The takeaways? Consumers are redefining what value means to them, which is undoubtedly influencing how they shop. Discount and wholesale channels continue to attract consumers across age groups and income levels (for example, 80 percent of surveyed US Gen Zers report having shopped at a wholesaler in the previous month). 29 Brands will need to strategically manage their 29 Survey question: In the past month, have you shopped at any of the following types of locations? 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). Exhibit 5 Web <2025> Exhibit <4> of <5> — 810 pdf Importance of locally owned companies in purchase decision, Q1 2025 to Q2 2025, 1 % of respondents 1 Question: When choosing a product/brand to purchase, how important to your purchase decision are all of the following factors that may be attributed to the product or brand? Share of respondents with “locally owned companies” in top 2 shown. 2 Percentage points. 3 EU-5 = France, Germany, Italy, Spain, and UK. Source: McKinsey ConsumerWise Sentiment Survey, Q2 2025 (n = 25,998) Consumers across markets place importance on buying local. McKinsey & Company 0 50 100 0 50 100 0 50 100 0 50 100 2025 Q1 Q2 62 61 52 52 43 42 38 37 58 56 53 2025 Q1 Q2 2025 Q1 Q2 2025 Q1 Q2 68 65 63 Australia No change Advanced economies Developing economies Canada +8 pp 2 EU-5 3 No change Japan +1 Netherlands –2 South Korea No change Sweden +2 US +4 Brazil +1 China +7 India +3 Mexico –3 Saudi Arabia –7 UAE +2 11 State of the Consumer 2025: When disruption becomes permanent