贝恩公司与Worldpanel消费者指数今日联合发布了《2025年中国购物者报告，系列二》，这也是双方连续第14年合作追踪中国快速消费品市场并发布相关报告。

数据显示，中国快速消费品市场在经历了2024年的平缓表现之后，于2025年显现企稳态势。前三季度销售额同比增长1.3%，增长主要来自3.8%销量增幅的拉动，平均售价下降2.4%，相较于2024年3.4%的降幅已有所收窄。分季度看，中国快速消费品市场在一季度实现强势开局，同比销售额增长2.7%，二、三季度增速分别放缓至0.7%和0.4%。

贝恩公司资深全球合伙人布鲁诺（Bruno Lannes）认为：“中国消费者愈加成熟，购物时更注重性价比、便利性与体验感。随着消费场景多元化、渠道不断丰富，品牌商必须精准洞察消费者的购物时机、场景和动因，并基于这些洞察制定策略，确保竞争优势。”

三至五线城市消费活跃，成为快消品市场新引擎

2025年前三季度，中国快速消费品市场的增长近八成来自三至五线城市。下线市场销量同比增长4-6%，抵消了平均售价下降2-3%的影响。报告指出，城镇化持续推进、本地消费保持稳健、以及品牌商和零售商加速下沉，共同推动了下线市场的崛起。

下线城市消费者的生活成本较低，同时商超渠道加深布局，以及即时零售O2O模式提升购买频次、扩大商品种类，为下线市场发展带来额外助力。此外，根据报告，零食集合店、社区超市等小型业态以及O2O闪送平台为品牌商构筑了高效触达消费者的新通路，成为主要增长动力来源。

面对这一趋势，品牌商积极调整策略，通过定制化包装价格和灵活的渠道合作模式，加速下沉，抢占市场。在多方面因素的共同推动下，下线城市已接棒表现相对平淡的一、二线城市，成为中国快速消费品市场的新增长引擎。

消费者偏好变化重塑品类动态

在四大主要快速消费品类目中，包装食品类目增长最快，其中核心主食品类和零食品类需求稳定，推动包装食品整体销售额增长3.4%；家庭护理类目销售额增长3.3%，主要得益于稳定的家庭清洁习惯和价优质美的创新产品；个人护理类目同比增长1.1%；而饮料类目在竞争加剧与现制饮料冲击的影响下，销售额下降1.1%。

报告详细分析了不同品类的动态，指出消费者在购物时会综合权衡价格和品质，同时追求“实惠享受”和“平价升级”。其中，方便面和营养保健品借助零食集合店、即时零售O2O等新兴渠道，分别实现5.9%和5.3%的销售额增长；同时，更健康的果汁产品赢得消费者青睐，推动果汁销售额增长19.2%，成为表现最强劲的饮料品类。相比之下，牛奶和酸奶因原奶供应过剩、价格竞争激烈等因素，销售额分别下滑6.4%和5.8%。不同品类走势分化，表明中国快速消费品市场的“两极化”趋势仍在延续。

消费者追求“质价比”，推动仓储会员店、零食集合店和折扣店快速扩张，增幅最高达到92%

报告还解读了中国快速消费品市场的渠道动态，指出消费者购物以及与品牌互动的方式正在迅速变化。随着消费场景和购物方式的多元化，新兴渠道已经成为增长核心。

线下渠道中，仓储会员店、零食集合店和折扣店快速扩张，增速分别达40%、51%和92%，表明消费者日益青睐性价比更高、便利性更强、体验感更佳的零售业态。与此同时，即时零售O2O渠道扭转了去年的下滑趋势，在三季度同比增长7.9%，其主要增长原因包括闪送服务的普及、商品种类的增多以及各大平台的促销活动。

电商渠道中，社交电商和主打性价比的平台持续提升市场份额。其中，抖音（短视频社交）与拼多多（平价电商）作为两大模式的代表，合计占据快速消费品电商销售额的比例超过40%。这些渠道将兴趣、购买、配送等购物环节融为一体，实现实时无缝衔接，重塑消费者购物旅程。

