以下文章来源于财通证券资管 ，作者安心相伴的 财通证券资管 . 财通证券资产管理有限公司成立于2014年12月，注册资本5亿元人民币，是财通证券股份有限公司的全资子公司，致力于为广大投资者提供全方位、个性 化的证券投资理财服务。 【导读】电动两轮 车 、 宠物经济 …… 下一个在哪里？ 林伟在消费股研究和投资方面经验非常丰富，擅长捕捉大单品爆发的机会，对于今年表现强势的一些消费领域，如两轮电动车、宠物零 食、日用品等，都进行了较早的布局。 问： 您是如何定义新消费的？与传统的消费相比，新消费的"新"究竟体现在哪里呢？ 林伟： 新消费在我看来就是扣除周期或者地产、白酒的光环效应之后，单纯依靠产品或者渠道变革驱动的一些新的消费股投资机会。原来 可能是基于周期、地产成交面积的逻辑去投资，而现在的逻辑核心关键词就是产品，产品背后是直接面对消费者的个性化需求，比如这两 年流行的情绪消费、悦己消费，年轻人的谷子经济，宠物经济等等。 万变不离其宗。所谓的新老消费，从投资角度来看，产品逻辑和商业逻辑在本质上是没有太大区别。所谓的新，是我们原来不太关注这些 东西，只是去掉了前面说的那些光环后大家开始关注，这些东西其实一直都在这 ...

Group 1: Evolution of Consumption Society in Japan and the U.S. - The generational shift has profoundly influenced the evolution of consumption societies in Japan and the U.S. [1] - In Japan, the Taisho and early Showa generations led the transition from the first to the second consumption society, followed by the New Human Generation and part of the Baby Boomer generation driving the third consumption society [1] - In the U.S., Baby Boomers focus on unique product advantages, Generation X prefers time-saving products, Generation Y is enthusiastic about energy-saving and green consumption, while Generation Z contributes significantly to digital and gaming consumption [1] Group 2: Current State and Potential of China's Consumption Society - The post-90s and post-95s generations in China have developed consumption concepts similar to Japan's New Human Generation and the U.S. Baby Boomers, emphasizing spiritual satisfaction and personalized consumption [2] - Compared to Japan and the U.S., China's service consumption currently stands at 46.1%, indicating significant room for growth in the service sector [2] Group 3: Characteristics of the Third Consumption Society and Self-Satisfaction Consumption Trends - In the third consumption society, consumers prioritize emotional and psychological factors over mere functionality when selecting products, leading to a shift in brand positioning from "leader" to "supporting role" [3][10] - Self-satisfaction consumption is emerging as a key trend, focusing on emotional resources, emotional resolution solutions, and legal emotional release [6][11] Group 4: Emotional Consumption Trends - Emotional resources include the pet economy, IP toys, and temple economy, catering to spiritual and emotional needs [6] - Emotional resolution solutions are found in beauty and personal care products, gold and jewelry, and new-style food and beverages that address appearance and safety anxieties [6] - Legal emotional release is represented by outdoor activities, light alcoholic beverages, and tobacco products, which help consumers manage stress [6]