新消费市场的背景与现状 新消费市场的兴起得益于多方面因素的共同推动。从经济层面来看，我国经济的稳定增长使得居民人均可支配收入持续上升，消费能力不断增强，为新消 费市场的蓬勃发展奠定了坚实的经济基础。在技术进步方面，互联网技术的迅猛发展，尤其是移动互联网的广泛普及，以及大数据、人工智能等前沿技术 在商业领域的广泛应用，赋予了商家精准营销和个性化服务能力，加速了新消费市场的变革与升级。政策支持也为新消费市场的发展保驾护航，国务院办 公厅发布意见，计划 3 至 5 年构建促进新型消费发展的体制机制和政策体系，国家发展改革委和财政部也联合发布措施，统筹大量资金释放消费潜力。在 这样的背景下，新消费市场呈现出繁荣的现状，2024 年社会消费品零售总额达到 487895 亿元，比上年增长 3.5%，其中网上零售额表现亮眼，全国网上零 售额 155225 亿元，比上年增长 7.2%，实物商品网上零售额占社会消费品零售总额的比重为 26.8%。新消费模式具有明显特点，消费升级趋势下消费者对品 质、品牌、服务等方面要求提高，线上线下融合形成全渠道零售模式，数据驱动实现精准营销和个性化推荐，共享经济模式也逐渐渗透到零售行业。 新 ...

其中，"数智化升级"是本轮"以旧换新"的核心突破点。相比去年，"以旧换新"进一步精准锚定消费升级 前沿，将智能化、节能化、适老化作为驱动增长的主攻方向：智能家电、高性能数码产品持续领跑市 场，节能环保产品加速渗透。截至5月底，政策已带动家电销售 7761.8 万台、数码产品更新 5662.9 万 件、家装焕新订单完成5762.6万单。各类适老化科技产品也借助政策通道进入家庭场景，感应夜灯、坐 式淋浴器等产品销量节节升高。 刘 典 在财政政策与地方配套措施的协同发力下，2025年的"以旧换新"正迎来全面升级。日前商务部发布数据 显示，截至5月底，家电、数码产品、家装厨卫等领域的以旧换新行动成效显著，发放消费补贴约1.75 亿份，累计带动商品销售额突破1.1万亿元。在短期成绩之外，"以旧换新"的最终指向，是通过消费端 需求释放，撬动产业端技术创新与供给优化，形成"消费牵引、产业升级"的双向驱动格局。在这方面， 亮眼的数据不仅证明了消费市场活力正加速复苏的趋势，更彰显了合理的政策搭配对于内需、产业同步 升级的强劲效力。 中央财政杠杆与地方能动性的深度协同，是本次政策升级的核心亮点。中央财政补贴通过精准靶向引 导，有 ...

Core Viewpoint - The Chinese government is focusing on strengthening domestic circulation by enhancing consumption, promoting upgrades in bulk consumption, and stimulating service consumption potential, as indicated by a 5.1% year-on-year increase in social retail sales in April, reaching 37,174 billion yuan [1] Group 1: Consumption Trends - The growth in social retail sales reflects not only an increase in total volume but also significant improvements in structure and quality, driven by rising income levels and changing consumer preferences towards diversified and personalized demands [1] - In April, retail sales of sports and entertainment products surged by 23.3%, indicating a shift from basic needs to experience-oriented consumption [1] Group 2: Policy Impact - The "trade-in" policy has effectively stimulated consumption, with retail sales of communication equipment, home appliances, and furniture increasing by 19.9%, 38.8%, and 26.9% respectively in April [2] - Urban and rural retail sales both showed steady growth, with urban retail sales increasing by 5.2% year-on-year in April, supported by improved infrastructure and public services in rural areas [2] Group 3: Challenges and Future Outlook - Despite overall stable growth, the consumption market faces challenges such as the impact of real estate market adjustments and international economic uncertainties, necessitating further actions to boost domestic demand [3] - Future trends indicate a continued upgrade in consumption structure, with rapid growth in tourism, entertainment, and health services, alongside a rise in demand for green and low-carbon products [4] - The integration of online and offline retail models is expected to accelerate, enhancing shopping experiences through digital empowerment [4] - Emerging consumer groups, particularly younger consumers and the elderly, are anticipated to play significant roles in shaping the future consumption landscape [4]

Core Insights - The luxury goods market is experiencing a slowdown, with a significant rise in demand for "affordable alternatives" as consumers prioritize value for money over brand prestige [1][2][3] - A new consumer sentiment is emerging, where 57.2% of consumers prefer cost-effective substitutes when product quality and functionality are similar [1][2] - The concept of "value-driven" consumption is becoming mainstream, particularly among younger generations [1][3] Group 1: Market Trends - The average price of luxury goods has increased by approximately 15% over the past three years, leading to a reassessment of their perceived value [2] - Nearly half of luxury consumers believe that brand prices are inflated, indicating a shift in trust and patience towards luxury brands [2][3] - Fast fashion and new high-street brands are increasingly encroaching on the "light luxury" market, which is losing its price advantage [3] Group 2: Consumer Behavior - Young consumers are actively choosing more affordable, high-quality imitations to maximize value [2][3] - The definition of luxury is evolving; it is no longer associated solely with high-priced items but is now linked to products that provide emotional satisfaction and a sense of well-being [3][4] - The acceptance of second-hand luxury goods is rising, with younger generations viewing them as both cost-effective and environmentally friendly [4][5] Group 3: Sustainability and Cultural Relevance - The trend of sustainability is becoming a fashionable lifestyle choice, with brands focusing on cultural significance rather than just price [4][5] - The growth of second-hand platforms, such as Vestiaire Collective, which reported a 25% revenue increase last year, highlights the market's enthusiasm for green consumption [4] - Innovative products that incorporate sustainable practices are becoming social symbols among young consumers, reflecting a shift in consumer values [5][6] Group 4: Future Outlook - The "premium pricing logic" of traditional luxury brands is being redefined, as the focus shifts to creating enjoyable and meaningful consumer experiences [6] - The competition in the fashion industry is intensifying, with brands needing to make essential products interesting and appealing to maintain relevance [6]