PitchBook年二季度消费者零售与服务报告

INDUSTRY RESEARCH Consumer Retail &Services Report PE trends and emerging opportunities Contents Q2 2025 timeline3 Institutional Research Group Consumer retail & services PE ecosystem market map4 Analysis Consumer retail & services PE investor map5 Eric BellomoSenior Research Analyst,E-commerce and Gamingeric.bellomo@pitchbook.com Macroeconomic indicators6 PE activity10 Data Segment updates14 Harrison Waldock, Data Analyst Segment data pbinstitutionalresearch@pitchbook.com Publishing Consumer discretionary20 Report designed byAdriana Hansen Consumer services21 Published on August 5, 2025 PE activity Dealmaking slows further through thefirst half of 2025 In Q3 2024, we anticipated a recovery in consumer PEdeal activity could arrive by mid-2025. But in the interim,macroeconomic and geopolitical uncertainty, elevated interestrates, and eroded consumer sentiment stalled deal flow. Anestimated 128 deals closed in Q2, bringing H1’s total to anestimated 269 deals, with a projected run rate of 45.2% offiscal year 2024. The broader PE asset class opened the yearbuoyed by accessible credit, debt, and downward expectationsfor interest rates, but this enthusiasm never permeated theconsumer ecosystem, as operational distractions, broad-spectrum uncertainty, and a lack of exits stymied deal flow. These dealmaking headwinds are entrenched in the near term,creating a bleak outlook for H2 and the methodical pace oftransactions. PitchBook’s aggregate Q2 2025 US PE Breakdownsuggests that a modest risk-on appetite, navigable tariff-induced inflation, persistent uncertainty, and deceleratinggrowth are expected to produce a “sideways” market. Forthe consumer market, a sideways market is considered thebest-case scenario given how far behind the previous year2025 is pacing. Consumer staples Source: PitchBook • Geography: Global • As of June 30, 2025 Source: PitchBook • Geography: Global • As of June 30, 2025 Source: PitchBook • Geography: Global • As of June 30, 2025 Source: PitchBook • Geography: Global • As of June 30, 2025 Source: PitchBook • Geography: Global • As of June 30, 2025 Source: PitchBook • Geography: Global • As of June 30, 2025 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market IntelligencePaul CondraGlobal Head of Private Markets Research Additional research Industry research Q1 2025 Consumer Retail& Services ReportDownload the reporthere Tariffs Implications AcrossRetail and E-CommerceDownload the reporthere Q1 2025 E-CommerceVC TrendsDownload the reporthere ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing hereinshould be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy anysecurity. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as suchor used in substitution for the exercise of independent judgment.