也许您也深切感受到：市场越来越"难以预测"：个别品牌凭借一款单品引爆市场，而有的 却陷入"不投流没生意，投了难盈利"的增长困境。 其实，这也意味着2025年中国快速消费品市场步入以结构调整为核心的精细化增长阶段。 "价值深耕" 成为企业破局的核心命题，这背后是五大核心趋势正在深刻重塑消费逻辑与竞 争格局。 2 025年，消费平替已不再是简单的低价替代，而是消费者对"质价比"的理性权衡，这 种 趋 势 在 过 去 四 年 持 续 深 化 。 《 2025年中国购物者报告，系列一》 显 示 ， 在 包 装 食 品、饮料、家庭护理和个人护理四大类目中，消费者均在积极寻找更经济实惠的替代 选择。 这种趋势也推动了 本土品牌 进一步崛起，在报告追踪的2 7个快消品类中，近半数品类 出现本土品牌抢占外资品牌市场份额的情况。2024年，本土品牌整体市场份额已攀升 至76%。同时，品类内部呈现显著分化：高端面巾纸、瓶装水、个人清洁用品等销售 额下滑，为白牌和自有品牌带来增长窗口；而高端果汁、冲泡咖啡等品类凭借产品创 新仍实现超市场均值的增速。 这一洞察的核心在于，消费者选择已从"单纯省钱"转向"精明消费"，品质与价格的精 细 ...

Core Insights - The report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing in 2025 after a flat performance in 2024, with a 1.3% year-on-year sales growth in the first three quarters, driven by a 3.8% increase in sales volume [1] - The average selling price in the FMCG market has decreased by 2.4%, a reduction compared to the 3.4% decline in 2024, reflecting a trend towards price stabilization [1] Market Trends - The decrease in promotional activities has contributed to price stabilization, with the contribution of promotions to FMCG sales dropping from 24.1% to 23% [2] - Nearly 80% of the growth in the FMCG market in 2025 is attributed to third to fifth-tier cities, with sales volume increasing by 4%-6%, offsetting a 2%-3% decline in average selling prices [2] - The main drivers of growth include ongoing urbanization and robust local consumption, with more retailers and FMCG brands expanding into lower-tier cities [2] Category Performance - Packaged food categories have shown the fastest growth, with core staple foods and snacks driving a 3.4% increase in sales [2] - Household care products grew by 3.3%, supported by stable demand for cleaning supplies, while personal care categories showed signs of recovery with a 1.1% year-on-year growth [2] - In contrast, beverage sales declined by 1.1%, despite a 3.6% increase in volume, due to a 4.6% drop in average selling prices driven by intensified brand competition and market pressures [3] Consumer Behavior - The report highlights a shift in consumer behavior, with a trend towards quality and price balance rather than solely seeking the lowest price [2] - The "consumption substitution" phenomenon remains prevalent, although some categories like juice and chocolate continue to experience premiumization [3] Channel Dynamics - Traditional retail channels are contracting, with traditional hypermarkets and convenience stores seeing a further decline in their share of FMCG sales [4] - Emerging channels such as warehouse membership stores, snack collection stores, and discount stores are experiencing rapid growth, with year-on-year increases of 40%, 51%, and 92% respectively [4] - The rise of snack collection stores is particularly significant for foreign brands, which view these channels as crucial for business growth and market penetration [5][6] Retailer Strategies - Retailers are increasingly focusing on convenience, value, and brand differentiation, with a trend towards developing private labels that offer innovative products rather than just low prices [6] - Collaboration between retailers and brands is becoming more common, blurring the lines between retail and brand ownership [6]

