Value-driven consumers are reshaping China’s FMCG market

Chinese shoppers have joined US consumers in their quest for value.

Per Bain & Company’s China Shopper Report 2026, published in collaboration with Worldpanel by Numerator, China’s fast-moving consumer goods (FMCG) market is being reshaped by value-seeking shoppers, shifts in demographics, and channel evolution.

In April 2026, the FMCG sector returned to volume growth (to 1.3%) after posting a relatively modest 0.9% gain in 2025, indicating that some of the softness seen earlier in the year may have been influenced by holiday timing.

Packaged food was the standout category in the first quarter, however, rising 1%, while beverages continued to lag, dropping 2.9%. Not every category fared the same, of course. Personal care fell 1.4%, and home care saw the sharpest pullback, declining 3%.

Meanwhile, Chinese consumers continued to make FMCG purchases online, with e-commerce accounting for 38% of urban spending in 2025. At the same time, private labels carried some major growth for the sector. While they represented just 2% of urban FMCG sales, spending on store brand products rose more than 57%, hitting 32.7 billion ($4.84) billion last year.

These figures are also reflective of a shrinking population, a growing section of consumers over 60, and the rise of “solo” or one-person households that are pushing brands to rethink everything from product offerings and packaging sizes to pricing and marketing strategies. Ultimately, it’s what’s also reinforcing the value-seeking behavior, per the report.

The FMCG market, however, is not the only one that has seen slower growth. Luxury retail in China was also hit in 2025, remaining flat, after a sluggish 2024, per a previous Bain & Company report. Retail sales in the country fell over the past month—the first time in three years—as domestic demand also declined, according to China’s statistics bureau data.