新世代 新需求新消费

Summary of Conference Call Records Industry Overview - Consumer Behavior Shift: In 2025, there is a significant increase in demand for experiential consumption among new-generation consumers, with travel and cross-regional movement increasing by over 6% year-on-year during the Double Eleven shopping festival, indicating a continuous release of tourism potential [1][4] - Beauty and Retail Performance: The beauty and personal care sector led the market in the first half of 2025, while the social service sector showed modest but positive returns. Retail trade has aligned with the performance of the CSI 2000 index since September 2024 [1][3] Key Insights - Experiential Consumption: New-generation consumers prioritize personal experiences and emotional satisfaction over traditional sightseeing or vacationing, leading to notable changes in tourism, retail, and beauty sectors [2][4] - OTA Platforms: Online Travel Agency (OTA) platforms benefit from accumulated offline supply chain resources, maintaining competitiveness in a market with ongoing demand and frequent destination changes. Despite stock price increases from 2023 to 2024, the competitive landscape remains favorable [5] - Hotel Industry Growth: The hotel sector has attracted significant capital, with small hotel owners opting for franchise models to ensure cash flow stability. From 2024 to 2025, both the number of hotels and rooms have seen mid-to-high single-digit growth, with Huazhu leading in growth rates [6][7] Retail Sector Dynamics - Retail Market Trends: The retail industry is refocusing on meeting consumer needs, with steady growth in total retail sales. However, online growth has slowed, leading to intensified competition among major e-commerce players for local market traffic [8][9] - Traditional Retail Adjustments: Traditional retailers like Yonghui are optimizing supply chains and product displays to adapt to market changes, driven by domestic demand expansion policies [10][11] Beauty Industry Developments - Rise of Domestic Brands: The beauty sector is witnessing a rise of domestic brands, which are achieving growth through strong operational capabilities and understanding of local consumer preferences. This trend mirrors the post-World War II growth of Estée Lauder in the U.S. [3][13] - Aimeike's Expansion: Aimeike, a leading domestic medical beauty company, is expanding internationally through overseas acquisitions and is expected to benefit from a lower base in the second half of 2025 [14] Investment Opportunities - Promising Sectors: Key sectors to watch include tourism (focus on OTA platforms), retail (notable players like Alibaba and Yonghui), and beauty (potential in domestic brands). Additionally, Xiaogoods City is highlighted as a quality target for overseas market potential [15]