即时零售市场竞争进入第二阶段，各平台竞争趋于理性但仍激烈，主要 参与者包括美团、饿了么和京东，各平台通过补贴、品类扩张和模式创 新争夺市场份额。 美团闪购业务日均订单突破 1,000 万单，增速超过外卖业务，成为其重 要增长点，但面临下沉市场竞争激烈和一二线城市用户渗透率提升瓶颈。 饿了么通过与淘宝天猫整合，推进闪购业务，并加大补贴力度，订单增 速显著提升，尤其在超市便利和仓店方面表现突出，但盈利状况受补贴 影响较大。 京东进军外卖领域旨在防守，阻止美团过度发展，并提升自身履约配送 能力，但每单亏损较高，向上突破难度较大。 美团鲜花品类抽成最高，3C 数码抽成较低，各平台在鲜花和 3C 数码等 品类的上翻率存在差异，反映出不同品类的渗透空间和运营效率。 商务部预测 2030 年即时零售市场规模将突破 2 万亿，但客户是否愿意 为更快的配送支付额外费用仍是关键问题，供应链管理和 AI 赋能将变得 重要。 美团外卖增速放缓，闪购面临不确定性，本地生活竞争激烈，新业务亏 损扩大，短期面临扰动因素，但长期来看仍有投资价值，关注海外业务 和 AI 赋能。 问答•从外卖大战看闪购业务的后续发展 20250616 摘要 Q ...

这两年，"消费不行了" 的论调甚嚣尘上。身边的商家感叹 "生意越来越难做"，消费者也调侃自己 "花钱前得在购物车反复审视，贵一点的东西都要纠结好 几天"。这样的声音充斥在日常交流与媒体报道中，难免让买卖双方都心生疑虑 —— 那个曾推动中国经济高速前行的消费引擎，真的急踩刹车了吗？ 带着这样的困惑，刘老实我将目光投向了近期麦肯锡发布的《新常态下的中国消费》报告。作为全球顶尖咨询公司，麦肯锡凭借严谨的数据与深刻洞察， 为我们提供了冷静客观的观察视角。 报告中提及的三大趋势与详实数据，能助我们看清消费市场的真实面貌。经过深入梳理与分析，我将试着为你解读这些信息，探寻消费市场背后的机遇与 挑战，尤其是即时零售在其中的发展态势。 消费新常态与即时零售的韧性表现 在这一背景下，即时零售作为连接线上消费与线下履约的关键枢纽，展现出独特的市场韧性，其发展逻辑与消费新常态呈现出高度适配性。 | 年度总消费额 | | 家庭平均可支 消费占可支配 | | | --- | --- | --- | --- | | (单位:万亿人 | | 家庭总户数4 | 四十八次 2 收入比重1,3 | | 民币) | | (单位:百万户) | (单 ...

Core Insights - The core argument is that instant retail and traditional e-commerce are not in a zero-sum game, but rather represent different branches of the broader e-commerce ecosystem, with instant retail addressing immediate consumer needs that traditional e-commerce struggles to fulfill [2][15]. Retail Evolution - The retail ecosystem has evolved from offline to online and now to instant retail, with offline retail still holding a significant market share of over 60% in China's retail market, projected to reach 47.14 trillion yuan in 2024 [3]. - Traditional e-commerce has reshaped the retail landscape over the past two decades, with a market size exceeding 15 trillion yuan by the end of 2024, focusing on planned purchases and price advantages [5]. Instant Retail Growth - Instant retail has rapidly gained traction, with a market size of 650 billion yuan in 2023, expected to surpass 1 trillion yuan by 2025, driven by platforms like Meituan and JD [6]. - It addresses immediate consumer needs, such as urgent grocery items or medicines, filling a gap left by traditional retail in terms of timely response [6][12]. Complementary Nature - Instant retail focuses on immediate needs, while traditional e-commerce targets planned purchases, creating a complementary relationship rather than a competitive one [7][8]. - The supply chain for traditional e-commerce relies on national logistics networks, while instant retail utilizes local stores and warehouses to meet high-frequency, urgent demands [9]. Market Dynamics - As of 2024, instant retail's market size is approximately 800 billion yuan, indicating it is still in its growth phase compared to traditional e-commerce and offline retail [12]. - The future growth of instant retail will involve integrating with traditional e-commerce and offline retail, enhancing service offerings to meet both planned and immediate consumer needs [13][14]. Future Outlook - The long-term market structure is expected to stabilize into a "three-way split," with offline retail focusing on experiential shopping, traditional e-commerce on planned purchases, and instant retail on urgent needs, each serving distinct consumer demands [14][15]. - The evolution of the retail ecosystem will be characterized by digital integration, allowing for a more seamless consumer experience across different retail formats [15].

