Emotional consumption is expected to become a new hotspot
2024-10-08
From "buying a product that makes oneself happy" to "buying a product that makes oneself happy", the younger generation of consumers not only pursue products, but also a "spiritual massage" and an "emotional antidote". As the younger generation becomes the main consumer force, their demand for emotional satisfaction and spiritual enjoyment is increasingly strong. When shopping meets the soul, a consumption craze that satisfies emotional value quietly emerges. The "Annual Report on the Protection of Consumer Rights and Interests in China (2023)" recently released by the China Consumers Association proposes that in 2024, in addition to pursuing cost-effectiveness, emotional release will become an important factor affecting the decision-making of the younger generation of consumers, and is expected to create a new consumption hotspot in the future. Buying emotional items has become a trend. At the Heshenghui Shopping Mall on Dawang Road in Chaoyang District, Beijing, He Kai, who is currently selecting stress relieving toys, told reporters, "When I am under a lot of work pressure, I will buy some stress relieving toys, such as fingertip spinning tops, stress relieving Rubik's cubes, etc. Although these toys are not expensive, they really help me relax. Many consumers, like He Kai, choose to purchase stress relieving toys not for practicality, but to find a trace of happiness in their busy work schedules. Li Yingying, who works in Shanghai, is a loyal enthusiast of stress relieving toys. She often purchases ornaments with good meanings online, such as hydroponic four leaf clover representing "good luck", colored keyboard stickers with the word "fu" written on them, Capibala wooden fish, etc., and places them on her desk. Every time I see these things, my mood inexplicably improves, making me feel very happy, "said Li Yingying. Nowadays, more and more consumers are willing to pay for emotional value. On online shopping platforms, a carrot rabbit decompression toy priced at about 5 yuan has sold over 100000 pieces, and many text-based phone cases and T-shirts with emotional soothing value have also become popular choices. Unlike previous consumer demands, emotional consumption products have weak practicality, and some even do not have physical products. Usually, the product page will indicate words such as "virtual products do not require logistics delivery". Last year, among the top ten products of the year announced by Taobao, "Einstein's Brain" stood out and became the first virtual product in history to be selected as an annual product. This is an emotional value service product that has emerged on online shopping platforms in recent years. Sellers hang pictures with Einstein's portrait on their product pages, with a price tag of a few cents. After placing an order, customer service will cheer customers on through the chat interface. Virtual commodities like "Einstein's Brain" may seem small, but they also contain business opportunities. After discovering the popularity of "Einstein's Brain" on the platform, Zhang Jianqian, a post-2000 generation from Taobao Village in Xingtai, decisively listed this product on her online store and sold 70000 orders in a year. In addition, virtual products such as mosquitoes and solitary frogs have become popular items with annual sales exceeding one million on online shopping platforms. The emergence of products such as "Einstein's Brain" and "Don't Be Angry" satisfies the curiosity and emotional needs of young people. Nan Yu, Associate Researcher at the Institute of Economics, Chinese Academy of Social Sciences, stated that emotional consumption is mainly a form of consumption aimed at meeting consumers' spiritual needs, achieving emotional release, emotional experience, and spiritual enjoyment. It has characteristics such as consumption virtualization, behavioral symbolization, and psychological compensation. The emergence of new scenarios and business models such as "emotional tree holes", "waking up and soothing sleep", and "comforting heartbreak" can be described as a variety of emotional consumption methods among young people today. They are enthusiastic about the new consumption concept of paying for emotional value, constantly creating new consumption scenarios, and giving birth to a series of offline new formats represented by healing, meditation, and DIY crafts. The "2024 China Youth Consumption Trend Report" shows that nearly 30% of the surveyed young people will consume because of emotional value to heal their body and mind. Zhang Ni, a white-collar worker in an Internet company in Haidian, Beijing, told reporters, "When the pressure is high, I will choose to do some handicrafts, such as knitting, pottery, flower arranging, etc. These handicrafts not only relax my mood, but also make me feel the joy and sense of achievement of creation". Zhang Yi's words express the feelings of many consumers, who long to find emotional outlets in their busy lives, and doing handicrafts is such an effective way. Li Haoyu, a consumer born in the 1990s, has a special preference for healing services. I often go to experience mindfulness meditation and aromatherapy SPA, which allow me to detach myself from busy work, focus on the present, and feel the relaxation and tranquility of my body and mind. "Li Haoyu said that the fragrance of essential oils lingers throughout the room, creating a private and comfortable environment. He is willing to pay for this kind of service that can bring spiritual comfort. According to data from Meituan platform, the search volume for the term "healing" has increased by 256% since 2023. At the same time, the supply of healing services is rapidly increasing, with an average of over 1000 new services being launched each month, and "healing+SPA" accounting for more than 70%. Nanyu said that young people are more willing to pay for emotional value, partly because with the increase of residents' income and consumption level, their spiritual needs are becoming increasingly prominent, and people pay more attention to emotional satisfaction and sensory experience. The yearning and pursuit of positive emotions such as happiness and satisfaction not only affect consumer choices and behavior, but also gradually evolve into a consumption pattern. The pursuit of emotional value in products and services reflects consumers' pursuit of high quality of life and happiness, and reflects changes in social culture and consumption concepts. On the other hand, work and life pressures have also given rise to more emotional consumption demands, requiring the search for outlets for emotional release. Many young people will face more pressure in terms of work, family, income, and health, and their consumption needs will shift from functional to emotional. Correctly guiding standardized development from "buying a product that makes oneself happy" to "buying a product that makes oneself happy", as many experts have observed, the younger generation of consumers pursue not only products, but also a "spiritual massage" and an "emotional antidote". According to Tianyancha patent data, as of now, there are over 3700 patents related to "emotions" in the market, indicating that companies are increasingly valuing the exploration of emotional value. The new consumption concept of young people being enthusiastic about paying for emotional value will continuously induce businesses to create new consumption scenarios and form a unique emotional economy. When providing goods and services, enterprises should consider consumers' emotions and consumption experiences more in order to better seize consumption opportunities and stimulate consumption potential, "said Nan Yu. Emotional consumption, while stimulating market vitality, also faces the lack of market regulation for "emotional consumer goods". There are no clear regulations and requirements for the professional competence and ethical standards of service providers, resulting in some problems and loopholes that cannot be ignored, such as leaking consumer privacy, providing improper services, and charging unreasonable fees. Regarding this, Nanyu suggests that the emotional economy is an emerging consumer phenomenon that needs to be guided and regulated for development. It is necessary to strengthen the supervision of the emotional consumer goods market, determine legal boundaries, standardize industry standards, establish effective complaint and warning mechanisms, and avoid potential market risks and consumer disputes. At the same time, consumers should increase their discernment ability, consume virtual goods rationally, and pay attention to protecting personal information and privacy security during the consumption process. As a social substitute, some emotional consumption is often a virtual warm service that can enhance social activities and interpersonal communication in real life, thereby better meeting one's emotional needs. (New Society)
Edit：NiChengRan Responsible editor：LiaoXin
Source：Economic Daily
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