2025春节消费概览

Investment Rating - The report indicates a positive outlook for the fast-moving consumer goods (FMCG) market during the 2025 Spring Festival, highlighting a significant recovery compared to the previous year [35]. Core Insights - The FMCG market experienced notable growth driven by increased purchase frequency, with consumers maintaining a rational attitude towards spending [35]. - The importance of festive rituals is emphasized, with rising demand for food, beverages, and daily necessities during the Spring Festival [35]. - Both self-purchase and gifting behaviors contributed to the growth, particularly in lower-tier cities [35]. - The report highlights the increasing significance of dining-related products, with categories like ready-to-eat meals gaining acceptance [35]. - There is a marked preference for physical retail channels during the festival, with increased foot traffic and shopping basket sizes [35]. - Gifting remains a crucial aspect of Spring Festival consumption, with higher penetration rates and frequency observed in 2025 compared to 2024 [35]. Summary by Sections Economic Overview - The national economy showed steady growth in early 2025, with the FMCG market being particularly active, reflecting a clear improvement from the previous year [3][4]. Consumer Behavior - Consumers demonstrated a willingness to shop in physical stores to experience the festive atmosphere, leading to increased customer traffic and basket sizes [16][35]. - Gifting was highlighted as an important way to express sentiments during the festival, with a rise in both the penetration rate and frequency of gifting [19][20]. Market Trends - The report notes a significant increase in sales for health-related products, with categories such as health supplements and adult milk powder performing well [22][23]. - The outdoor market saw a boost due to extended holidays, with domestic tourism reaching 501 million trips during the Spring Festival [28][36]. Channel Performance - Physical retail channels outperformed e-commerce, with significant growth in sales attributed to in-store experiences [35]. - Instant retail showed a mixed performance, with a younger demographic favoring specialized e-commerce strategies [35]. Gifting Insights - The report identifies a growing diversity in gifting categories, with consumers increasingly opting for unique products [26][35].