Blind boxes, toys, milk tea: Unboxing China’s 'emotion economy'

A fast-growing consumer trend reshaping China’s economy has largely flown under the radar outside the country - the “emotion economy”, where consumers place greater value on how a product or service makes them feel than on its practical use. Estimated to be worth at least 2.3 trillion yuan (US$340 billion), the trend is driving demand for everything from collectibles and bubble tea to gaming and immersive experiences that evoke excitement, comfort and fulfilment. Why are young Chinese consumers spending this way, and what does it reveal about the country’s changing economy? CNA’s Krystal Chia reports from Shanghai.