产品的价值是什么？ What is the value of the product?

一个产品具备什么价值，大致可以归纳为以下的公式：

What value a product has can be roughly summed up in the following formula:

产品价值=功能价值+情绪价值+资产价值

Product value = functional value + emotional value + asset value

从需求端看，消费者当然希望一个产品这三种价值兼具。但对供给端的厂商和品牌来说， 产品想拥有资产价值需要偶然性。 有的产品能够实现，比如说房子、茅台、*币特比**。但这背后的偶然性它们自己都没有办法把握，茅台在今年的大环境里，也出现了降价动作。房子和*币特比**，它们所面对的市场环境，就更不是自己能够说了算的。

From the demand side, consumers certainly want a product to have these three values. But for manufacturers and brands on the supply side, it takes contingency for products to have asset value. Some products can be realized, such as houses, Maotai, Bitcoin. But they have no way of grasping the contingency behind this. In this year's environment, Maotai has also cut prices. Houses and bitcoins, the market environment they face, is not in their own power.

资产价值有偶然性，但情绪价值这种东西却是可以研究，可以深耕、更可以积累的。

Asset value is contingent, but emotional value can be studied, cultivated, and accumulated.

什么是情绪价值？就是用户为了获得某一种情绪或者感受，愿意支付的价值。就好像在名创优品买了一个9.9元的文具包，虽然材质只是一个高端塑料包，实质并不高端。但消费者愿意为此埋单，Ta们要的并不是真的“高端”，而是要一种“高端的感觉”，这就是我们说的情绪价值。

What is emotional value? It is the value that users are willing to pay in order to obtain a certain emotion or feeling. It's like buying a stationery bag for 9.9 yuan from MINISO. Although the material is just a high-end plastic bag, it's not really high-end. But consumers are willing to pay for it. They don't want to be really "high-end", but want a "high-end feeling", which is what we call emotional value.

有些人端起一杯威士忌，就感觉自己像007那样充满了才情和美丽，手里的这杯酒，顿时附着了很多的情绪和文化感受，这也是情绪价值的体现。

Some people pick up a glass of whisky and feel that they are full of talent and beauty like 007. The glass of wine in their hands is immediately attached to a lot of emotions and cultural feelings, which is also a reflection of emotional value.

情绪价值带来的品牌溢价 Brand premium brought by emotional value

情绪价值的意义在于，它不但能让产品做到差异化和高溢价，还能让产品和用户的关系更长久、更牢固。

The significance of emotional value is that it not only allows products to achieve differentiation and high premiums, but also makes the relationship between products and users longer and stronger.

其实我们身边很多公司都不知不觉地在创造情绪价值，再把情绪价值注入他们的商品和服务中，比如海底捞，比如那些直播带货的主播们，他们卖的产品和服务本身的确很不错，但是能让他们成为行业巨人的，是产品和服务背后带给消费者的情绪溢价。

In fact, many companies around us are unknowingly creating emotional value, and then injecting emotional value into their products and services, such as Haidilao, such as those live broadcast anchors, the products and services they sell are indeed very good. , but it is the emotional premium brought to consumers behind the products and services that makes them industry giants.

产品和服务的功能很容易同质化，而情绪才能做到差异化，才能带来高溢价。更重要的是，在产品和服务中注入的情绪价值，就好像一条“情绪链”，把商家和消费者紧密地联系在一起。 按照这个逻辑推演下去，情绪价值甚至是“可迁徙的”，可以把同样的情绪价值注入不同的产品和服务中，这就让企业有机会不断地打造“第二曲线”甚至”第三曲线“。

The functions of products and services are easy to be homogenized, and only emotions can be differentiated and high premiums can be brought. More importantly, the emotional value injected into products and services is like an "emotional chain" that closely links merchants and consumers. According to this logic, emotional value is even "migratory", and the same emotional value can be injected into different products and services, which gives companies the opportunity to continuously create a "second curve" or even a "third curve" .

过去我们会觉得，一家好公司应该像一台推土机，不断扩展商业的边界，满足消费者多种多样的需求。但是在未来，一家好的公司更应该像一座「灯塔」，它不断发出亮光，传递某种清晰的情绪价值，让消费者在购买产品的时候，同时享受到物质和情绪上的满足。

In the past, we would think that a good company should be like a bulldozer, constantly expanding the boundaries of business and meeting the diverse needs of consumers. But in the future, a good company should be more like a "beacon", which constantly emits light and conveys a certain clear emotional value, allowing consumers to enjoy both material and emotional satisfaction when purchasing products.

中国消费市场发展的三个阶段 Three Stages of China's Consumer Market Development

从功能价值扩展到情绪价值，从效率经济扩展到人情经济，这是一个不可逆转的趋势。

It is an irreversible trend to expand from functional value to emotional value, from efficiency economy to human sentiment economy.

中国作为后发市场，平时经常会去参考和借鉴欧美、日韩这样的成熟市场演化脉络，我们会发现，一个经济体通常会经过三个消费阶段：

As a latecomer market, China often refers to the evolution of mature markets such as Europe, America, Japan and South Korea. We will find that an economy usually goes through three stages of consumption:

• 第一消费阶段，产能有限，供给匮乏，市场上只有特殊人群能够享受到好的产品供给。

In the first stage of consumption, production capacity is limited and supply is scarce. Only special groups in the market can enjoy good product supply.

