消费品零售业半年度报告（英）

1© 2025 KPMG Advisory (China) Limited, a limited liability company in Chinese Mainland and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 2024 H2Semi-annual Report on the Consumer & Retail Sector in ChinaCoverage of China’s macro-economic environment, sector trends, deal scenarios and tax updates2© 2025 KPMG Advisory (China) Limited, a limited liability company in Chinese Mainland and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Macro-economic landscapeContentsSector impact of recent market dynamicsSub-sector trendsLuxury and fashionApparel and footwearHealth and beautyFood and beverageRestaurantsDeal scenariosBuzzwords among Chinese consumersForward-looking policies aim to boost consumptionAppendix041117384551566418222531342© 2025 KPMG Advisory (China) Limited, a limited liability company in Chinese Mainland and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Recent tax updates in China3© 2025 KPMG Advisory (China) Limited, a limited liability company in Chinese Mainland and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. In 2024, China’s gross domestic product (GDP) growth exceeded expectations, and the consumer market expanded steadily driven by new business models and trends.Influenced by international oil prices, gold prices and pork prices, China's inflation rate was relatively sound; the consumer price index (CPI) was generally stable on a year-on-year (YoY) basis; and the YoY decline in the producer price index (PPI) was milder than in the previous year.In December 2024, the US’s inflation rate ticked upward by 0.4% month-on-month, which was higher than the 0.3% increase recorded in November and marked the largest increase since March 2024. One of the main factors driving inflation in the US is the energy index.In the second half of 2024, cultural tourism remained popular, continuing a trend seen in the first half of the year. As a result of the National Day holiday, ice-and-snow tourism, and other factors, retail sales in transportation and travel services, tourism consulting and lease services grew rapidly, and the tourism market continued to thrive.Trade-in policies for consumer goods have been effective; and more and more market players, especially enterprises, are participating in these programmes, which are stimulating consumption and economic development while also enabling consumers to enjoy better products. As consumer confidence gradually recovered in the second half of 2024, the