（英）渠道破局：中国消费品市场的机会和挑战（2025年中国购物者报告，系

Core Insights - The Chinese fast-moving consumer goods (FMCG) market showed signs of stabilization in 2025, with total sales growing by 1.3% year-to-date Q3, driven by a 3.8% increase in volume, while average selling prices (ASP) declined by 2.4% [15][19][51] - Lower-tier cities (Tiers 3-5) accounted for approximately 80% of market expansion, benefiting from urbanization, brand penetration, and lower living costs, while Tier 1-2 cities remained flat due to slower macro recovery and consumption downgrading [16][27] - Emerging channels such as membership stores, snack collection stores, and discount stores experienced rapid growth, with year-over-year increases of 40%, 51%, and 92% respectively, while online channels grew by 7% [17][19] Market Performance - The FMCG market recorded a modest growth of 1.3% in the first three quarters of 2025, with volume growth of 3.8% and a decline in ASP of 2.4% [15][19] - Packaged food (+3.4%) and home care (+3.3%) led the growth, while personal care saw a slight recovery (+1.1%) and beverages faced a downturn (-1.1%) [31][34] - Price deflation moderated from 3.4% in 2024 to 2.4% in 2025, indicating a shift in consumer behavior towards balancing price and quality [51][52] Category Dynamics - Packaged food maintained growth driven by stable demand in core staples and snacking categories, while beverages struggled due to price competition and substitution by freshly made drinks [31][34] - Personal care showed early signs of recovery, particularly in makeup, which rebounded strongly, while toothpaste was the only category to see both volume and ASP growth [42][43] - The beverage category faced challenges, with milk and yogurt experiencing significant declines in both volume and ASP, while juice and beer showed positive growth [34][40] Channel Evolution - Traditional offline channels faced pressure, but new demand generation channels expanded rapidly, with O2O channels rebounding strongly [17][19] - Online channels saw a slight increase in penetration to 39%, with Douyin and Pinduoduo contributing over 40% of total FMCG e-commerce sales [17][19] - The rise of private labels was notable, with an average annual growth of 44% over two years, now accounting for 2% of FMCG sales [17] Pricing Trends - The deflationary trend persisted, with 19 out of 27 FMCG subcategories experiencing price declines, although some categories like juice and chocolate showed signs of premiumization [51][52][53] - Consumers are increasingly making thoughtful decisions between price and quality, leading to more disciplined promotional strategies from brands [51][52]