深度报告-20250204-东吴证券-商贸零售行业深度报告_草根直击美国通胀_必选消费品涨价触目惊心——暨中美超市行业思辨_17页_2mb

中美超市行业对比与投资展望

摘要：
本报告基于2025年1月美国草根调研，对比分析中美超市行业差异，重点研判必选消费价格机制及超市的竞争壁垒差异。研究显示，尽管部分中国超市品牌近年快速出圈，但真正影响行业长期发展的核心因素在于品牌塑造与SKU的独特性。

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通过调研发现，在美国加州Trader Joe’s等超市，6类必选消费品（鸡蛋、牛奶、面包、四季豆、香菇、黄瓜）价格较中国普遍高昂3-8倍。例如，美国鸡蛋12个一盒约35-65美元，而中国蒙牛牛奶6L装单价仅58元。差异主要源于必选消费价格机制的国家差异：美国必选品价格弹性大，超市利润与之高度相关，而中国超市盈利更依赖可选消费。

Retailers generally focus on low prices or operational efficiency to build a strong image. However, through observation in Trader Joe's, we found that the core strength lies in others' understanding of SKU（stock keeping unit）uncomparability. Joe's low-price model and emphasis on customer experience provide reference for industry development.

American survey data shows clear price differences between the U.S. and China. For example, a box of 12 eggs costs $35-$65 in the U.S., while China’s Monniu milk is sold as 58 yuan per 6L. This price gap stems from differences in national consumption mechanisms: the U.S. relies heavily on food staples for profitability, whereas China is more dependent on discretionary consumption.

Moreover, the success of Sam's Club and Pamdoo in China highlights a crucial point: strong brand development is paramount. The U.S. and China differ significantly in their supermarket operating models, but common ground lies in leveraging unique offerings and enhancing the shopping experience, which are key differentiators from e-commerce competitors.

In terms of investment, the report recommends companies like Miniso and Yinhong Department Store for their strong brand image and scalability. Finally, the research suggests that while online channels may excel in efficiency, the "immediacy" and "experience" of physical stores are second to none. This includes well-designed shop layouts, staff service, quality merchandise, and a distinct customer experience that no online platform can replicate.

To conclude, supermarket operators must focus on building strong brand presence and refining customer experiences to compete effectively. While the U.S. proves that online convenience and SKU differentiation are profitable strategies separately, China needs to integrate both to achieve sustained growth.

Note： Diverse business models exist across regions, but the key is to focus on customer experience and the unique product distinction. This synopsis aggregates the full research findings, offering a clear rationale for behavioral change.