<p>坦纳·布朗</p>
<p>国内竞争对手的动作更快，消费者的消费水平在下降，从星巴克到 Costa 再到哈根达斯的全球品牌都在拼命适应——而当它们未能做到时，付出了代价。</p>
<p>一家瑞幸咖啡的咖啡师正在准备一款与贵州茅台合作开发的白酒风味拿铁。这家中国咖啡连锁不仅在应对不断变化的国内市场方面超越了国际竞争对手，今年还在曼哈顿开设了几家新店。</p>
<p>多年来，跨国品牌将中国视为一个只需时间和规模的增长引擎。更多的门店、更广的覆盖面和品牌认知本应完成这一工作。如今，这一假设正在悄然瓦解。</p>
<p>在零售、食品和消费服务领域，全球公司发现中国消费者的变化速度超过了它们。价格敏感度加剧，口味本土化，国内竞争对手学会了快速迭代。结果是，外国品牌不再因为中国 “封闭” 而失利，而是因为市场竞争变得异常激烈——对那些未能适应的品牌毫不留情。</p>
<p>当在中国运营的跨国公司考虑引入当地合作伙伴或将其业务股份出售给中国实体时，这些交易本身并不是故事的核心。真正的原因在于是什么促使了这些交易。</p>
<p>这一转变有助于解释为什么越来越多的跨国公司正在重新评估它们在中国的运营方式，包括是否引入当地合作伙伴或出售其业务股份。这些交易本身并不是故事的核心，真正的故事在于是什么促使了这些变化。</p>
<p>在过去两年中，尤其是在低层城市的中国消费者变得更加谨慎，因为持续的房地产低迷影响了家庭信心。可自由支配的消费变得更加难以争取，而曾经依赖高端定位或西方品牌效应的品牌发现越来越少的消费者愿意接受。</p>
<p>来自档案（2025 年 7 月）：西方品牌在中国低层城市仍然具有品牌效应。因此，它们将注意力转向了这些地方。</p>
<p>“西方快餐品牌对中国消费者来说并不是便宜的食品目的地，” 中国市场研究集团创始人肖恩·瑞恩表示。随着支出收紧，瑞恩说，消费者越来越倾向于那些能够更快调整价格和菜单并提供促销的国内品牌。</p>
<p>在咖啡领域，差异尤为明显。瑞幸咖啡（LKNCY）在五年前因会计丑闻被抛弃后，已重建为一个无情的竞争者。它在中国的门店数量是星巴克（SBUX）、Peet's（KDP）和 Costa（KO）总和的几倍，并且已经训练消费者期待频繁的促销、基于应用程序的点单和本土化的口味，且价格更低。星巴克仍然是中国最知名的外国品牌之一，但即便如此，它也承认在当今市场竞争中需要采取与十年前不同的方法。</p>
<p>来自档案（2020 年 3 月）：不满足于与星巴克的理想化斗争的中国咖啡连锁瑞幸，梦想着也能成为亚马逊。</p>
<p>便利零售讲述了类似的故事。国内连锁美宜佳在中国各地悄然覆盖了社区，远远超过了外国竞争对手。它的成功更多在于执行而非品牌：紧密的供应链、快速的门店扩展和符合当地需求的商品。对许多消费者来说，它已成为默认选择，使外国运营商难以证明更高的成本是合理的。</p>
<p>这种压力并不仅限于大众市场品牌。在超高端市场，消费者的谨慎尤其严峻。哈根达斯（Häagen-Dazs），由通用磨坊（GIS）拥有，花费多年时间培养出一种作为中国中产阶级奢侈享受的形象。但随着家庭收紧可自由支配的支出，这种定位在规模上变得越来越难以维持。</p>
<p>这一时刻与早期周期的可比阶段不同之处在于，国内竞争对手不再仅仅是更便宜。它们往往更快、更依赖数据，并且更愿意偏离全球模板。菜单实验、包装变化、短期折扣和基于应用程序的忠诚计划可以在几周内推出，而不是几个季度。</p>
<p>相比之下，外国品牌往往仍然依赖于全球决策结构，这减缓了响应速度。产品变更可能需要总部的批准。定价调整可能受到全球品牌指南的限制。在调整完成之前，当地竞争对手已经采取了行动。</p>
<p>这种动态促使许多跨国公司重新思考它们在中国的增长预期以及整个运营模式。引入当地合作伙伴或投资者越来越被视为注入速度和市场知识的一种方式——而不仅仅是为了转移风险。</p>
<p>“人们再次意识到拥有一个当地合作伙伴是值得的，” 位于西部城市成都的科技投资专注型小型经纪公司 Peak Investment 的首席分析师胡凯恩表示。胡说，赋权的本地管理层通常更能在消费者偏好快速变化的市场中做出快速决策。</p>
<p>过去合作的结果有助于解释这种重新关注。当私募股权公司凯雷（Carlyle）在 2017 年与国有合作伙伴共同投资麦当劳中国时，这家美国快餐连锁（MCD）从集中式模式转向了更大的地方自主权。门店数量翻了一番，外卖成为主要收入来源，针对中国口味的菜单变更加速。</p>
<p>当麦当劳和私募股权合作伙伴凯雷从集中式模式转向更大的地方自主权时，他们展示了对业务需要与中国消费者实际行为对齐的认识，而不是全球总部假设的行为。</p>
<p>这些变化之所以重要，是因为它们使业务与中国消费者的实际行为更加一致，而不是与全球总部假设的行为一致。</p>
<p>今天，这一教训正在超越快餐行业。从体育零售到医疗设备，全球公司都在面临同样的问题：如何在国内企业主导市场、消费者要求不断调整、忠诚度日益交易化的环境中竞争。</p>
<p>公开场合，大多数跨国公司表示他们仍然致力于中国市场。但在实际操作中，这种承诺正在被重新定义。它可能越来越意味着共享所有权、本地化治理，以及愿意放弃一刀切的策略。</p>
<p>中国的消费市场仍然庞大。但它不再耐心。对于那些未能跟上的外国品牌而言，停滞不前的代价正变得愈加明显。</p>
<p>更多来自 Tanner Brown 的报道：</p>
<p>精打细算的人们正在对强大的中国中央政府施加压力。</p>
<p>中国隐秘的年轻 “鼠族” 整天待在床上，蚕食着国家的经济前景。</p>
<p>减肥已成为中国消费者的新热潮。</p>
<p>中国的老龄化潮如何变成了一场投资故事。</p>
<p>中国的庭院作坊正在创造数百万的收入，并复兴农村经济。</p>
<p>-Tanner Brown</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>12-23-25 0751ET</p>

瑞幸咖啡(ADR)

<p>在中国，西方消费品牌面临挑战，因为本土竞争对手更快地适应当地口味和价格敏感性。跨国公司正在重新评估运营，考虑与当地合作伙伴建立合作关系，以提高速度和市场知识。由于经济因素，中国消费者，尤其是低线城市的消费者，变得谨慎，这影响了可自由支配的支出。像瑞幸咖啡和美宜佳这样的本土品牌通过提供本地化的产品和促销活动，超越了外国竞争对手。跨国公司在决策过程中面临较慢的速度，这促使它们重新评估在中国的增长战略和运营模式</p>

<p>Tanner Brown</p>
