2025年下半年中国消费与零售业双年报告

Coverage of China’smacro-economicenvironment, sectortrends, deal scenariosand tax updates Contents Macro-economic landscape03 Sector impact of recent market dynamics10 Sub-sector trends16 Luxury and fashion16 Apparel and footwear19 Health and beauty23 Food and beverage26 Restaurants29 Deal scenarios32 Buzzwords among Chinese consumers38 44Recent tax updates in China Forward-looking policies to boostconsumption50 Appendix57 Summary China’s economy faced both domestic and global challenges in 2025, yet responded with proactive and effectivemacroeconomic policies. As the 14th Five-Year Plan concluded, these measures strengthened economicfundamentals, supporting a year-on-year GDP growth of 5.0%, and driving a shift toward higher-qualitydevelopment. A series of policies aimed at expanding domestic demand, stabilising employment, and counteringexcessive competition have taken effect, driving sustained expansion and structural optimisation in China’sconsumer market. The rise of innovative consumption models accelerated this, setting the stage for 2026 to unlockfurther consumption potential. Stable energy and food prices kept headline CPI nearly unchanged year-on-year, while core CPI saw a modestrebound. In the second half of the year, CPI showed a clear upward trend, with core CPI growth remaining above1% for four consecutive months, signalling the start of stable price recovery. Meanwhile, U.S. CPI and PPI broadlymoderated, but underlying inflationary pressures persisted. China’s consumer market is expanding in both scale and quality, with strong momentum across key subsectors.The luxury and fashion segment is experiencing steady growth, with footwear and apparel companies generatingmomentum through product innovation, business model transformation, and value chain optimisation. Vibrant IPOactivity in Hong Kong is energising the beauty sector, where health-conscious, natural, and anti-aging productsconstitute a core portion of consumer demand. Low-alcohol beverages are emerging as a major growth driver in thefood and beverage sector, propelled by design innovation and diverse consumer preferences. The restaurantindustry, driven by capital consolidation, consumption upgrades, and technology integration, is accelerating itsexpansion into lower-tier cities and adopting sophisticated, digital operations. Investor sentiment is focused on long-term value, despite retail momentum remaining strong throughout 2025.Institutions are cautious in allocating capital, prioritising lower-risk projects that offer stable returns. China’s luxuryand fashion investment landscape is rebounding, largely due to rising precious metals prices that boost corporatefinancing. As proactive macro policies continue to stimulate China’s consumer sector, identifying new growth drivers iscritical for corporate success and growth. Companies that innovate in line with core strategic priorities are well-positioned to capture significant opportunities along this growth trajectory. Sub-sectors covered in this report Apparel &footwear Macro-economiclandscape During the 14th Five-Year Plan, China’s economy achieved four consecutive years of growth,reaching a new milestone of RMB 140 trillion in total output in 2025. GDP rose by 5.0% year-on-year,with per capita disposable income keeping pace with economic progress, reflecting a clear trend ofsteady improvement and positive momentum. Final consumption expenditure contributed to over 50% of economic growth, as household spendingshifted to balance both goods and services. Retail sales of consumer goods exceeded RMB 50trillion, while service consumption grew 5.5% year-on-year. Emerging sectors such as the silvereconomy, winter sports, and new products drove consumption growth, opening up newopportunities. Policies for equipment rental and consumer goods trade-in (the “Two New” policies)are boosting domestic demand alongside steps to curb excessive competition, and fiscal and financialstimulus packages. These measures are delivering tangible results, laying the foundation to unlockfurther consumption. Looking ahead to 2026, despite heightened external uncertainties, several favourable factors point toresilient consumption growth in consumer spending. The market is well-positioned for continuedexpansion. Economicscalereachesnewheightsas serviceconsumptionunleashesvitality GDP 2025 marked the conclusion of the 14th Five-Year Plan, with China successfully achieving all major targets. For the first time,GDP exceeded RMB 140 trillion, rising by 5.0% year-on-year. Quarterly data indicates an economic trajectory characterised by astrong start to the year followed by moderation, achieving 4.5% GDP growth in Q4 2025. This trend was largely driven by the“Two New” policies in the first half of the year, which accelerated equipment upgrades and consumer goods trade-ins. In thesecond half, growth slowed due to policies countering excessive competition and continued weakness in domestic demand