新消费，还能涨吗？

Core Viewpoint - The new consumption sector has become a hot topic in the capital market, but after significant gains in the first half of the year, it has shown signs of differentiation among leading companies [2][3]. Group 1: Performance of New Consumption Companies - Pop Mart achieved a revenue of 13.876 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.71 billion yuan, up 362.8% [8]. - Lao Pu Gold reported a revenue of 12.354 billion yuan, a year-on-year increase of 251%, and a net profit of 2.35 billion yuan, up 291% [12]. - Pop Mart's stock price surged by 20% within a week following the announcement of new product launches [10]. Group 2: Shifts in Consumer Behavior - The rise of e-commerce and short videos has changed sales channels, allowing consumers to have more control over their purchasing decisions, thus diminishing the importance of traditional sales channels [23]. - Generation Z, despite being less than 20% of the population, has a disproportionately large economic impact, with 64% of consumers prioritizing emotional satisfaction in their purchasing decisions [26][29]. - The demand for new consumption is increasingly characterized by practicality, low prices, and emotional value, leading to a focus on high premium and low unit prices [28]. Group 3: Future Opportunities in Silver Economy - The aging population is becoming a significant part of social consumption, with predictions indicating that the population aged 60 and above will exceed 300 million, accounting for nearly 21% of the total population [38]. - The silver economy is expected to expand beyond healthcare and elderly care, with personalized consumption needs of older adults becoming a crucial aspect of new consumption [42]. - Companies like Zuli Jian have rapidly developed in the elderly footwear market, indicating a growing market for products tailored to older consumers [44]. Group 4: New Consumption's Evolution - New consumption is not a fixed category but will continue to evolve with changing times, reflecting new consumer demographics, consumption concepts, and product innovations [52]. - The potential for new consumption to disrupt traditional consumption is inevitable, and its development is expected to go beyond current trends [55].