毕马威中国发布报告解读消费市场韧性密码

Core Insights - The report by KPMG China highlights a strengthening consumer market in China, with increasing consumer confidence and resilience observed in the first half of the year [1] - The interplay of policies, market dynamics, and capital will continue to drive innovation in new consumption scenarios, optimizing the consumption structure and leveraging the advantages of a large-scale market for long-term positive development [1] Industry Trends - The capital market is providing significant momentum for the development of the consumer sector, with a notable differentiation among sub-industries and the rise of new players reshaping the capital landscape [1] - Capital is favoring companies with robust cash flow, strong brand power, high chain integration, and advanced digital capabilities [1] Investment Opportunities - In the luxury goods sector, there is a shift of capital towards hard luxury categories, such as jewelry and gemstones, due to their asset preservation attributes [1] - In the apparel and footwear sectors, outdoor sports brands are rapidly expanding through mergers and acquisitions, while the IPO market continues to show a trend of differentiation with increasing head effects [1] - The health and beauty sectors are receiving sustained capital attention, particularly in health technology, functional skincare, and wellness management, with mid-to-high-end brands emphasizing functional ingredients being more favored [1]