Young consumers in China are increasingly prioritizing purchases that offer emotional value over traditional luxury brands, according to a report by CNN. This trend has emerged against a backdrop of job insecurity and a sluggish post-COVID economic recovery, leading shoppers to seek comfort in items that provide a sense of spiritual connection.
Changing Consumer Preferences
Zirui Yang, a 22-year-old student from Nanjing, noted a shift in his shopping habits since starting college in 2022. He stated, "I like ritual, novelty and things that have a unique identity," moving away from branded items to more personal and spiritual purchases. The rise of the economy surrounding "xuanxue," or spiritual mysticism, has been notable, with the hashtag #xuanxue amassing over 5 billion views on the Chinese social media platform Xiaohongshu.
Growth in Spiritual Goods
Sales data indicates a significant increase in demand for spiritual items. For instance, sales of crystal bracelets surged by 320% year-on-year in 2024, contributing to a broader online crystal market valued at approximately 3 billion yuan ($444 million). This shift in spending reflects a broader cultural trend among young city dwellers who are investing in experiences and products that promote emotional well-being, such as wellness retreats and visits to temples.
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The growing interest in spiritual luxury goods could influence the retail sector, particularly in e-commerce, as brands adapt to meet the demand for unique, emotionally resonant products. Investors will watch for further developments in consumer behavior as the economic landscape in China evolves.
Based on reporting by: edition.cnn.com, forbes.com