Posted on : November 24, 2017
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Category : International Business
In “Double-clicking on the Chinese consumer”, McKinsey surveyed 10,000 Chinese consumers across 44 cities and 7 rural towns and villages. Chinese consumer confidence is at a 10-year high, Chinese consumers are into health and fitness, the post-90s generation is emerging as a new engine of consumption, and consumers are getting more savvy when it comes to choosing brands. If you’re looking for evidence that Chinese consumers are confident, look no further than the one-day online-sales phenomenon known as Singles Day, which falls every year on November 11. Singles Day has morphed from being a day dedicated to lonely singles to becoming the largest e-shopping day globally. With an estimated $25 billion in sales, or over $1 billion in transactions per hour, Singles Day this year easily bested last year’s sales by close to 40 percent, and was larger than Black Friday and Cyber Monday in the United States combined.
Consumer confidence has grown significantly in China to reach a ten-year high. On the back of this rise in confidence, consumers have been spending more on discretionary items.
McKinsey’s survey showed that 65 percent of Chinese consumers are seeking ways to lead a healthier lifestyle.
The “post-90s” Chinese generation exhibits very different behavior and attitudes not only with older generations of Chinese consumers but also the generation that we call the “post-80s,” which is generally lumped together with the post-90s generation in media reports that cover this topic. They also differ to Western millennials.
In 8 of the 17 brand categories surveyed, respondents showed clear preferences for local brands because they deliver in these three areas. Combined, these categories account for more than half of the total retail sales in China.