<p>坦納·布朗</p>
<p>國內競爭對手的動作更快，消費者的消費水平在下降，從星巴克到 Costa 再到哈根達斯的全球品牌都在拼命適應——而當它們未能做到時，付出了代價。</p>
<p>一家瑞幸咖啡的咖啡師正在準備一款與貴州茅台合作開發的白酒風味拿鐵。這家中國咖啡連鎖不僅在應對不斷變化的國內市場方面超越了國際競爭對手，今年還在曼哈頓開設了幾家新店。</p>
<p>多年來，跨國品牌將中國視為一個只需時間和規模的增長引擎。更多的門店、更廣的覆蓋面和品牌認知本應完成這一工作。如今，這一假設正在悄然瓦解。</p>
<p>在零售、食品和消費服務領域，全球公司發現中國消費者的變化速度超過了它們。價格敏感度加劇，口味本土化，國內競爭對手學會了快速迭代。結果是，外國品牌不再因為中國 “封閉” 而失利，而是因為市場競爭變得異常激烈——對那些未能適應的品牌毫不留情。</p>
<p>當在中國運營的跨國公司考慮引入當地合作伙伴或將其業務股份出售給中國實體時，這些交易本身並不是故事的核心。真正的原因在於是什麼促使了這些交易。</p>
<p>這一轉變有助於解釋為什麼越來越多的跨國公司正在重新評估它們在中國的運營方式，包括是否引入當地合作伙伴或出售其業務股份。這些交易本身並不是故事的核心，真正的故事在於是什麼促使了這些變化。</p>
<p>在過去兩年中，尤其是在低層城市的中國消費者變得更加謹慎，因為持續的房地產低迷影響了家庭信心。可自由支配的消費變得更加難以爭取，而曾經依賴高端定位或西方品牌效應的品牌發現越來越少的消費者願意接受。</p>
<p>來自檔案（2025 年 7 月）：西方品牌在中國低層城市仍然具有品牌效應。因此，它們將注意力轉向了這些地方。</p>
<p>“西方快餐品牌對中國消費者來説並不是便宜的食品目的地，” 中國市場研究集團創始人肖恩·瑞恩表示。隨着支出收緊，瑞恩説，消費者越來越傾向於那些能夠更快調整價格和菜單並提供促銷的國內品牌。</p>
<p>在咖啡領域，差異尤為明顯。瑞幸咖啡（LKNCY）在五年前因會計醜聞被拋棄後，已重建為一個無情的競爭者。它在中國的門店數量是星巴克（SBUX）、Peet's（KDP）和 Costa（KO）總和的幾倍，並且已經訓練消費者期待頻繁的促銷、基於應用程序的點單和本土化的口味，且價格更低。星巴克仍然是中國最知名的外國品牌之一，但即便如此，它也承認在當今市場競爭中需要採取與十年前不同的方法。</p>
<p>來自檔案（2020 年 3 月）：不滿足於與星巴克的理想化鬥爭的中國咖啡連鎖瑞幸，夢想着也能成為亞馬遜。</p>
<p>便利零售講述了類似的故事。國內連鎖美宜佳在中國各地悄然覆蓋了社區，遠遠超過了外國競爭對手。它的成功更多在於執行而非品牌：緊密的供應鏈、快速的門店擴展和符合當地需求的商品。對許多消費者來説，它已成為默認選擇，使外國運營商難以證明更高的成本是合理的。</p>
<p>這種壓力並不僅限於大眾市場品牌。在超高端市場，消費者的謹慎尤其嚴峻。哈根達斯（Häagen-Dazs），由通用磨坊（GIS）擁有，花費多年時間培養出一種作為中國中產階級奢侈享受的形象。但隨着家庭收緊可自由支配的支出，這種定位在規模上變得越來越難以維持。</p>
<p>這一時刻與早期週期的可比階段不同之處在於，國內競爭對手不再僅僅是更便宜。它們往往更快、更依賴數據，並且更願意偏離全球模板。菜單實驗、包裝變化、短期折扣和基於應用程序的忠誠計劃可以在幾周內推出，而不是幾個季度。</p>
<p>相比之下，外國品牌往往仍然依賴於全球決策結構，這減緩了響應速度。產品變更可能需要總部的批准。定價調整可能受到全球品牌指南的限制。在調整完成之前，當地競爭對手已經採取了行動。</p>
<p>這種動態促使許多跨國公司重新思考它們在中國的增長預期以及整個運營模式。引入當地合作伙伴或投資者越來越被視為注入速度和市場知識的一種方式——而不僅僅是為了轉移風險。</p>
<p>“人們再次意識到擁有一個當地合作伙伴是值得的，” 位於西部城市成都的科技投資專注型小型經紀公司 Peak Investment 的首席分析師胡凱恩表示。胡説，賦權的本地管理層通常更能在消費者偏好快速變化的市場中做出快速決策。</p>
<p>過去合作的結果有助於解釋這種重新關注。當私募股權公司凱雷（Carlyle）在 2017 年與國有合作伙伴共同投資麥當勞中國時，這家美國快餐連鎖（MCD）從集中式模式轉向了更大的地方自主權。門店數量翻了一番，外賣成為主要收入來源，針對中國口味的菜單變更加速。</p>
<p>當麥當勞和私募股權合作伙伴凱雷從集中式模式轉向更大的地方自主權時，他們展示了對業務需要與中國消費者實際行為對齊的認識，而不是全球總部假設的行為。</p>
<p>這些變化之所以重要，是因為它們使業務與中國消費者的實際行為更加一致，而不是與全球總部假設的行為一致。</p>
<p>今天，這一教訓正在超越快餐行業。從體育零售到醫療設備，全球公司都在面臨同樣的問題：如何在國內企業主導市場、消費者要求不斷調整、忠誠度日益交易化的環境中競爭。</p>
<p>公開場合，大多數跨國公司表示他們仍然致力於中國市場。但在實際操作中，這種承諾正在被重新定義。它可能越來越意味着共享所有權、本地化治理，以及願意放棄一刀切的策略。</p>
<p>中國的消費市場仍然龐大。但它不再耐心。對於那些未能跟上的外國品牌而言，停滯不前的代價正變得愈加明顯。</p>
<p>更多來自 Tanner Brown 的報道：</p>
<p>精打細算的人們正在對強大的中國中央政府施加壓力。</p>
<p>中國隱秘的年輕 “鼠族” 整天待在牀上，蠶食着國家的經濟前景。</p>
<p>減肥已成為中國消費者的新熱潮。</p>
<p>中國的老齡化潮如何變成了一場投資故事。</p>
<p>中國的庭院作坊正在創造數百萬的收入，並復興農村經濟。</p>
<p>-Tanner Brown</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>12-23-25 0751ET</p>

