Since the saying that "all brands are worth doing all over again" has spread, the concept of new consumption has become popular in the market. Different from old consumer brands, new consumer brands are considered to be low-input and high-yield. A well-known formula is that the new brand = 5000 Xiaohongshu + 2000 Zhihu Q&A + Weiya Li Jiaqi brings goods. Compared with the large investment of old brands in traditional advertising, this reflects the dramatic changes in marketing channels, and also reflects the cost-effective advantage of new consumer brands in promotion. It is with this advantage that new consumption has become the darling of the capital market in the past two years. But there are various signs that the booming new consumer market is about to usher in the second half. According to incomplete statistics of Ebang Power, as of the end of April this year, among the 104 brands that have received financing, the Fax List round and A+ round financing events accounted for more than 30%. The number of B rounds and C rounds of financing is only about 17%, which is almost half of the number of A rounds. According to the statistics of "Blue Shark Consumption" in August this year, there were only 127 new consumer investment and financing events, compared with 153 in July, a drop of 17%. In the new consumer brands that have been launched, the data is also far less beautiful than we think. Perfect Diary, the leading brand of new consumer beauty makeup, has a revenue of 3.9 billion in the first half of 2021 and a net loss of 700 million. Compared with the loss in 2020, the proportion of this year's loss has narrowed, but the market cost in the second quarter is nearly 1 billion, still unable to get rid of it With the fate of continuing to burn money, its market value has shrunk by more than 10 billion from its peak.