Investment Rating - The report indicates a positive investment outlook for the e-commerce sector, particularly during the off-peak periods, highlighting the importance of brand operations and consumer engagement strategies [2][5]. Core Insights - The Chinese online consumer brand index (CBI) shows a year-on-year growth of 0.9% in Q3 2023, reflecting a sustained increase in consumer willingness to spend during off-peak periods [2][4]. - Brands are increasingly viewing off-peak periods as critical for building long-term value and operational stability, focusing on customer retention and repeat purchases [5][35]. - The report emphasizes the necessity for brands to optimize their operations during off-peak times to leverage the momentum gained during major sales events like "618" and "Double Eleven" [2][4]. Summary by Sections E-commerce Performance - The CBI data indicates that the online consumer brand index has consistently risen during the off-peak periods, suggesting that these times are not void of consumer demand but rather a phase for rational brand selection [4][6]. - The report notes that the online retail sales growth rate is significantly higher than the overall retail market, with a 4.4% increase compared to Q3 2022 [2][7]. Fast-Moving Consumer Goods (FMCG) Sector - The FMCG sector shows a stark contrast between online and offline sales, with online sales growing by 16.8% while offline sales declined by 9.3% in Q3 2025 [10]. - Specific categories like dairy and maternal and infant products are experiencing varied growth rates, with dairy products showing a decline of 16.6% [10][11]. Brand Strategies - Brands are focusing on scenario-driven marketing and consumer engagement during off-peak periods, utilizing emotional value and social gifting to enhance consumer experiences [25][28]. - The report highlights the importance of creating a stable sales curve by integrating products into specific lifestyle scenarios, thereby enhancing brand loyalty and repeat purchases [35][40]. Consumer Behavior Trends - There is a noticeable shift in consumer preferences towards products that resonate with social and emotional contexts, particularly among younger demographics [32][33]. - The report identifies a trend towards "self-reward" and "quality socializing" in the alcohol sector, with brands adapting to younger consumers' preferences for lower alcohol content and convenient packaging [28][30]. Operational Recommendations - Brands are encouraged to leverage platform tools for precise consumer targeting and to maintain a robust membership system to optimize traffic during off-peak periods [39][41]. - The report suggests that successful brands will be those that can effectively convert new product launches and seasonal changes into repeat purchases during these critical off-peak times [40].

12月30日，国际机构尼尔森发布报告，解读最新一期的"中国线上消费品牌指数"（CBI）及榜单。报告认为，中国消费者的品牌消费意愿仍在 持续增强，线上引领增长的趋势更加显著。品牌榜单的变化，显示平峰期的稳态经营同样关键，把大促红利转化为持续复购和长期沉淀尤为 关键。在成熟的品牌经营中，大促与平峰并非此消彼长，而是可以形成相互促进的良性循环。 日前，由北京大学国家发展研究院、北京大学数字金融研究中心、中山大学管理学院合作开发，阿里巴巴淘天集团提供技术支持的CBI系列指 数及CBI500强榜单发布了最新一期成果。该系列指数及榜单每季度更新一次，是业内首个完全基于消费者实际购买行为的品牌价值评估体 系。 最新数据显示，2025年第三季度CBI指数较2023年同期增长4.4%，同比去年同期提升0.92%。结合国家统计局发布的线上零售增速数据，尼尔 森报告认为，在当前市场环境中，中国品牌消费市场平峰期活力不减。此前，天猫数据显示，2025年双11实现最近四年最好增长。大促负责 完成声量与规模跃迁，而平峰期是快消品牌进入消费者的日常选择集合的关键节点。 报告还认为，品牌要在平峰期积累心智、增加复购，除了通过场景塑造增加用户 ...

12月30日，国际机构尼尔森发布报告，解读最新一期的"中国线上消费品牌指数"(CBI)及榜单。报告认 为，中国消费者的品牌消费意愿仍在持续增强，线上引领增长的趋势更加显著。品牌榜单的变化，显示 平峰期的稳态经营同样关键，把大促红利转化为持续复购和长期沉淀尤为关键。在成熟的品牌经营中， 大促与平峰并非此消彼长，而是可以形成相互促进的良性循环。 早些时候，尼尔森在解读2025年第二季度CBI指数时提出，中国社会零售在电商大促节点呈 现"量""质"齐升特点，"把握电商大促增长机会已经成为全球品牌在中国市场成功的关键"；本次报告则 指出，平峰期作为大促的承接阶段，是品牌造血窗口，这一时期，复购是品牌成功的关键，"通过精细 化流量承接、会员留存与复购机制建设，品牌不仅能够保持稳定的基本盘表现，更有助于在后续大促周 期中释放更高质量的增长潜力。" 尼尔森梳理最新一期的CBI500强上榜品牌后发现，在电商平峰期，不同品类的增长逻辑各有差异，但 核心依然聚焦在场景驱动及购买心智上。 报告分析，不同于过去依赖平台流量和价格战，场景化叙事成为品牌造血的关键。品牌需要将产品融入 具体的生活切片，礼赠仪式、定制服务、悦己体验，都是品 ...