回望新消费：风停了，猪会摔下来

Core Viewpoint - The article discusses the dramatic shift in the new consumption sector from a period of rapid growth and high valuations to a phase of significant decline and business failures, emphasizing that while some brands thrived, many others collapsed under unsustainable business models and market conditions [5][24]. Group 1: Market Trends and Brand Performance - In 2021, the new consumption sector experienced a frenzy with 842 financing events totaling over 900 billion yuan, leading to inflated valuations for brands with minimal sales [11]. - By 2025, many once-prominent brands like墨茉点心局 and 钟薛高 faced severe operational challenges, with墨茉点心局 reducing its stores from a nationwide presence to just 29, primarily in its home city of Changsha [6][8]. - The consumer market in 2025 is undergoing a harsh selection process, with a significant number of previously sought-after unicorns facing closure and valuation drops [8]. Group 2: Reasons for Business Failures - The rapid decline of brands can be attributed to several factors: high operational costs, severe product homogeneity, and a faster-than-expected consumer downgrade [19]. - The cost of maintaining storefronts in high-rent areas is unsustainable for low-margin products like 30 yuan noodles, leading to financial strain [19]. - The oversaturation of similar products in the market has made it difficult for brands to differentiate themselves, resulting in a loss of consumer interest [19]. Group 3: Survivors and Their Strategies - Brands like 蜜雪冰城 have emerged as winners by maintaining a cautious approach to capital and focusing on sustainable business practices, such as building their supply chains [21][23]. - Traditional brands like 泸溪河 have also thrived, with over 600 stores nationwide, demonstrating resilience against the backdrop of newer, capital-driven brands [21]. - The article highlights a shift in consumer behavior, where repeat purchases are essential for business sustainability, contrasting with brands that relied heavily on initial consumer interest without fostering loyalty [23][24].