GCG’s Q3 2025 Consumer & Retail Industry Update provides an overview of the latest trends in the sector, including recent performance, valuation multiples, and the state of the middle-market M&A environment.

Key findings include the following:

• Consumer behavior reflects a market recalibrating rather than contracting, with shoppers more intentional around price, value, and justification. Dupe culture, elevated private label, and wellness-oriented demand are compressing everyday premium while rewarding brands with clear functional and brand relevance.
• Consumer & Retail M&A activity remained cautiously constructive in Q3 2025, with deal volume down modestly but average deal value rising to $98M. Strategic acquirers drove the majority of transactions, supported by a more dovish Fed stance and resilient consumer spending.
• Consumer & Retail public equities delivered mixed but stabilizing performance, with e-commerce outperforming on continued migration toward online shopping. Traditional discretionary categories lagged as demand normalized and promotional intensity increased

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