伴随股市上涨带来的财富效应,2025年Q3以来国内高端消费逐步复苏,从国际奢侈品品牌大中华区表现、高端商场回暖等方面已得到验证。我们看好26年高端消费复苏的投资机会,高端消费不同品类的复苏时点和强度主要由VIC客群占比、财富增加后的消费顺序/刚需程度、供给弹性、消费趋势四个维度决定,我们认为高端消费中前期刚需性强的品类(并非指生活必需,而是高端人群基于身份地位/社交场景下的阶层刚需/社交刚需)率先...
Source Link伴随股市上涨带来的财富效应,2025年Q3以来国内高端消费逐步复苏,从国际奢侈品品牌大中华区表现、高端商场回暖等方面已得到验证。我们看好26年高端消费复苏的投资机会,高端消费不同品类的复苏时点和强度主要由VIC客群占比、财富增加后的消费顺序/刚需程度、供给弹性、消费趋势四个维度决定,我们认为高端消费中前期刚需性强的品类(并非指生活必需,而是高端人群基于身份地位/社交场景下的阶层刚需/社交刚需)率先...
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