埃森哲近期发布的《美好生活新主张——中国消费者洞察》报告，深入剖析了中国消费市场正在发生的结构性变化。调研覆盖全国一至五线城市、18至65岁 人群，揭示出当前中国消费者行为的两大主线："理性升级"与"需求重构"。 理性消费崛起，品牌忠诚度被稀释 中国消费者正变得越来越理性。超过55%的消费者即使有喜爱的品牌，仍会频繁比较多个选择。品牌光环逐渐褪去，消费者更看重产品本身的"性价 比"和"产品力"。与此同时，国货品牌全面崛起，在美妆、3C、家电、服饰等品类中，国货偏好已超越国际品牌。消费者选择国货不仅因为价格，更因其传 递的文化认同与情感价值。 美好生活新主张：安顿内在，融合体验 面对外部环境的不确定性，消费者重新排序人生优先级：健康与财富的关注度显著提升，而事业、爱情、个人成长等理想主义追求则被压抑。近九成消费者 积极关注身心健康，七成选择存钱或省钱以增强财务韧性，六成主动学习新技能或开展副业，形成"健康—财富—学习"的"安全三角"。 在消费体验方面，中国消费者呈现出"线上效率、线下温度"的融合特征。85%的消费者习惯在线上"逛"，但线下体验仍不可替代。近半数消费者偏好线上线 下结合的购物方式，希望在效率与情感 ...

Core Points - The newly revised Anti-Unfair Competition Law of the People's Republic of China will officially take effect on October 15, addressing challenges in the digital economy and enhancing legal protections for both businesses and consumers [1] Group 1: Regulation of Unfair Competition - The new law specifically strengthens online competition rules, prohibiting behaviors such as forced redirection, malicious uninstallation, and the improper acquisition and use of others' data [1] - It aims to directly regulate issues like "traffic hijacking," "data theft," and "internet water armies" [2] Group 2: Protection of Small and Medium Enterprises (SMEs) - The law addresses the issue of large enterprises delaying payments to SMEs, explicitly prohibiting the abuse of dominant positions to impose unreasonable trading conditions or delay payments [3] - This regulation targets unfair trading practices such as large enterprises withholding payments for over six months and arbitrary changes in acceptance standards, creating a more equitable competitive environment for SMEs [5] Group 3: Brand Protection and Misleading Practices - The law introduces detailed regulations against "brand squatting" and misleading practices in live-streaming platforms, where smaller brands mimic well-known brands to mislead consumers [6] - It prohibits unauthorized use of influential new media account names, application names, or logos, and the use of others' registered trademarks as search keywords to mislead consumers [7][9] Group 4: Combatting False Transactions and Reviews - The law explicitly bans organizing false transactions and reviews, addressing the gray market of fake reviews that mislead consumer decisions [10] - It requires platforms to establish reporting mechanisms for unfair competition and mandates timely action against violations, creating a dual defense of self-inspection and regulatory oversight [10] Group 5: Addressing Price Wars and Market Order - The law aims to curb "involution" in competition, preventing platforms from forcing or indirectly compelling sellers to sell below cost, which disrupts market order [11] - It specifically addresses extreme low pricing practices that compromise product quality and safety, such as in the power bank and tea beverage industries [10]

Core Viewpoint - Yonghui Supermarket Co., Ltd. plans to issue A-shares to specific investors to raise funds for store upgrades and logistics improvements, aligning with its strategic transformation towards "quality retail" [9][10]. Group 1: Issuance Overview - The total amount to be raised from the issuance is capped at 311,386.04 million RMB, with the net proceeds allocated to various projects [15][18]. - The issuance will involve no more than 35 specific investors, including securities investment funds, securities companies, and qualified foreign institutional investors [10][12]. - The final issuance price will be determined based on the average trading price of the company's shares over the 20 trading days prior to the pricing date, with a minimum price set at 80% of this average [12][13]. Group 2: Purpose and Use of Funds - The funds raised will primarily be used for upgrading 216 stores and enhancing logistics capabilities, which are crucial for the company's strategic direction [18][24]. - The store upgrade project aims to implement the "Pang Donglai model" to improve market image and service quality, thereby increasing customer satisfaction and sales [19][20]. - The logistics upgrade project will enhance the company's supply chain capabilities by introducing advanced automation and smart warehousing systems [25][26]. Group 3: Strategic Context - The retail industry is facing intensified competition, prompting companies like Yonghui to adapt by enhancing customer experience and product quality [9][10]. - The company has already completed upgrades in 31 stores, resulting in significant increases in customer traffic and sales [19][23]. - National policies are increasingly supportive of retail transformation, providing a favorable environment for projects aimed at improving service quality and operational efficiency [29][30].

Core Insights - The article discusses the "new normal" in China's consumer market characterized by single-digit growth since Q2 2025, highlighting issues such as consumer confidence and consumption downgrade [1] - Despite challenges, the actual situation is more optimistic than some observers suggest, based on a nationwide survey of over 17,000 consumers conducted by McKinsey [1] Group 1: Consumer Trends - Trend 1: Consumers are adapting to the new normal, with GDP growth around 5% in 2024 and Q1 2025, showing resilience in sectors like tourism, dining, and health [2] - The expected consumption growth rate for 2025 is 2.3%, slightly down from 2.4% in 2024, driven by urbanization and stable consumer spending expectations [2] - Urbanization rate increased from 65.2% in 2022 to 67.0% in 2024, contributing to household growth [2] Group 2: Consumer Confidence - Trend 2: Consumer confidence is stabilizing, with 81% of respondents expressing more confidence in the macroeconomic outlook following stimulus policies from the People's Bank of China [4] - However, rural consumers show increased confidence due to government policies, with rural income growth at 6.6% in 2024 compared to 4.5% for urban residents [8] Group 3: Changing Consumer Behavior - Trend 3: Consumers are focusing more on personal achievement, with a shift towards spending on products and services that enhance quality of life [16] - Wealthy urban consumers plan to increase daily spending by 2.6% in 2025, indicating a return to normal consumption behavior [16] - Spending intentions are increasingly influenced by tangible factors like income and asset value rather than confidence levels [22]