024至25年取得显著成功后，市场开始关注若LABUBU热潮减退，泡泡玛特的长期增长路 径如何，LABUBU的新鲜感或许已暂时见顶，需待下一个爆款出现方能突破。 花旗发布研报称，展望2026年，预期泡泡玛特(09992)在IP多元化、产品创新，以及跨领域变现方面取 得突破，以支持持续增长。维持"买入"评级，目标价415港元。 该行认为，更重要的是泡泡玛特IP的运营及变现能力，能否持续创造价值。公司的长期策略聚焦于产 品、内容、社群及IP保护，旨在将LABUBU打造成一个长青的IP。其多元化IP策略亦应有助于增强抵御 单一IP周期风险的能力，并激发新的需求。授权业务能深度连结所有消费细分领域，有望成为泡泡玛特 另一个收入增长引擎。 ...

格隆汇1月7日｜花旗发表研究报告指，泡泡玛特的长期策略聚焦于产品、内容、社群及IP保护，旨在将 LABUBU打造成一个长青的IP。多元化IP策略亦应有助增强抵御单一IP周期风险的能力，并激发新的需 求。授权业务能深度连结所有消费细分领域，有望成为泡泡玛特另一个收入增长引擎。展望2026年，该 行预期公司在IP多元化、产品创新，以及跨领域变现方面取得突破，以支持持续增长；维持"买入"评 级，目标价415港元。 ...