泡泡玛特、老铺黄金为何成爆款？一文拆解新消费时代的“情绪价值逻辑”

Core Insights - The rise of "emotional consumption" is significantly impacting brand performance and stock prices, with a projected market size exceeding 2 trillion yuan by 2025 in China [1][7] - Emotional consumption is driven by three main factors: rising income levels, changing social environments, and intensified competition due to supply-side homogenization [7][9] Group 1: Emotional Consumption Framework - Emotional consumption is defined as the subjective judgment of value perceived by customers, encompassing product attributes, utility, and expected outcomes [2] - The three main forms of emotional consumption include: (1) service + consumption value, (2) IP + self-satisfaction, and (3) social + consumption for others [5] Group 2: Market Examples - Companies like Bubble Mart and Old Puh Gold exemplify successful emotional consumption strategies, focusing on emotional resonance and social engagement [24][28] - Bubble Mart transitioned from single IP reliance to a multi-IP matrix, achieving over 10 billion yuan in revenue from four IPs by 2024, with a membership base of 46.08 million [25] - Old Puh Gold's high-end pricing strategy and social engagement have led to a significant contribution from loyal customers, with less than 1% of members generating 26.7% of sales [28] Group 3: Industry Dynamics - The emotional consumption trend is supported by a shift in consumer behavior, with over 90% of individuals feeling "involution" pressure, leading to a focus on self-satisfaction and individual expression [9] - The beauty industry, facing high marketing costs, has seen emotional value become a crucial differentiation strategy as profit margins are squeezed [9][10] Group 4: Successful Strategies - Companies like Haidilao and Xiaomi have leveraged emotional value through exceptional service and ecosystem integration, respectively, enhancing customer loyalty and operational efficiency [6][31] - Haidilao's innovative service model has resulted in a significant increase in customer satisfaction and retention, while Xiaomi's emotional connection with users has transformed its products into emotional carriers [6][31] Group 5: Long-term Competitive Advantage - The sustainable emotional value can help companies build differentiated competitive advantages, enhancing operational capabilities and profitability [34] - Emotional consumption evolves through three stages: attraction, solidification, and sublimation, which are essential for long-term growth and customer loyalty [34]