Emotional ROI: How Much Do You Pay For New Consumption?

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Tiger_SG
05-27
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Recently, three major "new consumption" stocks in the Hong Kong market have performed exceptionally well. $LAOPU GOLD(06181)$ has surged 210% YTD, $POP MART(09992)$ has risen another 150% this year after a strong rally last year, and $MIXUE GROUP(02097)$ is up 99% this year, even driving up other tea beverage stocks in Hong Kong.

At first glance, these three companies seem unrelated in terms of business models, but they actually represent the optimal cost-performance ratio in their respective industries when it comes to “emotional value vs. spending.”

"Emotional value / spending" has become the new cost-performance metric.

Pop Mart provides excitement, Mixue Bingcheng offers social connection, and Laopu Gold delivers a sense of security — they all fulfill people’s psychological contract of “low cost, fast gratification, and high visibility.” This is the fundamental logic behind their explosive popularity. They all let consumers purchase a sense of identity at a very low threshold.

Many are wondering: In such a sluggish consumption environment, why is so-called "new consumption" surging ahead? Whether it's Pop Mart, Mixue Bingcheng, or Laopu Gold?

People’s perceived “psychological prices” are rising — they need to get more emotional value with less money.

The products of these three companies aren’t things people must buy — but they all meet the need to “look upward” with minimal spending. This is what’s called a “cheap identity economy”: not spending big money, yet still gaining a certain level of social recognition.

Pop Mart (Blind Box + IP): It turns gambling psychology into a trend.

It gives people a “high” at very low cost. The randomness of each box makes it addictive. In a time when making money is tough and life is stressful, this kind of fast, cheap emotional thrill becomes a kind of emotional "charger."

Laopu Gold + Luxury Positioning: It provides both value preservation and a sense of status.

On the one hand, it’s a hedge, giving people a sense of security. On the other, it can be worn as jewelry to show taste. In an era full of anxiety and uncertainty, people want to show they have quality of life, but also fear wasteful spending — gold jewelry hits both needs.

Mixue Group: A 5 RMB milk tea lets you join internet trends.

Beyond its low price point, Mixue is also a marketing genius. Its Snow King mascot has become one of the most talked-about figures on the Chinese internet. Milk tea has shifted from being a status symbol to a “5 yuan social tag,” making it affordable for more people. It’s not about the tea itself, but about the feeling of being “part of the cool crowd.” As income inequality grows, this kind of “low-cost bragging” gives people an easier way to participate in social life.

So, how much of your own spending do you think goes toward emotional value?

Do you think these three new consumer companies will continue to rise?

Post directly in the topic: Identity on a Budget: Why Consumers Love Pop Mart, Mixue, and Laopu Gold? or leave your comments on this post to win tiger coins~

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Pop Mart Peaked? How Will You Short It?
Pop mart continued to decline. The hype seems to reach a peak in China. When something becomes too popular, it get outdated too. Do you think Pop Mart or labubu peak now? Will you buy the dip or short Pop Mart? What's your short type?
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Comments

  • Shyon
    05-27
    Shyon
    The rise of Pop Mart, Mixue, and Laopu Gold is fascinating — they deliver emotional satisfaction at a low cost, which resonates in today’s cautious spending environment. Whether it’s the thrill of a blind box, the comfort of a cheap milk tea, or the status and security of gold jewelry, each brand offers more than just a product — they sell identity and emotional connection.

    I’ve noticed my own spending shifting toward items with emotional value. It’s often less about the function and more about how something makes me feel or how it fits into my lifestyle. In tight times, small treats that boost mood or social connection become meaningful — and these brands excel at that.

    I believe these companies can keep rising if they continue tapping into cultural and emotional trends. As long as they stay affordable and socially relevant, their appeal will remain strong in this “cheap identity economy.”

    @Tiger_SG @Tiger_comments @TigerStars

  • icycrystal
    05-27
    icycrystal
    @Shyon @koolgal @SPACE ROCKET @LMSunshine @Aqa @rL @GoodLife99 @Universe宇宙 @HelenJanet

    am not into these (I try not to  be into this) as I know once I get them I would probably be putting them aside [Pitiful] [Pitiful] [Pitiful]

    Pop Mart provides excitement, Mixue Bingcheng offers social connection, and Laopu Gold delivers a sense of security — they all fulfill people’s psychological contract of “low cost, fast gratification, and high visibility.” This is the fundamental logic behind their explosive popularity. They all let consumers purchase a sense of identity at a very low threshold.

    So, how much of your own spending do you think goes toward emotional value?

    Do you think these three new consumer companies will continue to rise?

    leave your comments on this post to win tiger coins~

  • Tiger_SG
    06-03
    Tiger_SG
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  • MHh
    05-28
    MHh
    I do not spend on anything for the sake of emotional value. I prefer to spend my money wisely on basic needs and the occasional indulgence. Thus, I am actually not a consumer of popmart and laopu gold though I may give in to my sweet tooth occasionally by eating mixue icecream and the last was last December! I prefer to buy these stocks and earn money[Miser]


    I think all 3 stocks will continue to rise as their products are affordable so the demand of the masses will continue to push the prices up. They appeal to the desire of people to feel included and trendy as they are now popular. As long as they are part of the social trend, the stock prices will continue to rise. Even if a recession hits, the demand will be there and people will justify their spending simply because they are affordable and it appeals to the senses such as feeling good, being happy after a sweet treat. The music ends when the next trend comes along.
  • 北极篂
    05-27
    北极篂
    坦白说,如果仔细审视自己的消费结构,我发现其实情感价值占了不少比例。比如,一杯不一定非喝不可的奶茶、一件联名款玩具,或者一条精致的小金饰,理性上都不是必需品,但情感上,它们让我觉得“值得”。尤其在高压生活节奏下,这些小消费变成了一种“给自己找平衡”的方式。说白了,我不是在买东西,我是在买情绪的释放、社交认同,甚至是微小的成就感。


    也正因为如此,我认为泡泡玛特、蜜雪冰城和老铺黄金的成长逻辑还没走完。它们真正打中的,是当代消费者越来越注重“精神性价比”的趋势——不仅要便宜,还要有趣、有面子、有故事。这一点非常难复制。


    当然,从股价角度说,它们近期涨幅确实不小,短线或许会面临调整。但从中长期看,只要品牌定位不跑偏、用户心智牢牢掌握,它们依旧有上涨的空间。毕竟,在这个预算越来越紧的时代,谁能精准满足情感价值的消费,就掌握了未来新消费的密码。
  • TheIRLlabubu
    05-27
    TheIRLlabubu
    I am addicted to labubus , this is and going trend of china consumerism , they are looking to replace america as consumers , they realize that devalue their currency is no longer the way to go , is a culture shift in Chinese mind set and luxury gods are the stepping stone In that direction, u cannot just work and work , u need to spend to make life bearable , hopefully china market will be able to replace USA in consumerism opening up there markets for more movement
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