Consumer PE is dying/dead?

Besides tech/software PE being impacted by AI, which other sectors in PE are also struggling?

Seems like consumer is #2 on the PE sector struggle list. Many consumer brands are trendy/fad-risk prone and rely on significant, continuous marketing spend to acquire customers. Less areas for actual real product or service differentiation outside of branding/marketing. Easier for new competing brands to be created plus the threat of cheaper alternatives sold on Amazon. Consumer sentiment can change quickly - what's a hot brand one year can be not hot in another few years. In addition, LPs seem to be shifting away from investing in the sector (outside of parking money at the big GP names like TSG and L Catterton).