Copyright2018 Bain & Company, Inc. and Kantar Worldpanel. All rights reserved. This work is based on secondary market research, analysis of fnancial information available or provided to Bain & Company and a range of interviews with industry participants. Bain & Company has not independently verifed any such information provided or available to Bain and makes no representa- tion or warranty, express or implied, that such information is accurate or complete. Projected market and fnancial information, analyses and conclusions contained herein are based on the information described above and on Bain & Company’s judgment, and should not be construed as defnitive forecasts or guarantees of future performance or results. The information and analysis herein does not constitute advice of any kind, is not intended to be used for investment purposes, and neither Bain & Company nor any of its subsidiaries or their respective offcers, directors, shareholders, employees or agentsaccept any responsibility or liability with respect to the use of or reliance on any information or analysis contained in this document. This work is copyright Bain & Company and Kantar Worldpanel and may not be published, transmitted, broadcast, copied, reproduced or reprinted in whole or in part withoutthe explicit written permission of Bain & Company and Kantar Worldpanel. As Shoppers Upgrade, Growth Returns|Bain & Company, Inc.|Kantar Worldpanel Page i Contents 1. Executive summary pg3 2. Full report pg8 aGrowth rebounds across FMCG product categoriespg8 bA deeper look at premiumization by category pg12 cShifting channels at home and out of home pg17 dA look at growth by geography pg22 eContinuing battle between local and foreign brands pg22 fHow brands can winpg24 gHow retailers can winpg24 3. About the authors and acknowledgments pg26。。。。。。