The Most Directional Consumer M&A Deals of 2025, So Far

Watch these spaces (eyewear x med tech, clinical/affordable beauty, GLP-1 halo) for dealmaking that highlights consumer interests. Plus, global outlook on consumer spending.

Welcome to Inside The Collective, a newsletter that invites you into the brains, conversations and ideas of Allison Collins and Jessica Ramírez, friends and cofounders of The Consumer Collective. Here, we share weekly thoughts on consumer sentiment, news, retail, fashion, beauty, business, things we like, things we don’t — and why. We hope it helps you connect the dots across the consumer world.

What we’re watching:

• China’s economic growth exceeded Q2 expectations, but retail sales didn’t and deflation deepened. Exports to the U.S. dropped 24 percent in the quarter, but overall exports still rose.

• E-commerce orders rose 18 percent in Q2 for U.K.-based retailers.

• “Reciprocal” tariffs are delayed until Aug. 1, but uncertainty remains and inflation went up in the U.S. in June.

• Gen Alpha is being more intentional with their screen time, limiting it without parental intervention for their own mental health. Older people are also experiencing a relationship shift with social media.

• Modern men are interested in pilates, parenting and DIY projects, per a new report from Pinterest.

• Ulta Beauty deepened its commitment to Korean Beauty through the launch of K-Beauty World. K-Beauty is something we see taking off in a major way in the U.S. going forward thanks to great products at great price points, backed by the explosion of Korean culture globally. (Allison Collins)

What we like:

I’ve been a fan of Baggu’s reusable grocery bags—the colors and patterns are fun, and the quality is excellent. Recently I was massively impressed by the water-resistance of their sling bags. I was out cycling and when I got home, I realized my entire water bottle had leaked inside my bag. Somehow, everything in the side pockets was still dry — and the exterior didn’t show any moisture either. They newly expanded the Williamsburg location and they’re welcome to take my money. (Jessica Ramírez)

Baggu sling bag assortment and extended categories in Williamsburg, Brooklyn.

What we’re reading:

Teens are making millions building and selling Roblox games. (Bloomberg)

About the Chinese beauty brands aiming for a global moment. (Jing Daily)

This story on medical aesthetic tourism in Korea (especially because we have friends who participate) (BOF)

How Levi’s adjusted its holiday strategy in the face of tariffs (Fashion Network)

The Analysis: 2025’s Most Directional Deals (So Far)

The Analysis is for paid subscribers only. This week, we’re talking about M&A that matters and deals that underscore growing pockets of consumer interest. The Consumer Collective tracks consumer-sector M&A as part of our research library. For more information, send us a note at info@theconsumercollective.co.