Report: Consumer goods show recovery in Q1, to maintain momentum this year

China's fast moving consumer goods (FMCG) sector showed signs of recovery in the first quarter, according to a report, and this trend is expected to continue in the rest of 2023 following modest growth last year.

Hit hard by the COVID-19 pandemic, China's FMCG sector grew by 1.5 percent in 2022, joint research released by Bain & Co and Kantar Worldpanel showed on Tuesday.

Despite a year-on-year value growth of 2.8 percent in the first half, and a 6.3 percent increase in the third quarter, it contracted by 3.9 percent in the last quarter of 2022, the report said.