近段时间以来，多个城市将目光聚焦消费，计划出台提振消费的专项行动实施方案。 记者从广州市商务局网站了解到，《广州市提振消费专项行动实施方案（征求意见稿）》（简称《实施方案》）公开征求意 见，围绕居民就业增收促进行动、消费能力保障支持行动、服务消费提质惠民行动、大宗消费更新升级行动、限制措施清理 优化行动等多个方面，提出33项具体行动举措，旨在全方位激活消费市场。 来看《实施方案》重点内容： 1.拓展财产性收入渠道。组织国有企业开展国资收益申报上缴工作，加强国有上市公司市值管理。推动证券机构发展柜台债券 业务，支持个人投资者投资交易所市场政府债券。 2.严格执行最低工资保障制度，调整落实最低工资标准为2500元/月。完善劳动者工资正常增长机制、按照国家、省部署要 求，常态化推进清理拖欠中小企业账款工作。 3.落实国家育儿补贴政策，加大对符合条件家庭的生育支持力度。 4.全力抓好十五运会和残特奥会广州赛区筹办工作，高水平办好世界田联接力赛、广州马拉松赛等重大赛事，加快推进香港马 会从化马场建设和运营，推动冰雪运动和赛马运动消费发展。 8.发展直播电商、即时零售、社区团购，打造线上线下融合的新消费场景。推动邮轮旅游 ...

Core Insights - The article highlights the pervasive issue of "ghost takeout" in the food delivery industry, revealing the exploitation of merchants by platforms and the resulting compromise on food safety and quality [1][2][3] Group 1: Ghost Takeout Phenomenon - "Ghost takeout" refers to restaurants that operate under false pretenses, sharing addresses and licenses, leading to poor hygiene and untraceable food sources [2][3] - A specific case in Beijing showed over 40 takeout shops sharing the same address, misleading consumers with seemingly legitimate information while operating in unsanitary conditions [2] - The existence of these ghost restaurants poses significant health risks to consumers and disrupts the market for legitimate businesses, creating an environment where low-quality operators thrive [3] Group 2: Platform Responsibilities - Food delivery platforms are criticized for lax entry audits and oversight, allowing unqualified merchants to operate, which contributes to the rise of ghost takeout [4][5] - Regulations established in 2017 require platforms to verify the legitimacy of food service providers, but many platforms fail to enforce these rules effectively [4] - Platforms often prioritize rapid growth and market share over consumer safety, leading to a proliferation of ghost restaurants [5] Group 3: Impact on Food Quality - The prevalence of ghost takeout has led to a decline in overall food quality, with many operators using low-quality or expired ingredients to cut costs [6][7] - Poor hygiene practices in ghost kitchens, such as inadequate sanitation and untrained staff, further compromise food safety [6] - The use of substandard packaging materials by ghost restaurants can also pose health risks, as they may release harmful substances when heated [7] Group 4: Market Dynamics and Consumer Trust - The rise of ghost takeout undermines consumer trust in the food delivery industry, as repeated food safety issues can lead to a decline in market size and growth potential [6][7] - The article suggests that the ongoing price wars in the instant retail sector exacerbate these issues, as businesses are forced to cut corners to remain competitive [9][10] Group 5: Recommendations for Improvement - A multi-faceted approach is necessary to restore order in the food delivery and instant retail sectors, including stricter government regulations and platform accountability [11][12] - Platforms should enhance their merchant verification processes and utilize technology for real-time monitoring of food safety practices [12][13] - Consumers are encouraged to be vigilant about the quality and safety of the food they order, which can drive businesses to improve their standards [14]

