英文【益普索】富裕消费者消费的未来

The

Future

ofAffluent

ConsumersConsumptionTheNewWealthEra:Decoding

AffluentConsumer

Behavior

&MarketOpportunitiesIntroductionBackground:Withrapideconomicgrowthandwealthaccumulation,Chinahasbecome

the

world,s

largest

high-net-worth

population

by

volume.From2010to2020,the

number

of

households

with

over

RMB1million

in

investableassetsgrewnearlytenfold,fuelingtheriseofasophisticatedanddiversifiedpremiumconsumptionmarket.Today,Gen

Y

and

Gen

X

remain

the

core

force

behind

high-end

spending.

Meanwhile,Gen

Z—shaped

by

digital

fluency,strong

self-awareness,andintergenerational

wealth—has

emerged

as

a

new

driver

of

market

trends.

Theirconsumptionishighlyindividual,emotionallyexpressive,andsociallycharged,reflectingashiftfromstatus-drivenspendingtovalue-

basedlifestyleexpression.At

the

same

time,the

Silver

generation—experienced,financiallystable,and

increasingly

open

to

lifestyle

upgrades—is

emerging

as

an

underexploredyetpromisingsegment.Theirdemandforquality,health,andmeaningfulexperiencespresentsnewopportunitiesfor

brands

looking

to

serve

a

growing

and

loyal

premium

audience.Thisevolvingconsumer

landscapecallsfor

brandstorethink

howthey

define

“premium”and

“luxury.”

AffluentChineseconsumersarenot

justchasinglabels—they’recuratingidentity,meaning,andconnectionthroughevery

purchase.Thisreportisbasedonin-depthinterviews

with15affluentconsumersand4

experts,spanningfourgenerations

(Silvers,80s,90s,00s).UsingIpsosUUChina,squalitativeframework,thestudyexploreshowwealth,

values,andgenerationaldifferencesshapepremiumconsumptionacrosskeylifestyle

categories.ResearchMethodologyConsultingFastMovingConsumerGoods

(FCMG)InvestmentInvestmentRespondentsprofile—ExpertName：

Ms.MirandaOccupation：

MarketingandBrandOperationsintheFastMovingConsumerBeautyIndustryName:Mr.LiuOccupation：

Investmentanalyst/investor,

focusingonthe

consumerandtechnologysectorsName：

Ms.SunOccupation：Venturecapital

practitioners

andfinancialadvisorsName：

Mr.YanOccupation：

ConsumerDigital

OperationsandRetailConsultingRespondentsprofile-ConsumerGen

ZGen

YFinanceVicePresidentinthefinanceindustryMBA

studentHighEducationFinancial

Technology

at

a

bankDigitalizationinthemanufacturingindustryEntrepreneurHumanResourcesinaforeignenterpriseReal

Estate

Development

in

a

family-owned

companyOccupationMs.ShiMr.WuMr.TanMs.ZhangMr.

LiVickyReneeJuneItolGenerationNameFemaleFemaleFemaleMaleMaleFemaleFemaleMaleFemaleGender322528332533252625AgeRespondentsprofile—ConsumerGen

XSilverAccountmanageratAmazonVicePresidentinacosmeticscompanyManagement

in

medical

supply

companyAdvertisingcompanyentrepreneurEnterpriseInvestmentPartnerofafoodprocessingandmanufacturingcompanyInsuranceOccupationMs.

HuMr.

LiuJingZhangMs.

ChenMr.ZhaoNing

HuMs.ZhuGenerationNameFemaleMaleFemaleFemaleFemaleMaleFemaleGender50503863574341AgeSports

Sport

activities

Sport

Membership

TrainingequipmentHealthexaminationSupplements

Medical

treatmentsCollectibleArtI

terestcollectiblesClay/ChinaFinanceStocks

Insurance

InvestableTravelAccommodatioTransportation

Dining

Traveln

experienceExperienceConsumptionconsumptionDefinitionofCategoriesSkincare/

CosmeticsSkincareandcosmetic

products

白

ApparelBagsAccessories

JewelryHealth/

MedicalConsumptionArt

exhibitionMusicconcertFashionInterestAntiquesTheGildedStagnationEra(2010s-early2019s)“Duringthisperiod,China'seconomicgrowthcontinued,leadingtoaconsumptionupgradecharacterizedbyincreasingconsumptionamount.