瑞幸咖啡(ADR)

<p>在中國，西方消費品牌面臨挑戰，因為本土競爭對手更快地適應當地口味和價格敏感性。跨國公司正在重新評估運營，考慮與當地合作伙伴建立合作關係，以提高速度和市場知識。由於經濟因素，中國消費者，尤其是低線城市的消費者，變得謹慎，這影響了可自由支配的支出。像瑞幸咖啡和美宜佳這樣的本土品牌通過提供本地化的產品和促銷活動，超越了外國競爭對手。跨國公司在決策過程中面臨較慢的速度，這促使它們重新評估在中國的增長戰略和運營模式</p>

<p>Tanner Brown</p>
<div class="lb-trans"><p>坦納·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>國內競爭對手的動作更快，消費者的消費水平在下降，從星巴克到 Costa 再到哈根達斯的全球品牌都在拼命適應——而當它們未能做到時，付出了代價。</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師正在準備一款與貴州茅台合作開發的白酒風味拿鐵。這家中國咖啡連鎖不僅在應對不斷變化的國內市場方面超越了國際競爭對手，今年還在曼哈頓開設了幾家新店。</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>多年來，跨國品牌將中國視為一個只需時間和規模的增長引擎。更多的門店、更廣的覆蓋面和品牌認知本應完成這一工作。如今，這一假設正在悄然瓦解。</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、食品和消費服務領域，全球公司發現中國消費者的變化速度超過了它們。價格敏感度加劇，口味本土化，國內競爭對手學會了快速迭代。結果是，外國品牌不再因為中國 “封閉” 而失利，而是因為市場競爭變得異常激烈——對那些未能適應的品牌毫不留情。</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>當在中國運營的跨國公司考慮引入當地合作伙伴或將其業務股份出售給中國實體時，這些交易本身並不是故事的核心。真正的原因在於是什麼促使了這些交易。</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>這一轉變有助於解釋為什麼越來越多的跨國公司正在重新評估它們在中國的運營方式，包括是否引入當地合作伙伴或出售其業務股份。這些交易本身並不是故事的核心，真正的故事在於是什麼促使了這些變化。</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>在過去兩年中，尤其是在低層城市的中國消費者變得更加謹慎，因為持續的房地產低迷影響了家庭信心。可自由支配的消費變得更加難以爭取，而曾經依賴高端定位或西方品牌效應的品牌發現越來越少的消費者願意接受。</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>來自檔案（2025 年 7 月）：西方品牌在中國低層城市仍然具有品牌效應。因此，它們將注意力轉向了這些地方。</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>“西方快餐品牌對中國消費者來説並不是便宜的食品目的地，” 中國市場研究集團創始人肖恩·瑞恩表示。隨着支出收緊，瑞恩説，消費者越來越傾向於那些能夠更快調整價格和菜單並提供促銷的國內品牌。</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>在咖啡領域，差異尤為明顯。瑞幸咖啡（LKNCY）在五年前因會計醜聞被拋棄後，已重建為一個無情的競爭者。它在中國的門店數量是星巴克（SBUX）、Peet's（KDP）和 Costa（KO）總和的幾倍，並且已經訓練消費者期待頻繁的促銷、基於應用程序的點單和本土化的口味，且價格更低。星巴克仍然是中國最知名的外國品牌之一，但即便如此，它也承認在當今市場競爭中需要採取與十年前不同的方法。</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>來自檔案（2020 年 3 月）：不滿足於與星巴克的理想化鬥爭的中國咖啡連鎖瑞幸，夢想着也能成為亞馬遜。</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>便利零售講述了類似的故事。國內連鎖美宜佳在中國各地悄然覆蓋了社區，遠遠超過了外國競爭對手。它的成功更多在於執行而非品牌：緊密的供應鏈、快速的門店擴展和符合當地需求的商品。對許多消費者來説，它已成為默認選擇，使外國運營商難以證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>這種壓力並不僅限於大眾市場品牌。在超高端市場，消費者的謹慎尤其嚴峻。哈根達斯（Häagen-Dazs），由通用磨坊（GIS）擁有，花費多年時間培養出一種作為中國中產階級奢侈享受的形象。但隨着家庭收緊可自由支配的支出，這種定位在規模上變得越來越難以維持。</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>這一時刻與早期週期的可比階段不同之處在於，國內競爭對手不再僅僅是更便宜。它們往往更快、更依賴數據，並且更願意偏離全球模板。