China's Emotional Economy Projected to Reach $655 Billion by 2029

Data from analysts and official sources indicate that China’s emotional economy, which encompasses consumer spending on goods and experiences chosen for emotional resonance, is expected to surpass 4.5 trillion yuan ($655 billion) by 2029—a near doubling from its 2024 valuation. The recent shift in consumer behavior was highlighted during the Chinese New Year, where spending on traditional gifts declined, and more discretionary expenses such as travel and cosmetics increased. This trend has prompted business leaders and policymakers to take notice, signaling a significant change in consumer norms within the market.