未来刚需:新消费指引

华尔街见闻
Aug 29

引言:从三十年消费股成长轨迹看,消费场景与“时代的贝塔”伴生,对应日本三浦展《第四消费时代》,我国新消费浪潮已至。本文从驱动力模型/海外经验/投资指标方法三大维度建构“新消费投资框架指引”。 新消费投资的3大驱动力模型: (1)宏观驱动力【消费增长模型】:居民消费率=消费倾向*消费能力,提振新时代“口红经济”的边际消费倾向; (2)产业驱动力【“人-货-场”模型】:消费模式的系统性变迁,包括Z...

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