most market share growth since 2020 are Chinese (up from only two from 2015 to 2020). 23 In Japan, nine of the top ten snack brands are Japanese. Looking ahead, multinational companies will have to clear a higher bar to successfully operate beyond their core markets. Tailoring their offerings to local tastes and trends, localizing sourcing where possible, and making strategic portfolio and brand decisions on the ability to win markets will be critical. For some companies, this could mean refocusing on their core businesses as market and trade conditions remain turbulent . 5. Consumers solve the value equation in new ways Rising prices continue to be the number-one cause for concern among consumers across all 18 of the markets in our survey. 24 The issue far outranks the next several leading causes of concern, including climate change, international conflict, and unemployment or job security. As a result, consumers are trading down, sometimes in unexpected ways and across categories rather than only within them. Globally, 79 percent of surveyed consumers are trading down but not necessarily by purchasing fewer items or seeking discounts at lower-priced retailers (though these actions are still common). Instead, more than half of surveyed consumers across markets say that they look for deals on every purchase, and about 49 percent of US consumers surveyed plan to delay purchases over the next three months. 25 When asked about spending plans in the apparel category, 47 percent of US consumers surveyed report that they wait for a sale or promotion (22 percent of respondents in Germany and the United Kingdom report the same). 26 Cross-category trade-downs—trading down in one category to afford something in another—are becoming more prevalent. In the first half of 2025, more than one-third of consumers surveyed state that they have traded down in one category while planning to splurge in another. 27 More striking is the fact that 19 percent of surveyed consumers globally plan to cut back in a nondiscretionary category but splurge in a more discretionary category. Some consumers are unwilling to give up indulgences that they became accustomed to during the COVID-19 pandemic. Even among consumers who state that they’re concerned about rising prices, over one-third still have plans to splurge (Exhibit 5). 28 We see this across regions—most prominently in Brazil, China, and the United Arab Emirates. 23 Euromonitor International database, accessed May 2025. 24 Survey question: What are the greatest sources of concern for you right now? 25 Averaged across Germany, the United Kingdom, and the United States. Survey question: What’s your level of agreement or disagreement with the following statements regarding purchase and bargains? McKinsey State of Consumer Market Survey of 2,838 consumers from China, Germany, the United Kingdom, and the United States, April 23 to May 6, 2025 (date range covers differing survey dates in the four regions). Survey question: Thinking of the next three months, do you expect to delay your purchase for any products or services? 26 Survey question: For your recent purchase in apparel or footwear, did you do any of the following for your purchase? McKinsey State of Consumer Market Survey of 2,838 consumers from China, Germany, the United Kingdom, and the United States, April 23 to May 6, 2025 (date range covers differing survey dates in the four regions). 27 Survey questions: Over the next three months, do you expect that you will spend more, about the same, or less money than usual in these categories? For which products or services do you expect to make purchases that are more expensive than normal or are to treat yourself?” McKinsey ConsumerWise Sentiment Surveys for the first and second quarters of 2025. The McKinsey ConsumerWise Sentiment Survey for the first quarter of 2025 was in the field from January 21 to February 2, 2025, and garnered responses from 26,284 consumers. 28 Survey questions: What are the greatest sources of concern for you right now? With regard to products and services you will spend money on, do you plan to splurge or treat yourself over the next three months? 10 State of the Consumer 2025: When disruption becomes permanent