After the economy enters a "slow growth" phase, the playbook of China's consumer market has changed.

No longer is it about overwhelming scale expansion, but a shift towards value deepening. By 2026, consumption is expected to contribute another 2.8 percentage points to economic growth, continuing to support the overall market, but the internal structure has undergone a complete transformation—service consumption (culture, tourism, health) far exceeds the prosperity of goods consumption, and consumer activity in the central and western regions is also continuously rising.

What does this mean? The traditional logic of consumption investment needs to be re-evaluated.

Now, consumers exhibit an interesting phenomenon: they cut costs on daily necessities as much as possible; but they are willing to spend on health, emotions, and experiences. This is called "rational-emotional symbiosis." From an investment perspective, there are two types of opportunities: one is leading companies with strong cost control and brand moat, capable of satisfying consumers' "quality calculation" needs; the other is service providers and brands that can create "spiritual nomadism" and "daily highlights" experiences.

Interestingly, public funds are now generally saying that the consumption industry is at a triple bottom—valuation, market cap, and institutional holdings—this sounds like the eve of a turning point.

So what about the crypto market?

The transmission path of consumption resilience may seem indirect, but it is actually crucial. If domestic consumer confidence can pick up, it will directly stabilize the macro market and create a mild environment for risk assets. Once consumption recovers beyond expectations, investor confidence in a soft landing for the economy will rise, and risk appetite will naturally increase—this is an indirect positive for the crypto market. In other words, don’t just focus on coin prices and policies; consumption data is also influencing market sentiment.