1、Report headlineSubtitleAdapting to Channel Evolution:Opportunities and Challenges for FMCGChina Shopper Report 2025,vol.2Authors and acknowledgmentsBruno Lannes is a senior partner with Bain&Companys Consumer Products and Retail practices and is based in Shanghai.You can contact him by email at .Der

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

3、and Worldpanel.The authors extend gratitude to all who contributed to it,especially Monica Li,Ranqi Liu,Kelly Wong,Yi Zhang,Joanne Xie,Louise Lu,and Hayden Lee from Bain;as well as Tina Qin and Sallian He from Worldpanel.This work is based on secondary market research,analysis of financial informati

4、on available or provided to Bain&Company and a 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.Projec

5、ted market and financial information,analyses 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 co

6、nstitute advice of any kind,is not intended to 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