贝恩公司资深全球合伙人，大中华区消费及零售业务主席邓旻表示：“渠道角色正在转型，从单一的销售终端升级为需求创造与价值共创的平台。面对这一趋势，品牌商需重新定义与零售商和平台的关系，将每个渠道视为创新孵化、互动深化和价值共创的生态伙伴。只有把渠道洞察深度融入产品组合与市场通路策略，才能在中国快消品市场的新增长阶段抢占先机。”

零售商“品牌化”，推动自有品牌在过去两年实现44%的年均增长

在零售业态演变的同时，很多零售商开始“干品牌商的活”，更直接地参与需求创造，依托第一手消费者洞察与供应链整合优势，加快自有品牌发展，为消费者提供高性价比商品。受此推动，自有品牌在过去两年间年均增长44%，2025年前三季度占整体快速消费品销售额的比例已达2%。

报告指出，零售商自有品牌不仅在抢占增量需求，更将加剧品牌商面临的竞争压力。随着“品牌化”趋势的深入，零售商从“卖货架”转型为“做商品”，在重塑竞争格局的同时也为消费者带来了更丰富的选择。

“C.O.R.E.”战略框架

面对市场的快速变迁，贝恩在报告中提出了“C.O.R.E.”战略框架，以帮助品牌商实现以需求为主导的可持续增长。该框架包含需求体系（Circumstance）、产品组合（Offerings）、渠道通路（Route）和落地执行（Execution）四大要素，旨在帮助品牌商：

1.深入了解需求体系和场景，洞察触发需求的核心场景；

2.打造适配的产品组合，满足核心需求体系中消费者的功能、情感及社交需求；

3.选择合适渠道触达目标消费者，推动势能渠道种草，动能渠道变现；

4.基于消费场景定制包装和定价策略，通过有效执行实现战略落地。

Worldpanel消费者指数中国区总经理李嵘指出：“价格趋稳、销量稳健增长，表明中国快消品市场正在步入新一轮结构调整期——消费者更注重质价比，而不仅仅追求低价。这既反映出消费者在购买部分品类产品时更理性地权衡品质与价格，也体现出品牌商及时洞察了消费者的需求，灵活调整价格和促销策略，精准满足消费者需求，从而推动持续增长。

点击下方报告名称或右上角PDF按钮下载

中文版：《2025年中国购物者报告，系列二》

English Version：《China Shopper Report 2025, vol. 2 》

After a slow 2024, China's fast-moving consumer goods (FMCG) market is showing signs of stabilization. According to the 14^th China Shopper Report 2025 Vol. 2, jointly released by Bain & Company and Worldpanel, total FMCG spending grew 1.3% year-to-date (YTD Q3 2025), supported by 3.8% volume growth and a 2.4% decline in average selling price (ASP).

Following a strong first quarter spending growth of 2.7% year-on-year, growth moderated to 0.7% in Q2 and 0.4% in Q3. Volume remained the primary driver of growth while deflation eased from a 3.4% drop in FY 2023-24 to a 2.4% drop in YTD Q3 2025.

“China's shoppers are becoming more deliberate in how they balance value, convenience and experience,” said Bruno Lannes, senior partner at Bain & Company’s Consumer Products and Retail practices. “As consumption occasions diversify and channels proliferate, the brands that succeed will be those that truly understand why, when and where consumers choose to buy – and tailor their strategies accordingly.”

Lower-tier cities emerge as China's next growth frontier

Tier 3-5 cities accounted for around 80% of total FMCG market expansion in 2025, with volumes rising 4-6% and offsetting 2-3% price declines. Growth in these cities was driven by continued urbanization, resilient local consumption and deeper penetration by retailers and FMCG brands.