台盟中央 主席苏辉近日率调研组赴广西开展重点考察调研。图为调研组考察南宁吴圩国际机场T3航站楼建设情 况。俞靖 摄 扩大投资，大力支持"两重"建设 中新网上海6月13日电 题：聚焦发挥"两重两新"政策效能 台盟中央开展2025年度重点考察调研 作者 范宇斌 俞靖 刘玥晴 "两重两新"政策是全方位扩大国内需求、推动高质量发展的重要抓手。"两重"是指国家重大战略实施和 重点领域安全能力建设；"两新"即为推动新一轮大规模设备更新和消费品以旧换新。在"十四五"规划收 官之年、进一步全面深化改革的重要一年，应如何大力提振消费、提高投资效益，使内需进一步发挥拉 动经济增长的主动力和稳定锚的重要作用，为推动高质量发展积蓄充沛动能？ 受中共中央委托，近日，台盟中央主席苏辉率调研组围绕"更好发挥'两重两新'政策效能，建设现代化 产业体系，全方位扩大国内需求"这一主题，赴广西、上海开展重点考察调研，深入国家重大项目建设 现场、先进制造业集群、冰雪运动场馆、网络电商和社交平台公司等地，了解有关情况。中共中央统战 部、国家发展改革委、财政部等部门有关同志及相关专家参加调研。 "两重"建设事关国家安全和民生福祉，既利当前，又惠长远。 ...

Core Insights - The Chinese instant retail market is undergoing a significant transformation in consumer demographics, with individuals aged 30 and above now constituting 55% of the market, a 5% increase from 2023 [2] - Middle-class consumers and refined mothers are the core consumer groups, contributing 22% and 21% to market share respectively, as they shift instant retail from an emergency procurement channel to a daily supply hub [2] - The urban Gen Z is reshaping market competition with unique consumption behaviors, viewing instant platforms as experimental spaces for lifestyle [3] Consumer Behavior Changes - In 2024, the logic behind choosing instant retail has fundamentally changed, with product variety now surpassing delivery speed as the primary decision factor, chosen by 68% of consumers [6] - The demand for a seamless experience across the entire purchasing process has become a new necessity, with 86% of consumers expecting smooth integration of search, payment, and after-sales services [6] - The combination purchasing rate of snacks and beverages has reached an industry peak, indicating a shift towards cross-category buying [6] Market Trends - The snack category has established itself as the core competitive category in instant retail, with 38% of purchases driven by impulse and 35% by the desire to try new products [6] - The household cleaning category is shifting from impulsive to planned consumption, with 78% of consumers indicating a need for bulk purchases [8] - The 3C digital products category shows a dual demand for emergency needs and exploration, with 42% of purchases driven by device failures [9] Consumer Scenarios - Different consumer scenarios reveal varying demands for instant retail platforms, with home replenishment and convenience purchases being predominant in residential settings [11] - Travel-related orders have surged, with hotel ordering rates increasing by 30% [11] - Social scenarios highlight the emotional connection value, with 38% of users ordering for gatherings and 25% for gifts [11] Search and Comparison Behavior - The search logic is undergoing systematic restructuring, with 61% of users starting their shopping journey with category keywords and 55% directly searching brand names [12] - There is a notable increase in scenario-based searches, reflecting consumers' reliance on instant retail platforms for comprehensive solutions [12] - Price comparison behavior shows significant differentiation, with 70% of users still comparing across platforms, but a decline in willingness to compare among higher-income urban consumers [13] Brand Strategies - Brands are increasingly focusing on high interaction marketing strategies, with new product launches and exclusive brand days being preferred by 35% of marketers [14] - A layered membership system is being established to enhance user retention, with basic members enjoying free delivery and paid members receiving exclusive tasting rights [14] - Brands are encouraged to deeply understand consumer life scenarios and create product combinations that address real-life pain points [17] Future Growth Strategies - Instant retail platforms must enhance their operational capabilities to meet the diverse demands of consumers and adapt to evolving consumption behaviors [18] - A dual-account system could be implemented to cater to both family-oriented and individual exploratory needs, enhancing user engagement [18] - The competition in instant retail is shifting from mere delivery speed to a deeper alignment with consumers' lifestyles, emphasizing the need for tailored solutions [18]

