2025中国快消市场一季度纵览

Investment Rating - The report indicates a positive outlook for the fast-moving consumer goods (FMCG) market, with a steady growth trend observed in the first quarter of 2025 [5][69]. Core Insights - The FMCG market in China is experiencing a recovery, with a GDP growth rate of 5.4% and an increase in urban disposable income by 4.9% in the first quarter of 2025 [6][69]. - Consumer purchasing behavior is shifting towards smaller, more frequent purchases, reflecting a trend towards convenience and emotional value in products [11][69]. - Domestic products are gaining traction, while imported products face challenges due to declining prices and changing consumer preferences [70][69]. - The growth of the out-of-home consumption market is notable, particularly during festive periods, indicating a need for brands to focus on specific consumption scenarios [71][69]. Summary by Sections Market Overview - The FMCG market is showing signs of recovery with a growth rate of 4.2% year-on-year as of March 2025 [6][8]. - The overall market sentiment is positive, with food and daily chemical products accelerating in sales compared to the previous quarter [8][69]. Consumer Behavior - There is a notable trend of small-sized product purchases, with a 25.1% increase in small specifications [12][69]. - The frequency of purchases has increased by 6.3%, indicating a shift towards fragmented purchasing channels and diverse consumption scenarios [15][69]. Product Categories - Food and beverage categories are performing well, with food sales up by 4.5% and beverages by 6.1%, while dairy products are under pressure with a decline of 3.0% [11][69]. - The average purchase price for imported products has decreased by 7.6%, leading to a decline in household spending on these items [19][70]. Retail Channels - The modern retail channel is experiencing a bifurcation, with traditional supermarkets and convenience stores adapting to consumer needs [24][71]. - E-commerce continues to grow, with platforms like Douyin leading in penetration rates and purchase frequency [31][69]. Out-of-Home Consumption - The out-of-home consumption market is thriving, with significant growth during the Spring Festival, highlighting the importance of targeting specific consumer scenarios [71][69]. - Brands are encouraged to enhance their presence in various out-of-home settings, such as snack shops and entertainment venues, to effectively reach consumers [43][71]. Demographic Trends - The rise of single-person households is influencing consumption patterns, with a focus on self-enjoyment and convenience [54][71]. - Brands need to adapt their strategies to cater to the unique preferences of single households, emphasizing emotional value and efficient products [71][69].