<div class="lb-trans"><p>坦纳·布朗</p>
</div><p>Domestic rivals are moving faster, consumers are trading down, and global brands from Starbucks to Costa to Häagen-Dazs are scrambling to adapt - and paying the price when they don't</p>
<div class="lb-trans"><p>国内竞争对手的动作更快，消费者的消费水平在下降，从星巴克到 Costa 再到哈根达斯的全球品牌都在拼命适应——而当它们未能做到时，付出了代价。</p>
</div><p>A Luckin barista prepares a baijiu liquor-flavored latte, formulated in collaboration with the spirits brand Kweichow Moutai. The Chinese coffee chain has not only outrun international rivals in its ability to address its evolving domestic market but this year opened a handful of locations in Manhattan.</p>
<div class="lb-trans"><p>一家瑞幸咖啡的咖啡师正在准备一款与贵州茅台合作开发的白酒风味拿铁。这家中国咖啡连锁不仅在应对不断变化的国内市场方面超越了国际竞争对手，今年还在曼哈顿开设了几家新店。</p>
</div><p>For years, multinational brands treated China as a growth engine that only needed time and scale. More stores, broader coverage and brand recognition were supposed to do the work. Today, that assumption is quietly unraveling.</p>
<div class="lb-trans"><p>多年来，跨国品牌将中国视为一个只需时间和规模的增长引擎。更多的门店、更广的覆盖面和品牌认知本应完成这一工作。如今，这一假设正在悄然瓦解。</p>
</div><p>Across retail, food, and consumer services, global companies are discovering that China's consumers have moved faster than they have. Price sensitivity has sharpened, tastes have localized and domestic competitors have learned how to iterate at speed. The result is a market where foreign brands are no longer losing because China is &#34;closed&#34; but because it has become intensely competitive - and unforgiving to those that fail to adapt.</p>
<div class="lb-trans"><p>在零售、食品和消费服务领域，全球公司发现中国消费者的变化速度超过了它们。价格敏感度加剧，口味本土化，国内竞争对手学会了快速迭代。结果是，外国品牌不再因为中国 “封闭” 而失利，而是因为市场竞争变得异常激烈——对那些未能适应的品牌毫不留情。</p>
</div><p>As multinationals operating in China weigh bringing on local partners or selling stakes in their businesses to Chinese entities, those deals themselves are not the story. What forced them is.</p>
<div class="lb-trans"><p>当在中国运营的跨国公司考虑引入当地合作伙伴或将其业务股份出售给中国实体时，这些交易本身并不是故事的核心。真正的原因在于是什么促使了这些交易。</p>
</div><p>That shift helps explain why a growing number of multinational companies are reassessing how they operate in China, including whether to bring in local partners or sell stakes in their businesses. The deals themselves are not the story. The story is what forced them.</p>
<div class="lb-trans"><p>这一转变有助于解释为什么越来越多的跨国公司正在重新评估它们在中国的运营方式，包括是否引入当地合作伙伴或出售其业务股份。这些交易本身并不是故事的核心，真正的故事在于是什么促使了这些变化。</p>
</div><p>Chinese consumers, particularly in lower-tier cities, have grown far more cautious over the past two years as a prolonged property downturn weighs on household confidence. Discretionary spending has become harder to win, and brands that once relied on premium positioning or Western cachet are finding fewer takers.</p>
