In-depth Analysis of Chinese Netizens' Hot Search Behavior Changes and Consumption Sentiment Shifts with Investment References

Based on network search data and industry report analysis, Chinese netizens’ hot search behavior in 2025 reveals the following three key shifts:

Data shows that nearly 60% of young people prioritized

in their 2025 purchase decisions, with emotional consumption growing significantly compared to 2024 [image info]. This indicates that consumers, especially young groups, have shifted from purely pursuing product functional attributes to seeking from products.

This trend is reflected in search behavior:

• IP trendy toys, blind boxes, collectibles
  related searches surged
• “Healing”, “stress relief”, “companionship”
  and other emotional keywords saw increased search volume
• Personalized, niche culture
  related topics continued to gain popularity

Consumers’ mindsets have changed significantly, preferring to

rather than spend, and valuing over satisfaction [1]. This cautious attitude stems from:

• Continued adjustment of the real estate market leading to family wealth shrinkage (real estate accounts for nearly 70% of Chinese family wealth) [1]
• Employment market pressure, with youth unemployment remaining high
• Increased uncertainty about future economic expectations

Search behavior reflects this:

• “Save money”, “discount”, “cost-effectiveness”
  and other keywords saw increased searches
• “Financial management”, “savings”, “investment”
  related topics gained more attention
• “Side hustle”, “part-time job”
  and other income diversification searches became more popular

The consumption structure is gradually shifting from product-oriented to

. Domestic tourism, outbound tourism, and inbound tourism all showed double-digit growth [2]. Hot search data shows:

• Cultural tourism experience, outdoor sports, social entertainment
  related searches surged
• Health maintenance, psychological counseling, healing services
  topics gained popularity
• Offline social scenarios
  related searches (e.g., camping, music festivals, exhibitions) increased significantly

: Pop Mart (9992.HK), current share price HK$187.70, market capitalization approximately HK$249.3 billion [0]

:

• As a benchmark enterprise in emotional value consumption, Pop Mart’s Labubu and other trendy toys have achieved global success
• An LVMH China executive joined the board, indicating international capital’s optimism about China’s emotional value consumption track
• 52-week share price range: HK$79.50-HK$339.80, showing high volatility but a long-term upward trend

:

• IP trendy toys and collectibles
  : Driven by emotional value, young people are willing to pay for IP and stories
• Pet economy
  : “Fur babies” have become emotional sustenance, leading to increased demand for pet food, supplies, and medical services
• Beauty and personal care
  : Shifting from functionality to emotionalization and ritual, perfumes and skin care products serve as carriers of emotional expression

:

• Consumers are more rational and seek high-cost-performance brands
• Snack specialty stores, membership supermarkets, discount stores
  and other high-cost-performance channels are expanding rapidly
• White-label and private brand products maintain price competitiveness due to supply chain advantages

:

• Affordable beverage brands such as
  Mixue Group and Guming
  are accelerating expansion in low-tier cities
• Bulk snack channels have a revenue scale of approximately US$20 billion, becoming a new growth engine

:

• The service industry continues to outperform physical goods consumption
• Tourism (domestic, outbound, inbound) has double-digit growth [2]
• Demand for health, counseling, and healing services is rising

:

• Cultural tourism and leisure
  : Scenic spots, hotels, airlines
• Health services
  : Physical examinations, medical aesthetics, psychological counseling, fitness
• Education and training
  : Vocational skills, hobbies, lifelong learning

: Kweichow Moutai (600519.SS), current share price RMB1,377.18, market capitalization approximately RMB1.73 trillion [0]

:

• Food, beverages, and alcohol have become highlights in the consumer market, with overall growth of about 8%
• Although high-end baijiu faces adjustments, its long-term brand value remains stable
• Necessary consumer goods have defensive properties amid economic uncertainty

• After policy subsidies exited, home appliance and electric vehicle sales fell by 15% in October and the decline expanded to 20% in November [2]
• Risk Warning
  : The performance of such enterprises is highly volatile; policy changes need to be monitored

• Real estate and construction-related industries remain sluggish, with no clear recovery signal [2]
• Home furnishing, building materials, and other post-real estate cycle consumption are under pressure

• Luxury goods, high-end catering, etc. face consumption downgrade pressure
• Need to pay attention to whether brands can maintain competitiveness through differentiated value propositions

McKinsey analysis points out that although overall retail sales maintain 4%-5% growth, this average figure masks huge differences between different consumer groups, product categories, sales channels, and city levels [2].

.

• The consumption growth rate of low-tier cities continues to lead first-tier and high-tier cities
• Consumption in first-tier cities like Shanghai even declined [2]
• New channels such as snack specialty stores and membership supermarkets are expanding rapidly in low-tier cities

• Nearly 60% of young people prioritize emotional value in purchase decisions
• This trend is not a short-term phenomenon but a deep change in consumption concepts
• Investments need to focus on brands with
  emotional connection capabilities
  and
  IP building capabilities

• Not all consumers only pursue low prices
• Successful brands can
  provide emotional value at a reasonable price
• For example: Pop Mart provides emotional value through trendy toys; Mixue provides “small happiness” through affordable positioning

1. Macro Risk
   : Slowdown in China’s economic growth, continued real estate adjustment, and persistent employment pressure
2. Policy Risk
   : Impact of changes in subsidy policies and exit of consumption stimulus measures
3. Valuation Risk
   : Some emotional value consumption tracks have high valuations; need to be alert to correction risks
4. Competition Risk
   : Fierce competition in segmented tracks; need to pay attention to enterprises’ moats

The changes in Chinese netizens’ hot search behavior in 2025 deeply reflect the transformation of national consumption sentiment. The three shifts—from material pursuit to emotional value, from overconsumption to cautious saving, and from physical consumption to experience consumption—indicate that China’s consumer market has entered a

.

:

1. Identify structural differentiation opportunities rather than betting on overall consumption recovery
2. Focus on the three main lines: emotional value, cost-effectiveness, and experience consumption
3. Layout high-quality enterprises with emotional connection capabilities and IP building capabilities
4. Attach importance to the growth potential of low-tier cities and new channels
5. Balance growth and defense, and control risks

Although challenges still exist in China’s consumer market, it still provides scale advantages, vitality, and long-term growth opportunities that are unmatched by other markets for enterprises that can proactively adapt to complex environments and adjust strategies quickly [2].

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[1] Wall Street Journal - “When the ‘Prosperity Contract’ Breaks: Chinese Readers Share Their Intimate Pain in Economic Downturn”
https://cn.wsj.com/articles/当-繁荣契约-破灭-中国读者讲述经济低迷中的切肤之痛-89ccfb65

[2] Yahoo Finance (Hong Kong) - “McKinsey Analyzes China Market! Answers 4 Key Questions Global CEOs Care About Most and Consumption Growth Keys”
https://hk.finance.yahoo.com/news/麥肯錫解析中國市場-解答全球執行長最關心的4大問題與消費成長關鍵-093005361.html

[0] Jinling API Data (Real-time quotes for Pop Mart 9992.HK, Kweichow Moutai 600519.SS and US stock index data)