• 第二消费阶段，产能跟上来了，消费平权，人人都有，这个阶段的消费特点是规模化和同质化。

In the second stage of consumption, production capacity has kept up, and everyone has equal rights in consumption. The consumption characteristics of this stage are scale and homogeneity.

• 第三消费阶段，产能过剩，有的消费者就开始不满足于跟别人一样了，有些厂商也不满足于跟同行去比拼低毛利了，于是想办法做产品的差异性。这个阶段的消费特点就会变成个性化和情绪化，借助不同的产品或者品牌情绪，去做自我表达。

In the third stage of consumption, with excess production capacity, some consumers are not satisfied with being the same as others, and some manufacturers are not satisfied with competing with their peers for low gross profit, so they try to differentiate their products. The characteristics of consumption at this stage will become personalized and emotional, and self-expression will be done with the help of different product or brand emotions.

我们可以大致认为中国在2015年前后进入了第三消费阶段。

We can roughly think that China entered the third stage of consumption around 2015.

2015年中国启动了供给侧改革，用了相当长的时间去产能、去库存、去杠杆、降成本、补短板，也叫“三去一降一补”，像煤炭、钢铁、水泥这些上游原材料的生产工厂，关了一批低效的，还有一些行业产能明显过剩的，就严格控制行业里能够获得的信贷和政策补贴。

In 2015, China launched the supply-side reform. It took a long time to reduce production capacity, reduce inventory, deleverage, reduce costs, and make up for shortcomings. For raw material production plants, a number of inefficient ones have been shut down, and some industries have obvious excess capacity, and the credit and policy subsidies that can be obtained in the industry are strictly controlled.

同时在2015年，中国的人均GDP达到了8000美元，消费市场上也开始出现了一些有意思的变化，比方说，我的朋友淘宝小黄就告诉我，从2015年开始，淘宝上卖盲盒玩具的商家，售卖的主要商品开始从进口代购变成了国内原创设计。

At the same time, in 2015, China's per capita GDP reached 8,000 US dollars, and some interesting changes began to appear in the consumer market. For example, my friend Taobao Xiaohuang told me that since 2015, blind box toys have been sold on Taobao. The main products sold have changed from imported purchasing to domestic original designs.

情绪消费和人情经济崛起 Emotional consumption and the rise of the human economy

情绪消费正在崛起，人们在选择消费产品和生活服务的时候，越来越追求功能价值之外的情绪价值。对应的，消费领域的商业范式，也在从效率经济迈向人情经济。

Emotional consumption is on the rise. When people choose consumer products and life services, they are increasingly pursuing emotional value other than functional value. Correspondingly, the business paradigm in the consumption field is also moving from an efficiency economy to a humane economy.

有两组转向，基本上是得到市场的共识的：

There are two sets of turns, which are basically the consensus of the market:

1. 消费者的价值偏好，从功能价值向情绪价值扩展，是扩展，不是转向；

The value preference of consumers, from functional value to emotional value, is an expansion, not a shift;

2. 消费领域的商业范式，也在从效率经济向人情经济扩展。

The business paradigm in the consumption field is also expanding from an efficiency economy to a humane economy.

人情经济是一种什么样的经济呢？我们可以把它跟效率经济对比着来理解。

What kind of economy is the human economy? We can understand it by contrasting it with the efficiency economy.

效率经济追求的是性价比，同样的功能谁能做到成本最低、价格最低，谁就是最好的。代表品牌是小米。

Efficiency economy pursues cost-effectiveness. Whoever can achieve the same function with the lowest cost and lowest price is the best. The representative brand is Xiaomi.

人情经济追求的是什么呢？是产品的功能价值差不多，我更关心哪件产品里的情绪价值能够打动我。

What is the pursuit of the human economy? The functional value of the products is similar, and I am more concerned about which product's emotional value can impress me.

比如看直播带货，有人在薇娅的直播间买东西，有人在李佳琦的、有人在罗永浩的。人们从不同主播那里接收到了不同的信息元素，感知到不同的人情氛围，这也是主播本身的情绪价值。基于这些人情氛围达成的交易，我们就成为人情经济。

For example, watching live broadcasts and bringing goods, some people buy things in Wei Ya's live broadcast room, some people are in Li Jiaqi's, and some people are in Luo Yonghao. People receive different information elements from different anchors and perceive different human atmospheres, which is also the emotional value of the anchors themselves. Based on the deals made on these human sentiments, we become the human sentiment economy.

一个产品的价值，由功能价值、情绪价值和资产价值组成。产品和服务的功能价值很容易同质化，资产价值有很大的偶然性，而只有情绪才能做到差异化，才能带来高溢价。

The value of a product consists of functional value, emotional value, and asset value. The functional value of products and services is easy to be homogenized, and the value of assets has great contingency, and only emotions can achieve differentiation and bring high premiums.

中国的消费市场已经走入了攻击过剩的时代，特别是Z世代，他们大多生活富足，既不在乎品牌，甚至不在乎功能呢，反而是那些能产生情绪价值的商品，Ta们会义无反顾地购买。

China's consumer market has entered an era of excess attacks, especially Gen Z. Most of them live affluent lives, they don't care about brands or even functions, but those products that can generate emotional value, they will buy them without hesitation.