<div class="lb-trans"><p>在过去两年中，尤其是在低层城市的中国消费者变得更加谨慎，因为持续的房地产低迷影响了家庭信心。可自由支配的消费变得更加难以争取，而曾经依赖高端定位或西方品牌效应的品牌发现越来越少的消费者愿意接受。</p>
</div><p>From the archives (July 2025): Western brands still carry cachet in China's lower-tier cities. So that's where they're turning their attention.</p>
<div class="lb-trans"><p>来自档案（2025 年 7 月）：西方品牌在中国低层城市仍然具有品牌效应。因此，它们将注意力转向了这些地方。</p>
</div><p>&#34;Western fast-food brands are not cheap food destinations for the Chinese consumer,&#34; said Shaun Rein, founder of China Market Research Group. As spending tightens, Rein said, consumers increasingly favor domestic players that are faster to adjust pricing and menus and offer promotions.</p>
<div class="lb-trans"><p>“西方快餐品牌对中国消费者来说并不是便宜的食品目的地，” 中国市场研究集团创始人肖恩·瑞恩表示。随着支出收紧，瑞恩说，消费者越来越倾向于那些能够更快调整价格和菜单并提供促销的国内品牌。</p>
</div><p>The contrast is stark in coffee. Luckin Coffee (LKNCY), written off after an accounting scandal a half-decade ago, has rebuilt itself into a relentless competitor. It now operates several times as many stores in China as Starbucks (SBUX), Peet's (KDP) and Costa (KO) combined, and it has trained consumers to expect frequent promotions, app-based ordering and localized flavors at lower price points. Starbucks remains one of China's best-known foreign brands, but even it has acknowledged that competing in today's market requires a different approach from the one it used a decade ago.</p>
<div class="lb-trans"><p>在咖啡领域，差异尤为明显。瑞幸咖啡（LKNCY）在五年前因会计丑闻被抛弃后，已重建为一个无情的竞争者。它在中国的门店数量是星巴克（SBUX）、Peet's（KDP）和 Costa（KO）总和的几倍，并且已经训练消费者期待频繁的促销、基于应用程序的点单和本土化的口味，且价格更低。星巴克仍然是中国最知名的外国品牌之一，但即便如此，它也承认在当今市场竞争中需要采取与十年前不同的方法。</p>
</div><p>From the archives (March 2020): Audacious Chinese coffee chain Luckin, not content with its quixotic battle against Starbucks, dreams of becoming Amazon, too</p>
<div class="lb-trans"><p>来自档案（2020 年 3 月）：不满足于与星巴克的理想化斗争的中国咖啡连锁瑞幸，梦想着也能成为亚马逊。</p>
</div><p>Convenience retail tells a similar story. Domestic chain Meiyijia has quietly blanketed neighborhoods across China, vastly outnumbering foreign rivals. Its success is less about branding than execution: tight supply chains, rapid store rollout and merchandise tuned to local demand. For many consumers, it has become the default option, leaving foreign operators struggling to justify higher costs.</p>
<div class="lb-trans"><p>便利零售讲述了类似的故事。国内连锁美宜佳在中国各地悄然覆盖了社区，远远超过了外国竞争对手。它的成功更多在于执行而非品牌：紧密的供应链、快速的门店扩展和符合当地需求的商品。对许多消费者来说，它已成为默认选择，使外国运营商难以证明更高的成本是合理的。</p>
</div><p>The pressure is not limited to mass-market brands. In the ultrapremium segment, consumer caution has been especially punishing. Häagen-Dazs, owned by General Mills (GIS), has spent years cultivating an image as an indulgent treat for China's middle class. But as households rein in discretionary spending, that positioning has become harder to sustain at scale.</p>
