Economy

The 'Joyful Economy' injects new momentum into consumption upgrading

2025-07-24   

In recent years, with the improvement of residents' income levels, changes in consumption concepts, and the emergence of new consumer groups such as Generation Z as the main force in the market, the consumption logic of "spending money for oneself" and "paying for emotions" has continued to strengthen, promoting the growth of the "self pleasing economy" from a niche track to a trillion yuan market. The author believes that the "Yueji Economy" not only reshapes the structure of the consumer market, but also provides new momentum for economic growth by activating diverse demand and promoting supply innovation. One is to reshape the structure of the consumer market, shifting from "necessity" to "self enjoyment". In traditional consumption, survival oriented consumption such as food and clothing dominates, but nowadays, the proportion of emotional consumption such as pet supplies, trendy toys, and high-end personal care continues to rise. According to a recent announcement released by Pop Mart, it is expected that the revenue in the first half of the year will increase by no less than 200% compared to the same period last year; Expected profit (excluding fair value changes in financial instruments not yet accounted for) is expected to increase by no less than 350% compared to the same period last year. This also confirms the profound changes in consumer structure - consumers no longer simply focus on the practical functions of products, but also value the spiritual satisfaction and emotional resonance they bring. The second is to activate diverse demands and continuously broaden consumption boundaries. The 'Joyful Economy' is not exclusive to young people. Different age groups and consumer groups are pursuing higher product quality and more enjoyable consumption experiences: young people pay for their interests and are enthusiastic about subcultural consumption such as trendy toys and Hanfu; Middle aged people relieve their life pressure through fitness and wellness consumption; Older people have also begun to pursue spiritual enjoyment such as tourism and photography. Looking at different scenarios, from aromatherapy and intelligent massage devices in home settings, to camping and sports equipment in outdoor settings, and even niche jewelry and customized gifts in social settings, the demand for "self pleasure" has permeated into all aspects of life, forming a multi-point consumption pattern. The third is to promote supply innovation, forcing industrial upgrading and service optimization. To meet the personalized needs of consumers, enterprises continuously innovate their products and services: beauty brands launch "customized color codes", the pet industry provides "behavioral training" and other segmented services, and cultural and tourism enterprises develop products such as "in-depth tours of niche destinations". This "demand driven supply" model not only promotes the high-end and refined transformation of traditional industries, but also gives birth to emerging professions such as trendy toy designers and pet communicators, forming a virtuous cycle of "consumption upgrading industry innovation employment expansion". Of course, the "Yueji Economy" also faces some challenges in its development process, such as the phenomenon of "inflated prices" in some fields, and the mismatch between product cost-effectiveness and emotional value; There are still blind spots in the quality supervision of niche categories, and the cost of consumer rights protection is relatively high. I believe that with the improvement of market supervision, the enhancement of enterprise supply capacity, and the strengthening of consumers' rational consumption awareness, the "self pleasing economy" will develop towards a healthier and more sustainable direction. Its personalized and emotional consumption potential will also continue to inject new momentum into consumption upgrading. (New Society)

Edit:Yao jue Responsible editor:Xie Tunan

Source:Securities Daily

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