At the recent Fourth Jing-Jin-Ji "Urban Youth Power Creators Conference," young entrepreneurs and small business managers gathered to discuss how the youth economy can effectively engage the younger generation.
Young people are the main drivers of new types of consumption and the creators of novel consumption models. They are willing to pay for unique experiences and personal hobbies, valuing both individuality and cultural depth. Through their innovative consumption concepts and activities, they are invigorating the urban youth economy.
Statistics clearly illustrate the consumption potential of the youth demographic: China's emotional consumption market has grown from 16.3 trillion yuan in 2022 to 23.1 trillion yuan in 2024, with projections exceeding 45 trillion yuan by 2029. Surveys indicate that over 90% of young people acknowledge the importance of "emotional value," and nearly 60% are willing to spend money for this emotional resonance. From the rise of domestic trend cultural products and outdoor camping to the popularity of "merch economy" and pet-related spending, the consumption choices of young people are reshaping market dynamics and injecting fresh inspiration into urban development.
However, beneath this wave of popularity, the youth economy in some cities faces issues of being short-lived. Certain locations exhaustively create viral social media spots, gaining brief surges of visitors and attention, but fail to secure the long-term loyalty of young consumers. The root cause lies in a misconception that prioritizes traffic volume over substance and consumption over experience. These approaches recognize that young people are willing to spend but overlook the essence of their consumption: they are not just purchasing a product, but expressing a passion, pursuing a lifestyle, and seeking emotional belonging through understanding and recognition.
Transforming the youth economy from a fleeting trend into a perennial force requires active efforts from both the younger generation and city administrators. Young creators must experiment with new consumption scenarios, turning imaginative ideas into tangible products and services. City managers, in turn, need to proactively shift their mindset, apply targeted efforts persistently, and build a solid foundation for the sustainable growth of the youth economy.
A shift is needed from selling products to creating scenarios. The core of the youth economy lies in the experience, not merely in transactional goods. Operators should move beyond a "shelf mentality," adopt a long-term perspective, and genuinely focus on the diverse needs of young people—such as socializing, learning, leisure, and cultural experiences—to develop comprehensive, engaging, and participatory environments.
A shift is needed from chasing traffic to nurturing an ecosystem. Viral projects come and go quickly; only by cultivating a robust ecosystem can the youth economy achieve stable, long-term growth. It is essential to abandon a浮躁心态 focused on quick profits and instead encourage young brands to innovate boldly in products, content, and business models. Patiently incubate a batch of viable local IPs, and support niche designers and independent managers in transitioning from "street stalls" to established brands, thereby fostering internal momentum for the youth economy.
A shift is needed from targeting wallets to building stages. Young people are not just consumers but also a source of innovation. Relevant authorities should overcome the limitation of primarily attracting consumption while underproviding platforms. Through supportive measures like rent reductions and low-interest loans, they can offer platforms for skills training and resource connection, making the youth economy an "incubator" for new professions and business formats. Simultaneously, integrating the youth economy into the broader framework of youth-friendly city development is crucial. This involves coordinated advancement in housing security, employment services, and public cultural offerings, alongside optimizing supporting amenities like night-time public transport and community services. This ensures that young people can not only enjoy consumption and life but also find a sense of belonging and achieve personal value.
The prosperity and strength of a city are intrinsically linked to the vitality and capability of its youth. Only by understanding the needs of young people and respecting their creativity can we synchronize the youth economy with urban development, making cities more warm, vibrant, and dynamic.