Core Viewpoint - The article discusses the recent trend of foreign brands, particularly in the food and beverage sector, divesting their stakes in the Chinese market, signaling a potential end to the golden era of foreign brands in China and highlighting the profound changes in consumer behavior and market dynamics [2][3][26]. Group 1: Foreign Brand Divestment - Starbucks sold 60% of its shares in China to Boyu Capital for $4 billion, while Burger King transferred 83% of its shares to CPE Yuanfeng, receiving an investment of 2.5 billion yuan [2]. - The trend of foreign brands retreating from the Chinese market has been ongoing, with Yum Brands selling KFC and Pizza Hut's operations to Primavera Capital in 2016, indicating a shift in market control [3]. Group 2: Historical Context of Foreign Brands - The entry of foreign brands like KFC in the late 1980s was marked by a significant consumer demand and low supply, creating a profitable environment for foreign investments [6]. - Tax incentives and a large labor force with low wages provided foreign companies with a competitive edge in the Chinese market during the early years of reform [6][7]. Group 3: Changing Consumer Behavior - The demographic shift in China has led to a change in consumption patterns, with younger generations prioritizing practicality and value over brand prestige [11][15]. - The rise of the "refined poor" mentality among consumers reflects a move away from conspicuous consumption towards essential and durable goods [11]. Group 4: Market Dynamics and Competition - The coffee market in China is experiencing intense competition, with local brands like Luckin Coffee innovating rapidly and capturing market share through effective marketing and product offerings [20][21]. - Luckin Coffee's success is attributed to its ability to adapt to consumer preferences and its efficient, digital-first operational model, contrasting with Starbucks' traditional approach [22][23]. Group 5: Future Outlook for Foreign Brands - The challenges faced by foreign brands like Starbucks are not indicative of an end but rather a transition to a more competitive and diversified market landscape in China [26]. - The new joint venture formed by Starbucks aims to expand its store count from 8,000 to 20,000, indicating a strategic shift towards capturing the underdeveloped lower-tier markets [27][28].

Group 1 - The report outlines four consumption eras in Japan, highlighting the evolution from state-level private ownership to a focus on sharing and altruism in the fourth consumption era [4][7][19] - The transition from the second to the third consumption society marked a shift from family-based consumption to individual consumption, emphasizing personal preferences and quality over quantity [8][30][40] - The report emphasizes that the current fourth consumption society retains characteristics from the previous three eras, indicating a complex interplay of consumption patterns [10][32][36] Group 2 - The third consumption society is characterized by a significant decline in GDP growth rates, with an average of 4.05% from 1974 to 1990 and only 0.95% from 1991 to 2010, reflecting economic stagnation [30][35] - The report identifies five key features of the transition from the third to the fourth consumption society, including a shift from individualism to social consciousness and from private ownership to sharing [9][57] - The rise of non-profit organizations and shared living arrangements in the fourth consumption society reflects a growing interest in altruism and community engagement among the Japanese population [62][65]