China's fast-moving consumer goods market resilient despite COVID-19: report

China's fast-moving consumer goods (FMCG) sector showed a resilient performance despite the impact of COVID-19, an industrial report said.

The sector registered a 3.6-percent year-on-year growth in the first three quarters of 2022, according to the report jointly released by Bain &Company and Kantar Worldpanel Greater China.

The report analyzed 26 key categories spanning the four largest consumer goods sectors, namely, packaged food, beverages, personal care, and home care.

Across the four sectors, packaged food and home care led the growth during the period due to epidemic-induced stockpiling and heightened health and hygiene concerns.

In the retail channel, e-commerce grew at a similar pace as the overall FMCG market while smaller offline store formats and online-to-offline (O2O) commerce rode on the tailwinds of the epidemic, the report noted.

In the third quarter, O2O commerce saw a 17-percent value growth compared to last year as consumers sought to stock up and fulfill instant needs.

Convenience stores and grocery stores also gained traction, the report showed.

"Overall, China's FMCG market demonstrated some buoyancy in rough waters, signaling there is hope for the months and years ahead," said Bruno Lannes, senior partner at Bain &Company.