Core Insights - The report highlights the overall performance of China's fast-moving consumer goods (FMCG) market in the first three quarters of 2025, indicating a stable growth trend with a 1.3% year-on-year increase in sales, driven primarily by volume growth of 3.8% despite a decline in average prices by 2.4% [23][24][25]. Market Performance - The FMCG market in China experienced a sales growth of 1.3% year-on-year in the first three quarters of 2025, with a notable 3.8% increase in volume and a 2.4% decrease in average prices [23][24]. - Lower-tier cities (third to fifth tier) contributed 80% of the market growth, becoming the main growth engine, while first and second-tier cities showed relatively flat performance due to slow economic recovery and the trend of "consumption substitution" [23][24][30]. Category Dynamics - **Packaged Foods**: Sales increased by 3.4%, with stable demand for core staple and snack foods. Instant noodles and nutritional supplements performed well, while chocolate and candy continued to decline [33][34]. - **Beverages**: Overall sales decreased by 1.1%, despite a 3.6% increase in volume, with average prices dropping by 4.6%. Milk and yogurt saw significant declines, while juice and beer categories experienced growth [41][42]. - **Personal Care**: Sales grew by 1.1%, ending a three-year decline, with strong performance in makeup and toothpaste, although skincare faced intensified competition and price reductions [46][47]. - **Household Care**: Sales rose by 3.3%, with strong performance in toilet paper and facial tissues, although average prices declined [47]. Price Dynamics - The "consumption substitution" trend continued into 2025, with average price declines narrowing from 3.4% in 2024 to 2.4% in 2025, indicating a shift in consumer behavior towards balancing quality and price [7][51]. - Some categories, such as juice and chocolate, maintained a premium positioning, while toothpaste was the only non-food beverage category to sustain stable premiumization [51][55]. Channel Dynamics - **Offline Channels**: Traditional formats like hypermarkets and convenience stores continued to shrink, while new formats such as warehouse membership stores, snack shops, and discount stores expanded rapidly, with growth rates of 40%, 51%, and 92% respectively [8][9]. - **E-commerce**: The e-commerce channel maintained a growth rate of 7%, with penetration increasing from 37% in 2024 to 39% in 2025. Platforms like Douyin and Pinduoduo became key growth drivers, accounting for over 40% of total FMCG e-commerce sales [8][9][11]. Implications for Brands - Brands must gain deep insights into consumer needs across different channels and capture the "moments of truth" that trigger purchase decisions to create products and experiences that resonate with consumers [10][11]. - The report emphasizes the importance of convenience and value-for-money in future channel strategies, highlighting the need for innovation driven by consumer insights to maintain competitiveness in a complex environment [10][11].

Group 1 - The core viewpoint of the report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing, with a 1.3% year-on-year sales growth in the first three quarters of 2025, driven by a 3.8% increase in volume and a 2.4% decrease in average price [14][17][18] - Lower-tier cities (third to fifth tier) are identified as the main growth engine, contributing 80% of market growth, supported by urbanization, brand penetration strategies, and new retail channels [14][26][47] - The performance of different categories shows divergence, with packaged food and household care leading growth at 3.4% and 3.3% respectively, while the beverage category declined by 1.1% due to price competition and market shifts [29][39][46] Group 2 - The "consumption substitution" trend continues in 2025 but is slowing down, with average price declines narrowing from 3.4% in 2024 to 2.4% in 2025, indicating consumers are weighing quality against price [2][15][49] - New retail channels are experiencing structural changes, with traditional offline channels shrinking while warehouse membership stores, snack collection stores, and discount stores are expanding rapidly, with growth rates of 40%, 51%, and 92% respectively [2][59][60] - E-commerce channels are also growing at 7%, with platforms like Douyin and Pinduoduo becoming major drivers, accounting for over 40% of total FMCG e-commerce sales [2][59] Group 3 - The report highlights that the FMCG market is entering a new phase driven by demand, where brands must adapt to fragmented and polarized retail landscapes to seize growth opportunities [58] - The average selling price in the FMCG market is stabilizing, with promotional contributions to sales decreasing from 24.1% to 23.0%, reflecting a shift in consumer behavior towards quality and price balance [18][49] - The report emphasizes the importance of understanding consumer needs and adapting product offerings and pricing strategies to achieve sustainable growth in the evolving market [2][58]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese fast-moving consumer goods (FMCG) market shows signs of stabilization in 2025, with a sales growth of 1.3% year-on-year in the first three quarters, driven by a 3.8% increase in volume and a 2.4% decrease in average price [9][12][10] - Lower-tier cities (third to fifth tier) contributed approximately 80% of the market growth, benefiting from urbanization, brand penetration strategies, and the expansion of new retail channels [9][20] - The report highlights a shift in consumer behavior, where price sensitivity is balanced with quality considerations, leading to a stabilization in average prices after a significant decline in previous years [10][43] Summary by Sections Market Overview - The FMCG market in China experienced a mild growth in 2025, with a notable performance in the first quarter, which saw a 2.7% increase year-on-year [12] - Sales in lower-tier cities are a key growth driver, with a volume increase of 4-6% offsetting price declines [20][39] Category Dynamics - Packaged food and household care categories led the growth with increases of 3.4% and 3.3% respectively, while the beverage category faced a decline of 1.1% [24][25] - The personal care category showed signs of recovery with a 1.1% growth after several years of decline [34] Price Dynamics - The "consumption upgrade" trend continued into 2025, with average prices decreasing by 2.4%, although the rate of decline has slowed compared to 2024 [10][43] - Promotional activities have decreased, indicating a shift in consumer purchasing behavior towards a more balanced consideration of price and quality [13][43] Emerging Channel Dynamics - New retail formats such as warehouse membership stores, snack collection stores, and discount stores are rapidly expanding, with growth rates of 40%, 51%, and 92% respectively [54][55] - E-commerce channels also showed strong growth, with an increase from 2% to 7% in the first three quarters of 2025 [54][56] Implications for Brands - Brands must adapt to the evolving retail landscape, leveraging data and technology to create demand and navigate the fragmented market [53] - The report emphasizes the importance of understanding consumer dynamics to seize opportunities in the new growth cycle [53]

