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<p>This article discusses the changes in consumption trends in China, pointing out the coexistence of traditional consumption stagnation and new consumption growth. The effectiveness of consumption policies depends on the stability of residents' disposable income and wealth. The article analyzes two main factors affecting consumption: disposable income and wealth effect, emphasizing that consumption tendency is dominated by the wealth effect. Although traditional consumption relies on the economic cycle, new consumption is related to new business formats and new demands, which is worth noting</p>

- The article discusses the contrasting trends in traditional and new consumption in China, highlighting the ongoing decline in traditional consumption represented by brands like Moutai, while new consumption continues to rise.  
- It emphasizes that effective consumption policies should focus on stabilizing disposable income and wealth, as historical data from Japan and the U.S. shows that consumer spending is closely linked to these factors.  
- The article concludes that while traditional consumption may face challenges, there is significant potential for growth in new consumption driven by innovation and changing consumer preferences.

How to save consumption?