第一财经

There has been a recent upturn in both consumer confidence and spending contribution, andexports are gradually recovering. In the post pandemic era, changing economic conditions drive consumers to adjust spendingpreferences for“family well-being”. Economic factorsconstrain births, people look to subsidies to “break the ice”. Governments launchedpro-fertility policies Factorsaffecting fertility Limited parenting energyEmploymentpressure ▪40% of the DINK population choose thislifestyle due to employment or economicpressures.*▪50% of respondents and their spousesfaced workplace issues during childbirth,including 'income decline during Economicmaternity policies or benefits are most anticipated 65% of interviewees indicated that the mostanticipated policy for the future is“providing Despite economic pressures, traditional values drivean increase in childbirth in the Year of theDragon. Uncovering Opportunities in the Decline: Swiftly Grasping the Baby Industry'sRebound Cycle Omni Channel | Value Growth Rate of Key Baby Category | MAT 2411 Baby market: Totaland key categories show downward trend. -4.3% The sales of stage 1 formula and small-size diapers continue to increase, indicating a return of market demand. I. Channel Variations Urban-Rural Propulsion Baby Category Growth:Online Sales Fuel Expansion, Offline Stores Sustain the Foundation Common priorities across all cities: product quality, shopping assistance and cost-effectivenessTop-Tier city consumers prioritizeproduct quality and shopping experience, and second-tiercity consumers focus more oncost effectiveness. Despite online consumers' price preference, manufacturers'price parity between online China’s baby market channel shift:from single to multi-channel, mirroring the industrytransformation. II.Product Iteration Emerging Transformation Infant milk formula: howconsumer demandsfuel manufacturer innovation and sustain BrainDevelopment Nutrition1.0 Baby Diapers:Sanitary napkin category may influence diaper upgrades, and “ultimate