Consumers in lower-tier markets benefited from lower living costs and expanding access to modern trade. Online-to-offline (O2O) channels also boosted purchase frequency and category breadth. Additionally, small-format retail such as snack stores, community supermarkets and flash-delivery O2O platforms have become a key growth engine, enabling brands to reach new consumers more efficiently.

Brands that actively expand into lower-tier markets, particularly through tailored pack-price offerings and agile retail partnerships, are capturing share gains. These regions have become the new growth engine for China’s FMCG recovery, contrasting with flat performance seen in Tier 1-2 cities.

Evolving consumer priorities reshape what China buys

Across the four major FMCG sectors, packaged food led sales value growth in the first three quarters of 2025 at 3.4%, supported by stable demand in core staples and snacking categories. Home care followed at 3.3%, underpinned by steady household hygiene habits and affordable innovations. Personal care recorded a 1.1% growth, while beverages declined by 1.1% amid intensified price competition and substitution by freshly made drinks.

The report includes a breakdown of category dynamics, which demonstrates how consumers are balancing affordability and small indulgences. Instant noodles (+5.9%) and nutrition supplements (+5.3%) have gained traction through new channels such as snack stores and O2O delivery, while juice (+19.2%) led the beverage category as shoppers traded up to healthier, functional options. By contrast, milk (–6.4%) and yogurt (–5.8%) suffered from oversupply and discounting, underscoring the ongoing polarization between value and premium segments.

Membership, snack-collection and discount store formats surge up to 92% as shoppers seek value

Beyond category trends, the way Chinese consumers shop and engage with brands is changing rapidly. Emerging channels are now at the forefront of growth as shoppers diversify where and how they buy.

Among offline channels, membership-based retailers, snack-collection chains and discount formats have expanded rapidly – growing 40%, 51% and 92% year-on-year respectively – reflecting consumers' heightened focus on value, convenience and experience. Meanwhile, O2O spending rebounded 7.9% year-on-year in Q3 after last year’s decline, supported by faster delivery, broader product coverage and cross-platform promotions.

For online channels, social and value-driven platforms continued to gain share. Short-video and low-price commerce models now account for more than 40% of total FMCG e-commerce sales. These channels are redefining the consumer journey by merging inspiration, transaction and fulfillment in real time.

“Channels have become active demand generators rather than passive sales endpoints,” said Derek Deng, head of Bain & Company's Consumer Products practice in Greater China. “Brands need to rethink how they partner with retailers and platforms – treating each channel as an ecosystem for innovation, engagement and value creation. Those who can effectively integrate channel insights into portfolio and go-to-market design will set the pace for China's next phase of FMCG growth.”

Private labels climb 44% in two years as retailers evolve into brand creators

As formats evolve, many retailers are extending beyond distribution to play a more direct role in shaping demand. Private-label products accounted for 2% of FMCG sales in YTD Q3 2025, representing 44% growth over the past two years. Retailers are rapidly expanding their private-label portfolios, using first-hand shopper insights and integrated supply chains to deliver high-value alternatives.

These retailer-owned labels are capturing incremental consumer demand while intensifying competition for branded manufacturers. As this trend accelerates, retailers are evolving from traditional distribution roles into differentiated brand owners – redefining competition and expanding consumer choice.

"C.O.R.E." framework

To navigate the rapidly evolving FMCG market, Bain introduces its new C.O.R.E. framework – Circumstances, Offerings, Routes, Execution – as a playbook for brands to achieve sustainable, demand-led growth. The framework urges companies to understand the circumstances including occasions that trigger demand, design offerings that meet functional, emotional and social needs, select the right routes to reach consumers through both demand-generation and sales-conversion channels, and tailor execution – from pack sizes to pricing – to fit each purchase occasion.

“The moderation of price deflation and steady volume growth indicate that China’s FMCG market is moving towards a new normal where consumers are pursuing value rather than pure price,” said Rachel Lee, General Manager of Worldpanel China. “We are seeing greater balance between affordability and quality across categories. Brands that understand these expectations and calibrate their pricing and promotion strategies accordingly will be best positioned to sustain growth.”