Additionally,therisingof

e-commerceplatformlikePinduoduodrivetheconsumptioninlowertier

cities.”China'sEconomicSituation(2010s-2019s):Developingand

Booming•

Retailsalesincreasedfrom16trillion

41trillion

yuanin2020.

(CBNData)•Thisshiftmanifestsinpremiumpreferencesforhousing

and

cars.•

Pinduoduo

featuringgroupbuying

dealstargetslower

tier

cities.•

In2020,Pinduoduo’sannualactiveusersreached731million.

(TechNode,

2021)•"InternetPlus"strategyintegrated

mobileinternetinto

traditionalsectors

(e.g.,retail,manufacturing)•

China’sdigitaleconomyaccount

for38.6%ofGDPby2020.

(ChinaAcademy

ofICT,2021).RapidEconomicGrowth&

ConsumptionUpgradeTheRiseofE-CommercePlatformsPolicyBenefitsandDigitalTransformationConsumptionPatterns:TheFacevs.FunctionSplitFocusingonsafety

and

health•Security-First

consumers:prioritizesafety,stability,andriskmitigationin

theirpurchasingdecisionsHoardingConsumption•

Realestate:Divorce-for-homeloopholes•

Educationalrace:Schooldistrict

flats,3000k/yrinternational

schools

→"Middle-classsurvivalkits”Health

AnxietyConsumption•

Importedmilkpowder

(cross-bordershopping

frenzy)Conspicuousconsumptionsarethriving•

NewRich:Hermè

s"pre-spending"rules

(hiddenentryfees)•WannabeMiddleClass:PinduoduoiPhones

(12-installment

payment)SymbolicEssentials•

Moutai

(political-business

"currency")•LVmonogrambags→"Buyingsocialstatuscertificates"Security-FirstObsessionNewMoneyMentality•PM2.5airpurifiers

(Xiaomi

vs.Dysonwars)

TheConsumptionRevolutionoftheNouveauRicheEra(2023s-now)“Inthenewera,asthewealthofglobalhigh-net-worthindividualssurges,theirconsumption

patternsshiftfromostentatiousdisplaystostealthwealth

signaling.Thistransformationisdrivenbyeconomicdownturns,disruptivetechnologies,

social

media

thrives,anddemographic

changes."SocialTransformationTechnologyAccelerationEconomicDisparityEnvironmentalCrisisPoliticalFragmentationHealthTransformationPopulationmigrationUbiquitoustechnologyStrugglingmiddle

classClimate

changeRiseofnationalismSystemicimbalanceDemographicchangesHuman-machine

integrationFinancialinequalityBiodiversitylossTechnological

sovereigntyBreakthrough

treatmentsLife

stage&

familystructurechangeAdvancesinAIandautomationCost

of

livingpressureSustainablegrowthCrisisof

trustTech

healthmanagementDiversifyingcivilsocietiesProliferationofdataAlternative

value

systemsResourcedepletionGeopoliticaltensionFuturepandemicsIdentity

and

value

shiftsEthicalimplications

oftechnologyFragileglobalgovernanceGlobalMacroImpactFactorsPeopleandorganizations

areshapedbysixinterconnectedmacro

forces.

Whilethese

factorsinteractdynamically,our

frameworkhelps

interpret

theirimpact.Thegrey-colored

trendshighlight

thosemostrelevant

to

theChinesemarket

today,referredfromourconsumerandexpertinterviews. Grey

blocks

are

trends

applicable

in

China

13InSummaryAssertPreservationCultural

AwakeningEmotionalConnection

AssetsFunctional

to

SpiritualImmersiveExperienceLongevity

InvestmentsPersonalized

ExperiencesSelfInvestmentsTechInnovationWealthConcealmentESG

AwarenessConsumptionUpgrade

&DigitalPenetration•Rapideconomicgrowthdrove

increaseddemand

forpremium

goodslikehousing

andcars.•E-commerceplatforms

(e.g.,Pinduoduo)

surged,especiallyinlower-tier

cities.•

“InternetPlus”policiesintegrated

mobile

internet

with

traditionalsectors.EmergingDivide:Face

vs.Function•Riseofconspicuous

consumption:

Hermè

s,LV,andPinduoduoiPhones.•

Safety-focusedconsumptionincreased:importedmilkpowder,air

purifier•Hoardingpatternsineducation

and

realestatehighlightedrisinganxiety.RiseofEmotional

&Identity-DrivenConsumption•Consumersprioritizeself-care,emotional

wellbeing,

andpersonalmeaning.•Experiences,stories,andaestheticstake

precedenceoverutilityorlogos.•Culturalself-expressionand

valuesalignment

reshapeluxurypreferences.Digitally-NativeDiscovery

&Social

Shopping•Growthoflivestreams,influencers,

and

socialcommerceplatforms.•Productchoicesshapedbyshareability,community

validation,

and

trendcycles.•Newbrandsbuild

followings

vianichenarrativesandmicro-community

appeal.Lifestyle

Change&Evolvement•Healthtech,AI,andhuman-machineintegration

shift

lifestyles.•

Wealthpolarization

andcost-of-living

pressuresinfluencespendingbehavior.•Nationalism

andclimateurgencyincrease

awarenessofethicalandlocalbrands.Shift

TowardSecurity

andRiskManagement•Post-COVIDanxietydrivesfocusonhealth,

safety,andstableinvestments.•

“Middle-classsurvivalkits”:airpurifiers,

importedmilk,education

assets.EvolvementofconsumptiontrendsimpactedbyMacrotrends030102042023

–now2010-2019ConsumptionTrendsandTheir

ImpactonCategories“Acrosscategories,trendsindicateincreasedfocusonemotionalvaluefor

non-essentialpurchases

(e.g.,experiences,design-drivenproducts)

,whileessentialspendingemphasizes"valuewithquality"

(质价比),balancingfunctionalityandcost.Luxuryconsumptioniscontext-dependent:affluentgroupspursuepremiumexperiencesandscarcity

,whereasothersprioritizepracticalutility.”Aromatherapyrituals•

Dripoilintothediffuser,massageacupoints,andmeditate

withbreathing•

Olfactory

therapyLyma:ScientificLuxury

andRitualized

Self-Car

e•

Scientific

anti-aging•Supplements+Laser+SkincareThreeStep

HealthPreservationMethodLaPrairieCellularCreamPlatinum

Rare•

Usescaviarextract

(premiumingredient).•

High-end

anti-agingefficacy-LUSH’s

Zero-WasteRevolution•

Plastic-freepackaging•

Providesolidshampoosticksandbody

wash

with

minimalornopackagingAshift

toward

viewingskincare

asa

"spiritualpractice"

thatbridgesphysicalcare

andmentalmindfulness.Willingtopay

apremium

for

the

“self-careceremony”

and“self-healthinvestment”Trusted

forhighefficacy

andpremiumingredients

that

justifyprice.Functionalto

SpiritualSelfInvestmentsAssertPreservationSkincareevolvesfromefficacy-ledvalueto

emotional

and

cultural

symbolsofidentityUnpackaged

'nakedgoods'bringnewconsumerexperiencesinaminimalistandoriginalecological

formSkincare&Cosmetics01020304ESG

AwarenessBali

“SilentRetreat”

Programs•

Mindfulness:Meditation,

forest

walks,

yoga.•

Nourishment:Balinesespirituality.Shift

toward

mindful,soul-nourishingexperiences.Iceland

“NorthernLightsRebirthJourney”•

Reset:Aurora

viewing+glacierhikes.•

Renewal:

“IceCaveVow”rituals

and

Vikingheritage

tours

toredefineself.02Viewedasemotionalresetandpersonalrenewal.Great

TangCity•

Interactiveperformances

where

"actors

walkamong

tourists"arestageddaily•Travelback

totheprosperous

Tang

Dynasty.03Staging

anddecorations

toprovide

animmersiveexperience.Risingdemandformindful,aspirational,and

transformative

journeys

reflectsnewemotionalandcultural

travel

valuesFunctionalto

SpiritualImmersiveExperienceSelfInvestmentsTravel01ESG

Awareness•

i

lx:

i

l

,

l

l

li

ice

e

l,

h.

