2025年三季度消费者零售与服务报告（英）2025

INDUSTRY RESEARCH Consumer Retail &Services Report PE trends and investment strategies Contents 3 Institutional Research Group Analysis Eric BellomoSenior Research Analyst,E-commerce and Gaming 22 DataHarrison WaldockData Analystpbinstitutionalresearch@pitchbook.com 28 Segment data Publishing Report designed byJosie DoanandDrew Sanders Published on November 5, 2025 PE activity Consumer retail and services deal activity fell to a new lowin Q3 2025, while both the broaderPE asset classandmiddlemarketsubsegments demonstrate resilience and recovery. A25-basis-point interest rate cut by the Federal Reserve (theFed) in September and an additional 25-basis-point trim onOctober 29, with the potential for another cut in December,improves the aggregate outlook, but these tailwinds have Across PE, GPs are demonstrating an ability to rationalizepolicy uncertainty and shifting trade dynamics as near-termimpediments that will give way to smoother waters amid Consumer discretionary Source: PitchBook • Geography: Global • As of September 30, 2025 Source: PitchBook • Geography: Global • As of September 30, 2025 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research Additional research Industry research Q2 2025 E-CommerceVC Trends Q2 2025 Consumer Retail &Services Report Q4 2025 PitchBook AnalystNote: EA’s BuyoutDownload the reporthere More research available atpitchbook.com/news/reports PitchBook, a Morningstar company ©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.Nothinghereinshould 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 any