1、Circana,LLC|Proprietary and confidentialCopyright 2025 Circana,LLC(“Circana”).All rights reserved.Circana,the Circana logo,and the names of Circana products and services are trademarks of Circana.All other trademarks are the property of their respective owners.How Did Consumers React to the Delivery

2、 War?Data Period:January 2024 to May 2025Circana,LLC|Proprietary and confidential2Circana,LLC|Proprietary and confidential2Circana,LLC|Proprietary and confidentialIncomeShare of income decreases grew while income increases remained unchanged,resulting in a slight decline in net growth.Dining outExpe

3、ctations for dining out were generally stable in recent months,with net growth rebounded slightly.SpendingFoodservice still ranked high in spending willingness across categories,while cooking at home has improved more compared to last year.May Summary:Consumer incomes declined while expectations for

4、 dining out maintained.A delivery war heated up,with Meituan remaining#1 and JD competing with discounts.Circana,LLC|Proprietary and confidential3Household income net growth slightly declined in May The unemployment rate remained at a high level this month.The share of income decreases grew while in

5、come increased went unchanged,resulting in a slight decline in net growth.2023202424Q124Q224Q324Q425-Jan25-Feb25-Mar25-Apr25-MayHousehold Income SituationIncome IncreasedIncome DecreasedNet(Increase-Decrease)Circana,LLC|Proprietary and confidential3Source:Circana,China Consumer Sentiment Study,2023

6、2025*Source:China Statistic Bureau 2024JunJulAugSepOctNovDec2025JanFebMarAprUnemployment rate*Question:Did your household income change in the past month?Respondent:N=1000/WaveCircana,LLC|Proprietary and confidential4Circana,LLC|Proprietary and confidentialExpectations for dining out stabilizedNet g