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1、Growth Under Pressure:Value-seeking Shoppers and New Channel Battlegrounds in China FMCGChina Shopper Report 2026,Vol.1Authors and acknowledgmentsDerek Deng is a senior partner who leads Bain&Companys Consumer Products practice in Greater China and is based in Shanghai.You can contact him at .Bruno

2、Lannes is a senior partner with Bain&Companys Consumer Products and Retail practices and is based in Shanghai.You can contact him at .Rachel Lee is the general manager of Worldpanel by Numerator China.You can contact her at .This report is a joint effort between Bain&Company and Worldpanel by Numera

3、tor.The authors extend gratitude to all who contributed,especially Karen Yung,Yi You,and Angela Wang from Bain,as well as Tina Qin and Sallian He from Worldpanel by Numerator.This work is based on secondary market research,analysis of financial information available or provided to Bain&Company and a

4、 range of interviews with industry participants.Bain&Company has not independently verified any such information provided or available to Bain and makes no representation or warranty,express or implied,that such information is accurate or complete.Projected market and financial information,analyses

5、and conclusions contained herein are based on the information described above and on Bain&Companys judgment,and should not be construed as definitive forecasts or guarantees of future performance or results.The information and analysis herein does not constitute advice of any kind,is not intended to

6、 be used for investment purposes,and neither Bain&Company nor any of its subsidiaries or their respective officers,directors,shareholders,employees or agents accept any responsibility or liability with respect to the use of or reliance on any information or analysis contained in this document.This w