Core Insights - The consumer market for fast-moving consumer goods (FMCG) in urban China is projected to grow by 2% year-on-year in the first three quarters of 2025, indicating a stable trend [1] - The beverage category continues to lead in sales growth, while dairy products face challenges due to declining purchase frequency and average transaction value [1] - The final consumption expenditure contributed 53.5% to economic growth, driving GDP up by 2.8 percentage points [1] Offline Channels - In the first three quarters of 2025, modern retail channels (including hypermarkets, supermarkets, and convenience stores) saw sales remain flat compared to the previous year, with convenience store sales down by 2.6% [3] - Community grocery stores showed strong performance with a 6.0% year-on-year sales increase, particularly in the western regions where sales grew at double-digit rates [3] Market Share of Major Retailers - Walmart's market share increased by 1 percentage point in the first three quarters of 2025, driven by the success of Sam's Club [6] - Hema's overall market share rose by 0.4 percentage points, with its fresh store format gaining traction [6] - The penetration rate of discount snack stores exceeded 31%, with western regions showing a higher sensitivity to price, achieving a penetration rate of 36.1% [7] Online Channels - Online channels demonstrated robust performance with a 7% year-on-year sales growth in the first three quarters of 2025 [9] - Douyin (TikTok) maintained strong growth, with its penetration rate increasing by 5.1 percentage points, particularly in town-level markets [11] - Instant retail penetration surpassed 40%, with front warehouse models showing steady sales growth [12] Private Label Brands - Over 48% of urban households in China purchased private label brands in the first three quarters of 2025, reflecting a 10 percentage point increase from the previous year [13] - Retailers are focusing on optimizing supply chains to enhance the price competitiveness of private label products [14]

Core Insights - The consumer market in China is showing a moderate recovery, with a year-on-year growth of 2.5% in the urban fast-moving consumer goods (FMCG) market for the first half of 2025, driven primarily by beverages, which grew by 5.6% [1] - The service consumption sector is on the rise, with a notable 8.7% increase in foot traffic in the out-of-home consumption market [2] - The retail landscape is evolving, with significant performance disparities among major retailers, as evidenced by a 1.1 percentage point decline in market share for the top ten retailers [4] Group 1: Market Performance - The FMCG market's growth is supported by positive trends in beverages, food, household cleaning, and personal care products, while dairy products lag behind [1] - The retail sales of convenience stores decreased by 3.6%, while small supermarkets saw a 7.3% increase in sales [3] - The overall retail sales of consumer goods increased by 5.0% in the first half of the year, with final consumption expenditure contributing over 50% [1] Group 2: Retail Channel Insights - Membership stores are gaining traction, with an overall penetration rate increase of 3.6 percentage points in the first half of 2025, driven by strong performances from Sam's Club [8][9] - Traditional supermarkets are transitioning to hard discount models, with companies like Zhongbai Group and Jiajiayue achieving rapid growth in their discount formats [12] - E-commerce channels experienced a 6.9% increase in sales, with platforms like Douyin and JD Group showing significant growth in penetration rates [13][15] Group 3: Consumer Behavior Trends - Consumers are increasingly sensitive to price while also valuing experiential aspects of shopping, leading to a demand for higher quality and functionality in products [17] - The 618 shopping festival saw a surge in demand for essential goods, with consumers diversifying their purchasing channels and seeking more personalized products [17] - Instant retail is redefining convenience, with platforms integrating resources to enhance consumer experiences, achieving over 35% penetration in the first half of 2025 [16]

Core Insights - The rise of private labels is significantly impacting the retail landscape in China, with over 45% of Chinese consumers having purchased private label products at least once by 2024 [2][5] - The growth of private labels is primarily driven by the European market, which accounts for nearly 70% of the global increase, indicating potential for further expansion in the Asian market [2][5] Group 1: Market Contribution and Trends - Private labels are increasingly contributing to the fast-moving consumer goods (FMCG) market, with a notable rise in their share within consumer shopping baskets [5] - Categories such as food and beverages, as well as household cleaning products, are becoming the main battlegrounds for private labels, with higher penetration rates in beverages, snacks, and paper products [8] Group 2: Consumer Behavior and Preferences - The purchasing logic of consumers regarding private labels is shifting from merely seeking low prices to also desiring a sense of quality and sophistication [12] - Younger single individuals or couples, as well as adult families, are the primary consumers of private labels, with younger consumers focusing on product ingredients and experiences, while families prioritize cost-effectiveness and convenience [16] Group 3: Retailer Strategies and Market Dynamics - Retailers are evolving from being mere sales channels to becoming brand owners, deeply involved in product development and market definition, which is reshaping the competitive landscape [18] - Manufacturers face a critical choice: to compete directly with private labels on the shelf or to restructure their collaboration with retailers to optimize product offerings that meet consumer needs [18]

凯 度 消 费 者 指 数 （ 在 中 国 隶 属 于 CTR ） 最 新 发 布 的 报 告 显 示 ， 中 国 城 镇 快 速 消 费 品 （FMCG）市场在2025年的一季度以 积极态势 开局，销售额同比增长 4.2% 。 从城市级别来看，受节庆氛围和返乡探亲潮带动，下线城市的消费增长达5.9%，其中， 镇级市场 增长超1 0%。区域上， 北区 消费增长最为显著，较去年同期增长超过7%。 2 0 2 5年一季度，进口产品*的销售额同比下降1 . 7%，消费者在选购进口产品时的户均花费 和购买均价都有所下滑。从各市场来看，美国、法国和日本是消费者选购进口产品的前三 大市场，但与同期相比，这些市场的销售额增速均有不同程度的下滑。 个性化、多元化的消费场景为家外消费市场注入更多活力，凯度消费者指数家外的数据显 示，2025年开年，家外消费市场持续繁荣，在全国1- 5线城市， 客流同比增长1 0% ，其中 运动场所和娱乐场所等外出的消费场景客流增长明显。 【视频号直播预告】 5月8日，下午4点，2 0分钟线上微分享 一季度快速消费品市场纵览 2 025年一季度中国快速消费品市场会出现哪些新的变化？ 线下渠道： ...