<div class="lb-trans"><p>这种压力并不仅限于大众市场品牌。在超高端市场，消费者的谨慎尤其严峻。哈根达斯（Häagen-Dazs），由通用磨坊（GIS）拥有，花费多年时间培养出一种作为中国中产阶级奢侈享受的形象。但随着家庭收紧可自由支配的支出，这种定位在规模上变得越来越难以维持。</p>
</div><p>What makes this moment different from comparable stages in earlier cycles is that domestic competitors are no longer just cheaper. They are often faster, more data-driven and more willing to diverge from global templates. Menu experimentation, packaging changes, short-term discounts and app-based loyalty programs can be rolled out in a matter of weeks, not quarters.</p>
<div class="lb-trans"><p>这一时刻与早期周期的可比阶段不同之处在于，国内竞争对手不再仅仅是更便宜。它们往往更快、更依赖数据，并且更愿意偏离全球模板。菜单实验、包装变化、短期折扣和基于应用程序的忠诚计划可以在几周内推出，而不是几个季度。</p>
</div><p>Foreign brands, by contrast, often remain tethered to global decision-making structures that slow response times. Product changes may require approval from headquarters. Pricing moves may be constrained by global brand guidelines. By the time adjustments are made, local rivals have already moved on.</p>
<div class="lb-trans"><p>相比之下，外国品牌往往仍然依赖于全球决策结构，这减缓了响应速度。产品变更可能需要总部的批准。定价调整可能受到全球品牌指南的限制。在调整完成之前，当地竞争对手已经采取了行动。</p>
</div><p>That dynamic has pushed many multinational companies to rethink not just their growth expectations but their entire operating models in China. Bringing in local partners or investors is increasingly seen as a way to inject speed and market knowledge - not simply to offload risk.</p>
<div class="lb-trans"><p>这种动态促使许多跨国公司重新思考它们在中国的增长预期以及整个运营模式。引入当地合作伙伴或投资者越来越被视为注入速度和市场知识的一种方式——而不仅仅是为了转移风险。</p>
</div><p>&#34;People are realizing again that it's worth it to have a local partner,&#34; said Kane Hu, chief analyst at tech-focused Peak Investment, a boutique brokerage in the western city of Chengdu. Empowered local management, Hu said, is often better positioned to make fast decisions in a market where consumer preferences can shift quickly.</p>
<div class="lb-trans"><p>“人们再次意识到拥有一个当地合作伙伴是值得的，” 位于西部城市成都的科技投资专注型小型经纪公司 Peak Investment 的首席分析师胡凯恩表示。胡说，赋权的本地管理层通常更能在消费者偏好快速变化的市场中做出快速决策。</p>
</div><p>The results of past partnerships help explain the renewed interest. When private-equity firm Carlyle (CG) invested in McDonald's China alongside state-linked partners in 2017, the U.S. fast-food chain (MCD) shifted from a centralized model to one with greater local autonomy. Store count more than doubled, delivery became a major revenue driver and menu changes tailored to Chinese tastes accelerated.</p>
<div class="lb-trans"><p>过去合作的结果有助于解释这种重新关注。当私募股权公司凯雷（Carlyle）在 2017 年与国有合作伙伴共同投资麦当劳中国时，这家美国快餐连锁（MCD）从集中式模式转向了更大的地方自主权。门店数量翻了一番，外卖成为主要收入来源，针对中国口味的菜单变更加速。</p>
</div><p>When McDonald's and private-equity partner Carlyle shifted from a centralized model to one marked by greater local autonomy, they demonstrated a recognition that the business needed to align with how Chinese consumers actually behave rather than how global headquarters assumed they would.</p>