Core Insights - The Chinese fast-moving consumer goods (FMCG) market is expected to stabilize in 2025 after a flat performance in 2024, with a year-on-year sales growth of 1.3% in the first three quarters of 2025, driven by a 3.8% increase in volume and a 2.4% decrease in average prices, which is an improvement from a 3.4% decline in 2024 [1] Group 1: Market Trends - The growth in the FMCG market is primarily coming from third to fifth-tier cities, where sales volume increased by 4% to 6%, offsetting a 2% to 3% decline in average prices [1] - Consumers are becoming more rational in their purchasing decisions, focusing on quality-price ratios rather than just low prices, indicating a structural adjustment in the market [1] Group 2: Category Performance - Among the four main FMCG categories, packaged food saw the fastest growth with a 3.4% increase in sales, driven by stable demand for core staple foods and snacks [2] - The household care category grew by 3.3%, supported by stable cleaning habits and innovative products, while personal care grew by 1.1% [2] - The beverage category experienced a decline of 1.1% due to intensified competition and the impact of ready-to-drink beverages [2] Group 3: Channel Dynamics - Emerging channels are becoming the core growth driver in the FMCG market, with offline channels like warehouse membership stores, snack collection stores, and discount stores expanding rapidly, with growth rates of 40%, 51%, and 92% respectively [2] - Instant retail channels have reversed last year's decline, showing a 7.9% year-on-year growth in the third quarter, attributed to the popularity of delivery services and increased product variety [2] Group 4: Brand and Retailer Strategies - Retailers are accelerating the development of private labels, which have seen an average annual growth of 44% over the past two years, now accounting for 2% of total FMCG sales in the first three quarters of this year [3] - Brands need to redefine their relationships with retailers and platforms, integrating channel insights into product and market strategies to seize opportunities in the new growth phase of the FMCG market [3]

Core Insights - The report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing in 2025 after a flat performance in 2024, with a year-on-year sales growth of 1.3% in the first three quarters, driven by a 3.8% increase in volume, while average prices decreased by 2.4% [1][16] - Consumer preferences are evolving, with a greater emphasis on cost-effectiveness, convenience, and experience, necessitating brands to accurately understand consumer shopping triggers and scenarios to maintain competitive advantages [3] Market Dynamics - Nearly 80% of the growth in the FMCG market in the first three quarters of 2025 came from third to fifth-tier cities, where sales volume increased by 4-6%, offsetting a 2-3% decline in average prices [4] - The ongoing urbanization, stable local consumption, and accelerated market penetration by brands and retailers are driving the rise of lower-tier markets [4] - New retail formats such as snack stores and community supermarkets, along with O2O delivery platforms, are providing efficient consumer access and becoming key growth drivers [4] Category Performance - Among the four main FMCG categories, packaged foods saw the fastest growth, with overall sales increasing by 3.4%, driven by stable demand for core staple foods and snacks [7] - Household care products grew by 3.3%, while personal care and beverage categories saw modest growth of 1.1% and a decline of 1.1%, respectively [7] - The report highlights a polarized market trend, with healthy juice products experiencing a 19.2% sales increase, while milk and yogurt faced declines of 6.4% and 5.8% due to oversupply and intense price competition [7] Channel Dynamics - Emerging retail channels such as warehouse membership stores, snack stores, and discount stores are rapidly expanding, with growth rates of 40%, 51%, and 92%, respectively, reflecting consumer preference for higher cost-performance and convenience [8] - Instant retail O2O channels reversed last year's decline with a 7.9% year-on-year growth in the third quarter, driven by the popularity of delivery services and increased product variety [8] - Social e-commerce platforms like Douyin and Pinduoduo are gaining market share, collectively accounting for over 40% of FMCG e-commerce sales, integrating shopping experiences seamlessly [8] Strategic Framework - Bain introduced the "C.O.R.E." strategic framework to assist brands in achieving sustainable growth driven by demand, focusing on understanding demand systems, product offerings, channel routes, and execution [12][13][14] - Retailers are increasingly acting as brand creators, with private label brands experiencing an average annual growth of 44% over the past two years, now accounting for 2% of total FMCG sales [11]

