质疑新消费、理解新消费、投资新消费，新消费“新”在哪儿？

Group 1 - The core concept of new consumption is evolving, with products like Labubu toys and high-end gold jewelry gaining popularity among younger consumers, leading to significant stock price increases for companies like Laopu Gold and Pop Mart [2][5] - The market has seen a shift in public fund holdings, with a notable increase in the number of funds investing in new consumption stocks, particularly Laopu Gold and Pop Mart, indicating growing recognition of their potential [3][4] - The new consumption sector has achieved a total market value exceeding 710 billion HKD, despite ongoing debates about its sustainability [3][5] Group 2 - The transformation in consumer behavior reflects a shift from material wealth to experiential satisfaction, with consumers prioritizing quality and emotional value over brand prestige [6][7] - New consumption brands are focusing on product quality and emotional resonance, moving away from traditional marketing strategies, which has led to a redefined relationship between consumers and brands [7][8] - Structural changes in the economy are driving the growth of new consumption, as traditional sectors face stagnation, creating opportunities for innovative products that cater to the needs of the Z generation [9][10] Group 3 - Investment strategies in the new consumption sector should focus on companies that align with current trends and consumer psychology, emphasizing brand strength and innovation [11][12] - The potential for significant growth exists in the new consumption space, despite short-term overheating risks, as many companies are still in the early to mid-growth stages [11][12] - The unique characteristics of new consumption markets suggest that opportunities for substantial growth may arise from unexpected breakthroughs, necessitating a nuanced understanding of consumer preferences [12]