Chinese Gen Z’s ‘Emotional Spending’ Fuels Big Gains for Pop Mart-Crazed Investors

China’s attempt to offset the damage of tariffs is getting a helping hand from Generation Z, which is spending big on everything from toys to bubble tea.

The country’s younger generation of shoppers is on a spree of what analysts call emotional consumption, defying a wider malaise in China’s economy. Revenues at Gen Z favorites such as toymaker Pop Mart International Group, jewelery firm Laopu Gold Co. and drinks chain Mixue Group have soared, fueling breakneck moves in their stock prices.