PitchBook年一季度消费者零售与服务报告（英）

INDUSTRY RESEARCHConsumer Retail & Services ReportPE trends and investment strategiesQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.ContentsQ1 2025 Consumer Retail & Services ReportCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2Institutional Research GroupAnalysisEric Bellomo Senior Research Analyst, E-Commerce and Gaming eric.bellomo@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Jenna O’Malley and Megan WoodardPublished on May 2, 2025Macroeconomic indicators3PE activity6Consumer retail & services PE ecosystem market map15Consumer retail & services PE investor map 16Q1 2025 timeline 17Consumer retail & services PE deal summary18Segment data19Consumer staples 20Consumer discretionary 21Consumer services 22CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q1 2025 Consumer Retail & Services ReportPE activityDealmaking flatlinesConsumer retail & services PE deal activity plummeted in Q1 2025 after rebounding in Q4, reaching an estimated 157 deals. The full-year 2024 deal count reached an estimated 1,206 transactions. The Q1 2025 figure is the lowest of any quarter in our reporting period, 20.3% below the next-slowest quarter (Q2 2020 with 197 deals). In our Q2 2024 launch report, we anticipated a modest acceleration in dealmaking by H2 2025, driven by tailwinds from interest rate cuts and regulatory clarity. Instead, the US Federal Reserve held rates steady at 4.5% while uncertainty ripped through markets amid on-again-off-again tariff machinations, rising recession risk, and weakening demand signals. The consumer retail & services market is in wait-and-see mode, with deal flow below 2014 levels despite ample dry powder and long fund lives. In the higher-for-longer rate environment, dealmaking has bifurcated: Premium assets and small-cap deals in nondiscretionary categories can clear, but all other processes face scrutiny. Staple categories with low barriers to entry are theoretically attractive in the near term—consumers buy food and beer in good times and bad—and as such, consumables led all categories at 17 transactions in Q1. Source: PitchBook • Geography: Global • As of March 31, 2025Consumer retail & services PE deal count 1,2771,2721,1791,8951,6671,3291,20615720182019202020212022202320242025Deal countEstimated deal count1,117108Source: PitchBook • Geography: Global • As of March 31, 2025Consumer retail & services PE deal count by quarter 3201943601570200400600Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120182019202020212022202320242025Deal countEstimated deal countQ1 2025 Consumer Retail & Services ReportPG 18CONFIDENTIAL. NOT FOR REDISTRIBUTION. Consumer retail & services PE deal summaryQuarterly activityTrailing 12-month activityQ1 2024Q2 2024Q3 2024Q4 2024Q1 2025 Q2 2023 to Q1 2024Q2 2024 to Q1 2025Deal count3323051763041081,324893QoQ change-0.3%-8.1%-42.3%72.7%-64.5% N/A-32.6%Share of total PE8.9%8.2%4.7%8.2%2.9%59.7%40.3%Deal va