即时零售系列更新 20250611 摘要 美团闪购在 2025 年 6 月至 9 月核心旺季集中补贴，旨在稳定市场份额， 抓住核心用户，补贴策略包括国补加码、全网同价以及传统红包，但红 包金额较小，控制在 4 元以下。 美团即时零售自营业务占比极小（<5%），未来 3-5 年内不会成为核心 方向。自营主要集中在外卖和闪电仓，采用加盟为主的模式，酒水品类 因供应链可控、毛利高且天花板高，成为自营重点。 即时零售成功的关键在于线下供给和运力是否充足，构成核心护城河。 价格并非主要竞争点，满足即时性需求是核心，但长期来看，价格因素 的重要性将提升。 美团闪购通过 KA 客户（30%-40%占比）和小商家结合，实现供给多样 化。小型夫妻店提供广泛覆盖，闪电仓提升供给效率，通过大数据分析 需求差异，实现精准匹配和批量覆盖。 闪电仓数量持续增长，目前约 1 万家，95%为加盟店。平台提供选址、 选品和营销建议，但闪电仓因纯线上运营，盈亏平衡线较高，约 300 单。 Q&A 今年（2025 年）美团闪购在二季度开始发力补贴的具体原因是什么？主要补 贴在哪些地方？ 美团闪购在今年（2025 年）二季度开始发力补贴有两个主要背 ...

行业研究丨深度报告丨啤酒 [Table_Title] "每食每刻"系列之（十三）：即时零售，啤酒 消费的"硬折扣" %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 依托于互联网发展，具有"快"、"近"、"多"特征的即时零售业务近年来得到高速发展，酒小 二、歪马送酒等酒水垂直类即时零售平台渐渐走入消费者生活，2025 年酒小二/歪马送酒门店 预计已突破 2000/1400 家。本文主要探讨酒水即时零售平台运营模式、单店模型及其为啤酒行 业带来的变化。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 [Table_Title "每食每刻"系列之（十三）：即时零售，啤酒 2] 消费的"硬折扣" [Table_Summary2] 中国酒水消费线上化率不断提升 中国饮酒文化源远流长， ...

Core Viewpoint - The company welcomes increased competition in the food delivery and instant retail market, expressing confidence in its long-term prospects [1][3]. Group 1: Market Dynamics - The recent influx of new players in the food delivery and instant retail sectors indicates a positive outlook for the market, as these players recognize its potential [3][4]. - The company has been a pioneer in the food delivery space since 2013 and has expanded its services to include non-food items and instant retail, reflecting its adaptability to consumer demands [3][4]. Group 2: Consumer Demand - There is an almost insatiable demand for faster delivery services, evolving from days to hours, and now to half-hour delivery windows, which consumers have come to expect [3][4]. - The company believes that meeting consumer needs is crucial for market growth, emphasizing the importance of supply-side enhancements to satisfy this demand [4]. Group 3: Industry Collaboration - The company acknowledges the necessity of collaboration with traditional retail players to enhance supply capabilities, which has been challenging in the past [4]. - The entry of more players, including traditional retailers, into the instant retail space is seen as a positive development that can drive innovation and accelerate industry growth [4].