菜單實驗、包裝變化、短期折扣和基於應用程序的忠誠計劃可以在幾周內推出，而不是幾個季度。</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，外國品牌往往仍然依賴於全球決策結構，這減緩了響應速度。產品變更可能需要總部的批准。定價調整可能受到全球品牌指南的限制。在調整完成之前，當地競爭對手已經採取了行動。</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>這種動態促使許多跨國公司重新思考它們在中國的增長預期以及整個運營模式。引入當地合作伙伴或投資者越來越被視為注入速度和市場知識的一種方式——而不僅僅是為了轉移風險。</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>“人們再次意識到擁有一個當地合作伙伴是值得的，” 位於西部城市成都的科技投資專注型小型經紀公司 Peak Investment 的首席分析師胡凱恩表示。胡説，賦權的本地管理層通常更能在消費者偏好快速變化的市場中做出快速決策。</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>過去合作的結果有助於解釋這種重新關注。當私募股權公司凱雷（Carlyle）在 2017 年與國有合作伙伴共同投資麥當勞中國時，這家美國快餐連鎖（MCD）從集中式模式轉向了更大的地方自主權。門店數量翻了一番，外賣成為主要收入來源，針對中國口味的菜單變更加速。</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>當麥當勞和私募股權合作伙伴凱雷從集中式模式轉向更大的地方自主權時，他們展示了對業務需要與中國消費者實際行為對齊的認識，而不是全球總部假設的行為。</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>這些變化之所以重要，是因為它們使業務與中國消費者的實際行為更加一致，而不是與全球總部假設的行為一致。</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，這一教訓正在超越快餐行業。從體育零售到醫療設備，全球公司都在面臨同樣的問題：如何在國內企業主導市場、消費者要求不斷調整、忠誠度日益交易化的環境中競爭。</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>公開場合，大多數跨國公司表示他們仍然致力於中國市場。但在實際操作中，這種承諾正在被重新定義。它可能越來越意味着共享所有權、本地化治理，以及願意放棄一刀切的策略。</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>中國的消費市場仍然龐大。但它不再耐心。對於那些未能跟上的外國品牌而言，停滯不前的代價正變得愈加明顯。</p>
</div><p>More Tanner Brown dispatches:</p>
<div class="lb-trans"><p>更多來自 Tanner Brown 的報道：</p>
</div><p>Penny pinchers are putting the squeeze on the all-powerful Chinese central government</p>
<div class="lb-trans"><p>精打細算的人們正在對強大的中國中央政府施加壓力。</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>中國隱秘的年輕 “鼠族” 整天待在牀上，蠶食着國家的經濟前景。</p>
</div><p>Weight loss has become the hottest new Chinese consumer craze</p>
<div class="lb-trans"><p>減肥已成為中國消費者的新熱潮。</p>
</div><p>How China's aging boom turned into an investment story</p>
<div class="lb-trans"><p>中國的老齡化潮如何變成了一場投資故事。</p>
</div><p>China's courtyard workshops are generating revenue figures in the millions and reviving rural economies</p>
<div class="lb-trans"><p>中國的庭院作坊正在創造數百萬的收入，並復興農村經濟。</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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</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.

- 外國品牌在中國面臨競爭加劇，需迅速調整策略以適應市場變化。  
- Luckin Coffee 成功超越國際競爭對手，市場表現顯著。  
- 多國企業重新評估在華運營，傾向引入本地合作伙伴以加快響應。

中國對西方消費品牌的開放已經持續了數十年。這些品牌仍然有很多需要學習，以更好地理解中國消費者