A report released by PricewaterhouseCoopers on the 11th at the 3rd China International Consumer Goods Expo said that the past three years have seen major global brands scrambling to enter China.

　　The report, "M&A Trends in China's Consumer Sector: 2022 Review and 2023 Outlook", concluded that the epidemic has not changed China's status as one of the world's largest consumer markets over the past three years, and that its large consumer base, rising income levels, and world-leading digital infrastructure development remain a huge attraction for many foreign brands.

　　As an example, the report states that there is still market demand for foreign brands to enter China in many market segments. In the past 1-2 years, brands such as coffee brand Blue Bottle, L'Oréal's Skin Care and Vyse have entered the Chinese market.

　　The report describes that in the past three years, global brands have been competing to enter China, and imported cross-border e-commerce has maintained a very high growth rate and is an important growth engine for the Chinese consumer market.

　　PwC is bullish on the future of the Chinese consumer market. According to PwC forecasts, China's pet market has been able to maintain an annual growth rate of over 18% in the past few years, and the pet industry has the potential for further growth; coffee consumption trends are changing in recent years, and consumers are beginning to pursue more coffee quality, and the penetration rate of the coffee industry is expected to further increase in 2023; China's outdoor industry is ushering in a rapid growth period, and there is still much room for improvement.

　　According to Yvonne Yip, Partner, Head of Transaction Services, Consumer Markets Industry, Mainland China and Hong Kong, PwC, consumer upgrading has become a trend, with most consumers pursuing more rational consumption and many different demands, which poses a greater challenge to platform companies and enterprises, and is also a more likely investment direction in the future.