Emotional value spurs consumption demand

As the most dynamic consumer group, the consumption habits of young people are reshaping the consumer market. The consumption of the younger generation is not like that of the elder generation. Young consumers will not lead a frugal lifestyle just to save money.

A recent survey indicates that 49.3 percent of young people attribute their consumption motives to reaping the emotional value of their purchased commodities and services. How to provide consumers emotional value is a focus of businesses trying to appeal to youthful consumers.

The entertainment market, which features intellectual property such as games, animations, films, television shows and novels, is primarily oriented toward young people. It is predicted that the country's retail sales of derivative toys alone will reach 110.1 billion yuan ($15.23 billion) in 2026.

The transaction volumes of snacks, perfumes, flowers, light luxury goods, pets, electronic products, blind boxes and self-growth courses and other bought-for-the-self consumer goods have all increased significantly in recent years despite the overall consumption being relatively weak.

As long as consumer goods can provide them with enough emotional value, young people don't mind even a long wait in a line. This represents one of the driving forces promoting consumption upgrading and expanding domestic demand.

Young people are more willing to choose cost-effective online consumption, so as to ensure every penny spent is worth the money. The consumption concept of "paying for emotional value" and buying online is changing the current and future consumer market, product supply and business competition landscape.

If enterprises can seize the opportunities, effectively adjust their sales formats, and provide more products with high emotional value for consumers, they are more likely to grab the young people's attention in the fierce competition of the consumer market.

21ST CENTURY BUSINESS HERALD