1、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 D 2025Coverage o

2、f Chinas 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 fi

3、rms 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 scenariosB

4、uzzwords 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 fir

5、ms 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 Inter

6、national Limited,a private English company limited by guarantee.All rights reserved.In 2025 H1,Chinas 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,furthe