A recent report by McKinsey: Modernization of the Chinese Consumer, defines the new profile of consumers in the Asian country. “The Chinese consumer is evolving. Gone are the days of indiscriminate spending on products”; the consumer is more focused on premium products, spending less for food and beverages, and more on most expensive products: cars, cosmetics, alcohols. In the same time is growing the loyalty to best brands, generally the foreign ones.
The Chinese consumer is upbeat as regard as the future; the e-commerce market is the world’s largest with 615 Bn $ of value. Two third of Chinese consumers love shopping (the best way to spend time); they do this in malls, with their family, combining shopping, dining and entertainment. There are regional differences at regional level (see chart), 70% of Xiamen-Fuzhou city cluster think that next five years will be better, the Liao Central decreases at 35%.
Last, but not least, there is a transition of consumption from product to service