<div class="lb-trans"><p>当麦当劳和私募股权合作伙伴凯雷从集中式模式转向更大的地方自主权时，他们展示了对业务需要与中国消费者实际行为对齐的认识，而不是全球总部假设的行为。</p>
</div><p>Those changes mattered because they aligned the business more closely with how Chinese consumers actually behave - not how global headquarters assumed they would.</p>
<div class="lb-trans"><p>这些变化之所以重要，是因为它们使业务与中国消费者的实际行为更加一致，而不是与全球总部假设的行为一致。</p>
</div><p>Today, that lesson is spreading beyond fast food. From sports retail to healthcare equipment, global companies are grappling with the same question: how to compete in a market where domestic players set the pace, consumers demand constant adjustment and loyalty is increasingly transactional.</p>
<div class="lb-trans"><p>今天，这一教训正在超越快餐行业。从体育零售到医疗设备，全球公司都在面临同样的问题：如何在国内企业主导市场、消费者要求不断调整、忠诚度日益交易化的环境中竞争。</p>
</div><p>Publicly, most multinationals say they remain committed to China. In practice, that commitment is being redefined. Instead of direct control, it may increasingly mean shared ownership, localized governance and a willingness to let go of one-size-fits-all strategies.</p>
<div class="lb-trans"><p>公开场合，大多数跨国公司表示他们仍然致力于中国市场。但在实际操作中，这种承诺正在被重新定义。它可能越来越意味着共享所有权、本地化治理，以及愿意放弃一刀切的策略。</p>
</div><p>China's consumer market is still enormous. But it is no longer patient. And for foreign brands that fail to keep up, the price of standing still is becoming painfully clear.</p>
<div class="lb-trans"><p>中国的消费市场仍然庞大。但它不再耐心。对于那些未能跟上的外国品牌而言，停滞不前的代价正变得愈加明显。</p>
</div><p>More Tanner Brown dispatches:</p>
<div class="lb-trans"><p>更多来自 Tanner Brown 的报道：</p>
</div><p>Penny pinchers are putting the squeeze on the all-powerful Chinese central government</p>
<div class="lb-trans"><p>精打细算的人们正在对强大的中国中央政府施加压力。</p>
</div><p>China's reclusive young 'rat people' stay in bed all day and gnaw away at the country's economic prospects</p>
<div class="lb-trans"><p>中国隐秘的年轻 “鼠族” 整天待在床上，蚕食着国家的经济前景。</p>
</div><p>Weight loss has become the hottest new Chinese consumer craze</p>
<div class="lb-trans"><p>减肥已成为中国消费者的新热潮。</p>
</div><p>How China's aging boom turned into an investment story</p>
<div class="lb-trans"><p>中国的老龄化潮如何变成了一场投资故事。</p>
</div><p>China's courtyard workshops are generating revenue figures in the millions and reviving rural economies</p>
<div class="lb-trans"><p>中国的庭院作坊正在创造数百万的收入，并复兴农村经济。</p>
</div><p>-Tanner Brown</p>
<div class="lb-trans"><p>-Tanner Brown</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>12-23-25 0751ET</p>
<div class="lb-trans"><p>12-23-25 0751ET</p>
</div>

China has been open to Western consumer brands for decades. Those brands still have a lot to learn about Chinese consumers.

- 外国品牌在中国面临竞争加剧，需迅速调整策略以适应市场变化。  
- Luckin Coffee 成功超越国际竞争对手，市场表现显著。  
- 多国企业重新评估在华运营，倾向引入本地合作伙伴以加快响应。

中国对西方消费品牌的开放已经持续了数十年。这些品牌仍然有很多需要学习，以更好地理解中国消费者