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China: Emotional consumption surging among young Chinese consumers

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Storyline: Emotional consumption surging among young Chinese consumers [Voice_over] Young people in China say that while they do consider a product's price, they also focus on the emotional value it will deliver. At this store in Shanghai, young people say they're willing to spend money on themselves for a bit of happiness. [Sound_bite] Consumer: "I spent just a little money but gained lots of happiness." [Sound_bite] Consumer: "I bought all of them on 'emotional spending'. In other words, I bought them because they make me happy." [Voice_over] A store manager says besides shopping for themselves, people like to buy gifts for their pets. [Sound_bite] Ban Zhaoyang, manager, toy store: "Pet products and innovative plush pendants are best sellers." [Voice_over] Data shows that over 56 percent of the country's Gen Z population shop for emotional reasons, about 16 percent more than last year. Digital consulting firm Future Marketing projects that China's emotional consumption market will surpass 280 billion U.S. dollars this year, compounding at 12 percent annually since 2013. [Restrictions: No access Chinese mainland]

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