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Urban China FMCG market sees 2.6% YoY growth in Q1 2024

Home alcohol and beverage consumption surged in the past 12 weeks.

Urban China's fast-moving consumer goods (FMCG) market demonstrated a modest recovery in the first quarter of 2024, achieving a 2.6% year-on-year (YoY) sales growth.

According to Kantar Worldpanel, the eastern region outpaced other areas with a 7% increase, driven by robust economic vitality and resilient consumer purchasing power.

During the past 12 weeks, home consumption of alcohol and beverages surged, buoyed by seasonal holidays and social gatherings. However, dairy and personal care segments reported subdued growth. Lower-tier cities continued to outpace upper-tier counterparts in driving consumer market growth, with town market sales up by 3.9% YoY, surpassing city sales.

The National Bureau of Statistics reported a 4.6% increase in urban retail sales, underpinned by improving consumer demand and service retailing trends. Modern trade dynamics reflected a shift towards smaller formats, as hypermarkets saw a 1.4% decline whilst supermarkets expanded by 1.3%. Membership stores also witnessed a robust 20% sales growth YoY.

Major retailers such as Sunart Group, Vanguard Group, and Yonghui Group adjusted strategies, focusing on store optimisation and closure of underperforming outlets. ALDI accelerated its expansion in Shanghai and the Yangtze River Delta, whilst regional players like Pangdonglai enhanced operations to uplift Bubugao supermarkets.

Moreover, online FMCG sales also grew by approximately 2%, driven by increased purchase frequency. Douyin emerged as a formidable player with over 28% household penetration, leveraging its video platform for enhanced shopping experiences.

Meanwhile, discount store formats gained traction nationwide, with significant growth observed in snack discount stores, particularly in eastern and southern regions.

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