2025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 affiliatedwith KPMG International Limited, a private English company limited by guarantee. All rights reserved.KPMG. Make the Difference.kpmg.com/cnSeptember 2025Coverage of China’s macro-economic environment, sector trends, deal scenarios and tax updatesSemi-annual Report on theConsumer & Retail Sectorin China, 2025 H12© 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 consumptionAppendix04111743626874831721273236Recent tax updates in China2© 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. 3© 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 2025 H1, China's gross domestic product (GDP) grew faster than in the same period last year, and the country maintained robust development momentum. Policies designed to boost consumption continued to be launched, further supporting domestic demand and driving growth in household consumption. In H1, consumer spending became the key driver and cornerstone of economic growth.Amid a decline in oil prices, seasonality in domestic demand, and uncertainty in foreign trade, China's inflation rate remained stable, with the core consumer price index (CPI) gradually rebounding. The inflation rate in the United States has been mild; but in June, CPI rebounded as a result of a rise in core CPI and energy prices, pointing to the start of an upward trend for core inflation.In 2025 H1, the government continued to expand the trade-in programme to boost domestic demand, resulting in strong growth momentum in the sale of related products. In addition, measures designed to boost consumption improved and expanded service consumption, driving a continuous rebound in the consumer market. With "health" becoming an important consumer touchpoint for enterprises to build businesses, accelerate research and development (R&D), and enhance synergies in the supply chain, health products and services continued to contribute to the stable development of the c