最直观的是营销成本失控。完美日记的增长高度依赖营销投放，营销费用率常年居高不下，甚至一度超过 60%。随着小红书、抖音等平台流量成本逐年攀升，获客成本成倍上涨，烧钱换增长的模式在资本退潮、市场冷静的背景下，失去了可持续性。
"大开大建"结束，2026酒店增速还将放缓 凯悦集团中国区副总裁孙武在接受空间秘探访问时表示，中国酒店行业早已告别“大开大建”的时代。回顾行业发展脉络，酒店行业发展的前20-30年是拼命建设的供应驱动阶段，随后10年转向渠道与效率比拼、会员体系驱动；而自2020年起，行业正式迈入内容驱动的新纪元，存量改造与消费者情绪价值需求将成为未来十年的主导逻辑。
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