Core Insights - The report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing in 2025 after a flat performance in 2024, with a year-on-year sales growth of 1.3% in the first three quarters, driven by a 3.8% increase in volume, while average prices decreased by 2.4% [3][4] - The growth in the FMCG market is primarily attributed to lower-tier cities, which accounted for nearly 80% of the growth, with sales in these markets increasing by 4-6% year-on-year [4][7] - The report highlights a shift in consumer behavior towards valuing quality and price-performance ratio over merely seeking low prices, indicating a structural adjustment in the market [3][4] Market Dynamics - The packaging food category experienced the fastest growth, with an overall sales increase of 3.4%, driven by stable demand for core staple foods and snacks [8] - Household care products saw a sales increase of 3.3%, attributed to stable cleaning habits and innovative products, while personal care grew by 1.1% [8] - Beverage sales declined by 1.1%, influenced by intensified competition and the impact of ready-to-drink beverages [8][9] Channel Trends - New retail formats such as warehouse membership stores, snack collection stores, and discount stores are rapidly expanding, with growth rates of 40%, 51%, and 92% respectively, reflecting consumer preference for high cost-performance and convenience [10] - Instant retail O2O channels reversed last year's decline, showing a year-on-year growth of 7.9% in the third quarter, driven by the popularity of delivery services and increased product variety [10] - E-commerce channels, particularly social e-commerce and platforms emphasizing cost-performance, continue to gain market share, with Douyin and Pinduoduo together accounting for over 40% of FMCG e-commerce sales [13] Strategic Recommendations - The report suggests that retailers are increasingly taking on roles traditionally held by brand manufacturers, accelerating the development of private labels, which have seen an average annual growth of 44% over the past two years [14] - The "C.O.R.E." strategic framework proposed by Bain aims to help brand manufacturers achieve sustainable growth by focusing on demand systems, product offerings, channel routes, and execution [14][15] - Brands must redefine their relationships with retailers and platforms, viewing each channel as an ecosystem for innovation and value co-creation to seize opportunities in the evolving FMCG market [14][15]

（原标题：罗马尼亚工业和物流市场今年将达历史新高） 罗经济媒体网近日报道，2025年前三个季度，罗工业和物流业实现强劲增长。数据显示，今年1至9 月，罗租赁总需求量接近64万平方米，同比增长64%。其中布加勒斯特及周边地区交易量占总交易量近 70%。同时，得益于基础设施建设、制造业和物流服务领域投资不断增长，罗东北部和东南部地区公开 交易增长较为显著。从中长期看，预计罗全境将保持快速增长。从行业看，物流行业（第三方物流）占 据租赁市场主导地位，约占总需求45%，其次是零售和快速消费品行业。生产用途租赁需求有所下降， 仅占13%，其中亚洲企业显著增长。 根据欧盟统计局数据，罗仓库和物流中心利用率约为90%，略高于欧盟平均水平，这意味着物流运 营商可以继续扩张而不会造成市场失衡。目前，罗拥有约800万平方米的现代化物流空间。 ...

2025年第九期消费洞察集锦 本期，我们精选10篇深度洞察文章，聚焦Worldpanel消费者指数近期发布的快速消费品市 场相关洞察。内容具体包含消费大盘解读、系列文章精选、品类消费纵观、品牌出海洞察 以及专家服务案例。 我们围绕近期多个行业热点展开分析： 2026年春节 快消增量哪里寻？28家 过亿厂商 如何 持续吸引新客？ 脱口秀 笑声背后，消费者购买行为如何分化？ 不同的单身人群 和 不同渠 道业态 之间都有哪些差异？这些核心问题，都能在本期洞察中找到专业解析。 更多精彩解读，欢迎关注Worldpanel消费者指数视频号，回顾完整线上分享内容。 （点击相关链接获取完整文章内容） 消费大盘 点击获取《2025年前三季度中国快消市场概览》 系列洞察文章 品类消费纵观 品牌出海 点击获取《全渠道解读2025年春节消费》 专家服务解决方案 零售快报2025P10 Worldpanel消费者指数视频号 欢迎关注 【Worldpanel消费者指数视频号】 观看相关内容 ...