i

i

,

na

o

i

i

l

mi-Eceonbntio"

thtmctoseoriobtfcsgunaertrTtarestpurcfftogondioptuecttsh

tojgmraeer

farneuttomliancdsrbodeiesonseProdeptandooechrougrtsaeenntioatrefmssoerrrareropTstegaenosMpRisingdemandformindful,aspirational,and

transformative

journeys

reflectsnewemotionalandcultural

travel

values

perceivedEmotionalConnectionAssetsEasyJet’s

StorytellingCampaign•

Activity:

An

email

campaign

featuring

Chosen

for

meaning,

moremeaningful.0405TravelWealthInheritanceInsurance•

Professionalassetmanagement

for

targeteddistribution

todescendants01Safe,

value-retainingassetsinuncertaintimes

forpeaceofmindand

security

forgenerations.SPDRGoldShares•

Goldhedgesmarket

volatility.•

Easyaccess:ETFforsimplegoldinvestment.02Safe,

value-retainingassetsinuncertaintimes.Ellevest•Values-led:

Investsindiverse,sustainable

firms.•Targets

women/younginvestors

forimpact.Financeconsumptionevolvesfromwealthpreservationto

tech-

enabledplanningandpurpose-driveninvestingAssertPreservationWealthConcealmentFunctionalto

SpiritualInvestinsustainablefirms,supportsustainability

andfemaleinitiativesinsteadofmaterialgoods.03FinanceHolyLandExperience•Themepark:biblicalstorytelling,

0performances1Activities

forinnergrowth

andreflection.EastEnd

Arts•Artistic

activities&music-making:foster

self-growth,creativity,emotionalbalance2Chosen

forself-growth,creativity,andemotionalbalance.LVTHELOUIS•

LVMHnewshipdecoratedbuildinginShanghai,providingimmersiveluxurious

experienceGrandiose,uniqueand3

multi-sensory

experience"Touch

theFuture"TechCarnival•

Activitiessuchas

"hand

-drawing"

athree

-

dimensional

worldwith

ARpens•Humanoidrobotsanda"Black

Wukong"

CosplayShow4TechnologiesenablenewexperienceExperienceconsumptionmovesfromemotionalresonancetospiritual

enrichmentandself-investmentthroughcreativeimmersionImmersiveExperienceTechInnovationSelfInvestmentsFunctionalto

SpiritualExperienceConsumptionsensoryimmersion,andparticipatory000NikeRunningClubs•

Identity:Runners

wearNikegear,

forming“Nikerunner”

identity.•

Belonging:Localclubshostgroupruns,creating

communitybonds.1Buildsidentity,passion,andgroupbelonging.PelotonHomeFitness02Stressreliefandwellnessthroughmovement.•StressRelief:Livecyclingclasses

withmusic,

instructormotivation.•Wellness:Tracks

workouts,offersmeditationcontent

for

holistic

health.SportandHealthImprovement•Activitiessuchasrunninghelptoimproveoverallhealthconditions•Sportsupplementhelpeasediscomfortinbody

toenablebetterperformance03Improvehealthconditionthroughregularexercise.Anta’sSustainableMaterials

Innovation•

UsesSorona®fiber

(plantsasrawmaterialsreduce

theconsumption

ofpetroleumresources)•

RecycledPETbottlesinitsdesigns04Sustainablesportsconsumptionnotonlyshowcasessports

taste,butalsoconveysanenvironmentalstance.Sportsevolvefrombrand-drivenidentityandbelongingto

wellness-focused,self-managedinvestmentsinhealthSelfInvestmentsLongevityInvestmentsESG

