In spite of the fact that it’s possible the development rate for Chinese shopper spending will be somewhat lower in 2019 than in 2018, the Chinese keep on expanding their spending by a significant edge and are anxious to pay for things with a solid offer. McKinsey’s most recent China Consumer Report released this month highlights five trends for 2020:
1. Young, free-spending consumers in lower-tier cities are today’s growth engine.
2. Most Chinese consumers are increasingly discerning, savvy, and frugal about their spending.
3. The health-conscious movement is here to stay.
4. Chinese consumers continue to be more sophisticated travelers.
5. High-end Chinese brands are increasingly appealing.
Download the report here (annual Standard/Premium subscribers).