2024年快速消费品市场纵览：整体市场平稳发展，消费需求仍在

Investment Rating - The report indicates a stable growth outlook for the fast-moving consumer goods (FMCG) market in 2024, with a focus on the resilience of consumer demand [1][3]. Core Insights - The overall FMCG market is expected to maintain steady growth, with the lower-tier markets, particularly in counties and towns, serving as key growth engines. The out-of-home market is also identified as an important growth driver [49]. - There is a notable differentiation in consumption patterns among various consumer groups, with the silver economy showing significant growth potential. Young consumers prioritize cost-effectiveness and convenience, while families with children focus on their children's development [49]. - Retail formats are undergoing differentiation and upgrading, with a rapid increase in membership stores, interest-based e-commerce, and community-oriented retail. As channels become more fragmented, understanding the roles of different retail formats in consumers' minds is crucial for optimizing product distribution and enhancing marketing efficiency [49]. Summary by Sections Economic Overview - The GDP growth rate for 2024 is projected at +5.0%, with urban disposable income increasing by +4.6% and retail sales of consumer goods rising by +3.4% compared to 2023 [4]. FMCG Market Performance - The overall FMCG market growth rate in urban areas is expected to be +1.7% in 2024, with specific categories showing varied performance: food (+3.2%), beverages (+7.5%), dairy (-3.3%), household cleaning (+4.0%), and personal care (-2.4%) [6][11]. Consumer Behavior - Middle-aged and elderly households are leading the growth in household consumption, while younger families are becoming more cautious in their spending [11][15]. - The silver economy is emerging as a significant consumer force, with diverse consumption needs being highlighted [17][20]. Retail Channel Dynamics - The modern retail channel is experiencing increased fragmentation, with membership stores showing strong growth. The top ten retailers in urban areas have seen a decline in market share, while membership stores have increased their sales by +21.0% [26][30]. - E-commerce continues to lead in consumer engagement, with platforms like Douyin expanding their user base and retention [33][34]. Market Trends - The report emphasizes the importance of understanding the evolving roles of different retail channels to optimize product placement and marketing strategies [39].