AwarenessFunctionalto

SpiritualSports0MayoClinicPremiumHealth

Check•

Premiumcare:Top-tierexpert

teams,

personalizedcheck-upprocesses.•

Ensurepatients’dignityandqualityoflifethough

activehealthmanagementPremiumcare1and

attentiveservice.GoogleDeepMind’sAI

system•

Usealgorithms

trainedonmammogramim

ages•

Improvebreastcancerdetectionbyoutper

forminghumanradiologists2AIcanrecognizesubtlepatternsinscans,enablingfasterandmoreaccurate

detectionofdiseasesOtsukaPharmaceuticalIntervention

Solutions•

Innovation-driven:Combinesdrugdevelopment

andnon

-druginterventions

(e.g.,cognitivetrainingapps).3Innovation-drivenagingcaregainsimportance.Healthconsumptionadvancesfromreliablecareto

tech-enabled

preventionandinnovation-drivenlongevitysolutions

•

Agingcare:Providescomprehensivesolutions

fordelayingandimproving

age-relatedcognitivedecline.LongevityInvestmentsTechInnovationsFunctionalto

SpiritualHealth&Medical000PriceIncrease

ofPopularIP•PopularIPLabubulaunchcaused

frenzy•OriginalpriceofanewLabubu3.0box

was99

yuan,butonsecond-hand

websites,itwas

resoldat130

yuanCollectibleconsumptionrevivestraditionalculturethrough

personalization,creativity,andimmersiveengagementPopMart

“Sword

andFairyChinese

Traditional

Festival

Series”•

Chinesefolkloreand

festivalculture•

Blendbeloved

traditional

themes

withcontemporarycollectibleart

toys.Art/ClayCollection•Artistic

collection

from

auction

house•

Blendartisticaestheticsintoeverydaylife,

reflecting

thepursueof

tasteandspiritualresonance02SawtoothSchool

for

Visual

Art•

Multi-sensory:hands-onprintmaking

workshops,combine

tactilematerials,

vibrantcolors,andcreative

techniquesEmotionalConnectionAssetsFunctionalto

SpiritualImmersiveExperiencesAssertPreservationResonance

withlifestyleandspiritualpursue

throughcollectionConnectingpersonalidentityandaesthetics

with

thetoyCollectibleConsumptionBuypopularIPas

a

formofinvestmentMulti-sensoryimmersiveexperience010403Fashiontransitionsfromheritagequalitytopersonalstorytelling,quiet

luxury,andculturalresurgenceGuochao•

DesignerssuchasGuopeigainspopularity•

Hanfu

trendisbeingadoptedby

youngpopulation.GucciPersonalizedDIY

Service•Story:Customizepatterns/logosonbags.•

Identity:Reflectpersonalstyleviadesign.BosidengUtilized

AI

Technology•

AI-intelligentdesign•AI-generatedpatternsandready-to-

weargarmentsCultural

AwakeningPersonalized

ExperienceTechInnovationChinesedesignersanddesigngaining

popularityExpressionofpersonalstoriesandidentity.Incorporate

AItechnologyintodesign020301FashionTheRowMinimalistReady-

to-

Wear•Subtle:Understateddesigns,high-end4Subtleluxurypreferred

inelitecircles.fabrics.•

Elite:Favoredbyfashioninsidersfor

“quietluxury”.0HermèsBirkinBag•Timeless:

Iconicdesignlasting

decades.•

Quality:Top-notchleather,hand-

crafted.05Timelessquality,material,anddesignmatter.MushroomLeatherbyStellaMcCartney•

Featuresustainable

vegetarianmushroom

leather•

Reducegreenhousegasemissions,

decreasewaterandlanduse.06SustainablematerialalternativeswithgoodappearanceandfeelFashiontransitionsfromheritagequalitytopersonalstorytelling,quiet

luxury,andculturalresurgenceESG

AwarenessWealthConcealmentAssertPreservationFashionWhoisTakingtheLeadinRedefiningtheNewConsumptionModel?Inthistransformation,4generationsandfivetypesofpeopledominatethemarketdirection—theyuseconsumptionasatooltouncoverconsumptiontrendsthatareemergingintheChinesemarket.GENZNotablydrivenbyadesirefor

