Semi-annual Report on the Consumer & Retail Sector in China (2025H1)

Consumption has become the cornerstone of economic growth. In 2025 H1, economic growth remained steady and trended upward, and the consumer market became more vibrant. Various macro-economic policies also provided strong support for the development of the consumer market in the second half of the year, laying a solid foundation for the achievement of annual targets.

In September 2025, KPMG China released the Semi-annual Report on the Consumer & Retail Sector in China (2025H1). Based on the perfect knowledge system and rich project practice experience of KPMG China, this report makes a comprehensive analysis of macroeconomic and micro market players, focusing on luxury and fashion, apparel and footwear, health and beauty, food and beverage, restaurants and deeply analyzes consumer retail industry trends, investment transactions and tax alerts, in order to help industry participants locate the direction of industry development in the second half of the year and explore growth potential.