毕马威（KPMG）：2025中国消费品零售业下半年度报告（英文版）（70页）.pdf

1、0 2026 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.KPMG.Make the Difference.Cove

2、rage of Chinas macro-economic environment,sector trends,deal scenarios and tax updatesBi-annual Report 2026Sector in China,2025 H2the Consumer&Retail1 2026 KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland and a member firm of the KPMG global organisation of independent mem

3、ber 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 scen

4、ariosBuzzwords among Chinese consumersForward-looking policies to boost consumptionAppendix03101632384450571619232629Recent tax updates in China1 2026 KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland and a member firm of the KPMG global organisation of independent member f

5、irms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2 2026 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 Int

6、ernational Limited,a private English company limited by guarantee.All rights reserved.Sub-sectors covered in this reportLuxury&fashionApparel&footwearHealth&beautyFood&beverageRestaurantsSummaryChinas economy faced both domestic and global challenges in 2025,yet responded with proactive and effectiv