self-

expressionandauthenticity.They

prioritizepersonalexperiencesand

oftenseekoutactivitiesthatenable

personalgrowthandfulfillment.Thisgenerationvaluesbothphysical

andmentalhealth,withmanyadoptingwellness

practicesandemphasizingself-care.SocialLife•

Tendtorelyondigitalplatforms,especiallyonline

socialnetworksinteraction.•Emphasisonemotional

value

andsocialexperiences,like

activities

fulfilling

spiritualandsocialsatisfaction.Work

Life•

Seekflexibility

andgrowthopportunities,

exploringdifferentindustries

androles

earlyintheircareers.•

Entrepreneurshipandemergingsectorsarepopular

futurecareerchoices.FamilyLife•

Relativelyindependentinfamilylifebut

stillsupported

byparents.•

Changesin

family

structure

andurbanlivingpressuresmaydelaystartingtheir

ownfamilies.•

Valuequality-priceratio,comprehensive

valueincluding

emotional

andexperiential,over

merepriceadvantage

valued.•

Economic

shiftsdrive

themovefrom

material

to

experientialconsumption

withemotional

and

cultural

value.Growinginterestin

innovationlike

AI.•

Premium:Definedbyquality,

designuniqueness,

andemotionalresonance.•

Luxury:exclusiveexperiences

or

"unnecessarybutmeaningful"indulgencestogether

with

status

signaling•

Travel•

CollectibleConsumption•

ExperienceConsumption•

Sports•FashionConsumptionAttitudeandChangesMeaningofPremium&LuxuryTend

tospendmore

on

following

categories:Consumption

AttitudeOverallLifestyleOptimism-Driven

Consumption•Heldanoptimistic

attitude

towards

futureeconomyandpersonalincome.•Tendedtoexpandexperiencesand

knowledge

throughconsumption

(e.g.,

willing

toexperiencethings

during

study

abroaddespitecurrencyexchangerates).CuriousAdoptersofEmergingTech•

Activelyexploresnewtechnologieslike

AItools,

VR/AR,and

virtualinfluencers.•

Willing

totrynovelexperiencesforentertainment,productivity,

andself-expression.•

AI-generatedcontent

(e.g.,content,avatars,art)

andimmersive

formats

(e.g.,

VRexhibitions,gaming)

increasinglynormalizedPursuit

of

Ultimate

Value-for-

Money•Strictlybalancespriceandquality,significantlyreducingunnecessaryspending.•Essentialspending

(suchasonfood

andbeverages)isprioritized,

withhigh-frequency,low-costcategoriesdominating.mealdeals"andothervalueDomesticProductsandCultural

IdentityConsumption•Nationalconfidencehasstrengthened,and

theinfluenceofinternationalbrandslikeLV

andDiorhasdecreased.•

Willing

topayapremium

forhigh-qualitydomesticproducts

(suchas

Xiaomi

andPop

Mart).EarlyValue-for-MoneyAwareness•Moreadvancedconsumptionconceptsthanoldergenerations,

notmerelypursuinglowprices.•Began

valuingproductdesign/emotional

value,

thoughnot

yetamainstream

trend.Entertainment

and

Self-Pleasing

Consumption•Increasedspendingonlow-cost,high-emotional-satisfaction

categories:milktea,

trendytoys,short

trips.•Pursues

thelogicof

"spendinglittle

for

greathappiness”.GenZ-EvolvementofconsumptiontrendsimpactedbyMacrotrendsEmotionalConnection

Assets•

"Budgetextreme-

for-moneysolutions

arepopular.AssertPreservationInSummary03TechInnovationCultural

Awakening0201042023

–now2010-2019are.ConsumptionAttitudeandChangesMeaningofPremium&Luxury•

Prioritizeself-enjoymentover

family

spending.•

Health-relatedproducts

andservicesareprioritized

toimprovelongevity.•

Travelandexperienceactivities

arecrucial

forpleasureandsocialengagement.Preferimmersiveexperienceaddingdepth

liferefinedlifestyle,whichincludesafocusonqualityratherthanquantity

inboththeir

personalandprofessionallives.Activitiesliketravelandsocialgatheringsarepopularfor

relaxationandself-fulfillment.GEN

YTheyareoftendescribedasseekinga•

Premium:Definedbyquality

andemotionalresonance,

prioritizing

quality-to-price

ratio•

Luxury:non-essentialindulgence

tied

tocultural

heritageorextremeexclusivity

(e.g.,haute

couture,rareart).•Forsome,familyplaysanimportantrole,especiallyassome

takeonresponsibilities

likeparenthood.•

Tendtoconsume

towardsproducts

andservices

that

catertoboth

fami