2026年一季度消费者零售与服务报告（英）2026

Consumer Retail &Services Report PE trends and investment strategies Contents PE activity3 Institutional Research Group Consumer retail & services PE ecosystem market map18 Eric Bellomo Senior Research Analyst, Retail, E-Commerce, Gamingeric.bellomo@pitchbook.com Consumer retail & services PE investor map Harrison Waldock Q1 2026 timeline Consumer retail & services PE deal summary pbinstitutionalresearch@pitchbook.com Published on May 19, 2026 Macroeconomic indicators Segment data Consumer staples Consumer discretionary Consumer services Consumer retail & services public comparables31 References37 PE activity Executive summary Overview Q1 data confirmed the structural underweighting of consumer retail & services (CRS) in US PE activity.Deal volume reached the lowest level in our 12-year reporting window, exits remained concentratedwithin a small batch of premium assets, and combined tariff and oil-price shocks widened thebifurcation between defensible categories (such as consumables, scaled platforms, and services) andexposed ones (such as discretionary, import-heavy, and cyclical categories). We expect LPs to increasetheir continuation-vehicle utilization and underwrite strategies targeting either end of the incomerange. Further, the “wait-and-see” mode will persist through H1 pending the conclusion or extension ofSection 122 surcharges and the outcome of the Iran war.1 Our highest-conviction calls in Q2: food, beverage, cannabis & grocery add-ons (expected to increase80% YoY by year-end); pet add-ons (+140%); and residential services platforms (+45.5%). Mostexposed are discretionary categories absorbing the combined tariff and oil-price shocks: clothing,footwear & accessories (expected to fall 65.7% YoY by year-end); sporting goods (-86.2%); and travel &hospitality (-35.3%). Deals CRS PE deal flow logged a fifth consecutive QoQ contraction, producing the lowest deal count in ourreporting window at an estimated 181 deals (-11.9% QoQ and -37.6% YoY) and $16.4 billion in deal value(-43.2% QoQ and -56.2% YoY). The CRS share of aggregate US PE deals held QoQ at 3.8%, down from arange of 10% to 11% in 2023 and 2024, exhibiting a structural decline rather than a cyclical fluctuation. Consumer staples Source: PitchBook • Geography: Global • As of March 31, 2026 Source: PitchBook • Geography: Global • As of March 31, 2026 Source: PitchBook • Geography: Global • As of March 31, 2026