你还在投资那些传统的消费巨头，或者靠着过去的经验判断市场吗？ 如果是，你可能正在被一个强大的、正在彻底重塑全球消费格局的力量所抛弃：Z世代（通常指出生于1995年至2009年的一代）。 Z世代不仅是未来的消费主力，他们更是一群拥有全新价值观的消费者。他们的消费不再仅仅是为了**"拥有"，更是为了"体验"、"身份认同"和"精神满 足"**。他们正在抛弃许多旧的品牌，同时以惊人的速度催生出万亿规模的新兴产业。 一、从"拥有"到"体验"：服务经济的黄金时代 Z世代对于物质资产的执念明显低于他们的父辈。他们更愿意为时间、便捷和精神愉悦买单。这正在驱动消费领域从**"商品经济"向"服务经济"**的巨大转 型。 对于投资者而言，理解和提前布局Z世代的消费逻辑，就是抓住了未来十年的**"隐形蓝海"**。 二、从"品牌"到"个性"：圈层消费与"人设"资产 Z世代是互联网原住民，他们热衷于通过消费来构建和展示自己的**"人设"和"圈层身份"。他们对大品牌的忠诚度低，但对垂直、小众、能代表其价值观** 的品牌却极其狂热。 小众文化与国潮： 曾经的小众文化（如二次元、汉服、露营、盲盒）正在快速大众化。他们愿意为个性化设计、文化符号 ...

Group 1 - The core viewpoint of the report emphasizes that the consumption investment landscape has entered a new era, necessitating a re-evaluation of investment strategies in light of changing consumer behaviors and economic conditions [1][2][3] - The report identifies the rise of the middle class as a significant driver of consumption changes, suggesting that fluctuations in this demographic can lead to new characteristics in consumption investment [1][2][3] - The historical context of consumption pricing is discussed, highlighting that traditional models based on economic functions may no longer be sufficient in explaining current consumption trends, thus requiring interdisciplinary approaches [2][3][4] Group 2 - The report outlines three main aspects of new consumption pricing: service and emotional consumption, cost-effective and overseas consumption, and affordable/low-cost consumption based on brand and cost advantages [3][4] - It notes that the "new consumption" concept is not limited to new demographics or younger consumers but reflects a broader shift in consumer rationality and reliability in pricing [3][4][5] - The report suggests that traditional consumer goods may transition into high-dividend investments, with historical data indicating that dividend contributions to total returns in U.S. and Japanese consumer stocks are significantly lower than profit growth contributions [3][4][5] Group 3 - The report highlights the importance of understanding the changing consumer mindset, particularly the demand for authenticity and reliability in products and services [5][6] - It discusses the demographic shifts, particularly the "echo baby boomers," who are expected to drive real estate consumption and other non-essential spending [5][6][7] - The report emphasizes the potential for consumption growth in lower-tier cities, where rising income levels are leading to increased spending on services and emotional consumption [5][6][7] Group 4 - The report provides a comparative analysis of historical consumption trends in the U.S. and Japan, noting that both countries have experienced shifts towards rational consumption patterns over time [6][7][8] - It discusses the implications of these historical trends for current investment strategies, suggesting that focusing on companies with strong growth prospects is essential for successful consumption investments [6][7][8] - The report concludes that the future of consumption investment in China remains promising, with significant potential for economic recovery and consumption growth [6][7][8]