A new consumption trend called "emotional spending" is gaining momentum in China's Hong Kong Special Administrative Region, with many young people, particularly Gen-Z consumers, turning to affordable, mood-boosting purchases that offer emotional rewards.
Pop Mart, a Beijing-based firm, is best known for selling toys in "blind boxes" where buyers don't know what they're getting until they open the box.
"When you get the secret, you will be very thrilled. It's kind of a way for us to release our stress," said Daniel Chau, a consumer in Hong Kong.
That is one of the reasons behind an emerging consumption trend among young people, whose focus is on splurging on things that make them feel good.
A graduate from the Chinese mainland says she pinches her pennies when it comes to meals, but she's willing to spend on these pressure-relief toys.
"After entering a job, we will feel stressed. Rent, water, electricity and transportation all require money, but our salary is not high. Therefore, we will have economic pressure as well as work pressure," said Hu Shuangni, the graduate, adding that these dolls at the Pop Mart store makes her happy.
Psychologists say the trend is about younger consumers finding products they connect with right now.
"They want to spend money on things, for example, on brands and products and services that are actually consistent with how they perceive their life and also their sense of value. It's not transactional or financial, but rather a lot more emphasis has been placed on their emotional well-being," said Sami Wong, founder and managing partner of 3Drips Psychology, Research and Consulting.
The popularity of Gen-Z favorites, like Pop Mart, the company behind the popular Labubu dolls, jeweler Laopo and tea chain Mixue saw sales soar last year. Besides toys, Gen-Z consumers -- those who are born between 1997 and 2012 -- are also spending on travel and concerts.
In Hong Kong, a survey by a communications firm found that the generation makes up 22 percent of the city's population, but commands an annual spending power of 6 billion U.S. dollars.
Gen-Z spending provides a bright spot for China's consumer industry, but economists say this group of consumers don't have much appetite for big ticket items, such as real estate and cars.
"If we have the Gen-Z are not spending as much, with a weaker consumer sentiment, and definitely, only relying on exports will not be enough to fully buffer this broad pressure on consumption. So I think this is why finding ways to stimulate consumption in China seems to be one of the priorities in 2026 to stabilize growth," said Gary Ng, senior economist at Natixis Corporate and Investment Banking.
As authorities look for new ways to boost consumer demand, experts say this trend also offers companies opportunities to find things that spark joy in consumers.
"Emotional spending" takes hold in Hong Kong amid broader youth-led consumption
Colombians are heading to the polls on Sunday to elect their next president. The country's constitution prevents the current President, Gustavo Petro, from running for a second term.
Yet, many see this election as a referendum on the policies of Gustavo Petro, Colombia's first leftist president.
There are 14 candidates on Sunday's ballot, but the polls show it will likely be a tight three-way race.
The frontrunner is Ivan Cepeda, a 63-year-old three-term senator, representing President Gustavo Petro's party, the Historic Pact coalition. Cepeda has vowed to defend and deepen Petro's progressive reforms and social justice policies to reduce inequality. He also promises to continue the government's controversial "Total Peace" strategy to negotiate the disarmament of remaining guerrilla groups and criminal gangs.
"True prosperity comes from equality, from access to rights, and from transforming the peripheral and excluded territories of the rural world," Cepeda said at a campaign rally.
Running as a political outsider and independent is Abelardo de la Espriella, a 47-year-old lawyer, nicknamed "The Tiger." He has presented himself as the "authority and order" candidate who will reduce state spending by up to 40 percent in the next four years.
"(First,) we must fight insecurity. Colombia is suffering today from a pandemic of insecurity. Crime is out of control: extortion, cattle theft, smuggling, drug trafficking," he said to his supporters at an election event.
According to polls, the third candidate with strong support is Paloma Valencia. The 48-year-old senator represents the Democratic Center party led by popular former President Alvaro Uribe Velez. Her candidacy is backed by politicians and economists who are concerned with growing levels of public debt. They want to see a return to more conservative fiscal policies.
"I don't want to be a president who governs alone, locked away in glass offices. I want to be a president who stands with citizens, who embraces them, who reaches out to them, who has a team, and who governs to transform Colombia," the candidate said at the campaign event
According to polls earlier in the year, many voters are expressing concerns about unemployment, rising living costs, corruption, and, above all, public security.
The election comes after a turbulent year that the International Committee of the Red Cross has called "the worst humanitarian consequences of armed conflict over the past decade."
"(We arrive at this election in a tense atmosphere - tense) because of the economic situation, because of the security situation, and because of the narratives that have been built around the country's main problems. On top of that, emotions, ideas and social media have all helped raise (the tone,)" said Eduardo Velosa, associate professor from International Studies Javeriana University.
If no candidate receives 50 percent of the vote, a runoff election will be held between the top two finishers on June 21st.
Colombians prepare to choose their next president
