中国经济整体仍然艰难：成长率不再像过去那样高，消费者信心指数自 2022 年春季上海封控以来尚未恢复。不过，并非民众没有钱可花；主要问题是房地产价值下跌，使得消费更偏向「只买真正需要的」。与日本相比，消费意愿本身仍偏高，且细看之下仍有部分品类与地区表现不错。

消费趋势出现结构性转移：在家做饭变少，带动熟食、即食与预制餐等需求走强，零售商因此提高相关商品占比；相对地，调味料与加工食品销售下滑。自有品牌也在成长：过去偏好知名制造商的全国品牌与外国品牌，如今本土零售商推出高品质自有品牌，消费者抗拒感降低。同时，「性价比」（性能/价格）逐步让位于更强调品质的「质价比」，单靠便宜已不足以吸引顾客。

区域上，重点之一是华南的大湾区（涵盖广州与香港），Aeon 在当地深耕已逾 30 年，具备品牌认知与在地关系优势；同时看好内陆的湖北、湖南，因其成长空间较沿海更大，且相较上海等一线城市，新购物中心可用较低投资开出。面对零售业供给过剩与「死城商场」，Aeon 以安全与营运细节差异化（停车动线、保安配置、禁烟与卫生）。河南的胖东来也因自有品牌与热闹熟食区而受关注，风格接近日式超市。

China’s economy is still tough: growth is no longer at past highs, and the consumer confidence index has not recovered since the spring 2022 Shanghai lockdown. Yet spending power has not vanished; the key drag is falling real-estate value, which pushes households to buy only what they truly need. Compared with Japan, overall consumer appetite remains relatively high, with some categories and regions performing well.

Consumption is shifting in mix: less home cooking is boosting prepared meals and ready-to-eat foods, so retailers are raising their in-store share, while seasonings and processed foods are declining. Private-label goods are also growing as Chinese retailers develop higher-quality offerings and resistance fades, reducing the earlier dominance of national and foreign brands. The value lens is moving from xingjiabi (performance/price) toward zhijiabi (quality/value): low price alone no longer wins.

Regionally, Aeon prioritizes the Greater Bay Area (including Guangzhou and Hong Kong), where it has operated for over 30 years and built brand recognition and local ties, and it targets inland Hubei and Hunan, which offer more growth headroom and lower investment than first-tier cities like Shanghai. In an oversupplied retail market marked by “dead malls,” Aeon differentiates on safety and operational details (parking access, security staffing, smoke-free clean restrooms). Pangdonglai draws attention with private brands and strong prepared-food sections.