China’s consumers’ spending habits are changing as rapidly as the country’s economy is growing. Improved availability of products and services and developments within the retail environment are leading to a shift in consumer lifestyles and spending habits.
Developments in the country affect different consumer groups in a variety of ways. As a result, this has a bearing on the aspirations of different consumer groups, thereby influencing the changes in how they spend.
-Matthew Crabbe, Director of Research, Asia-Pacific
As China grows in economic stature among the world’s nations, its consumers are seen as increasingly important to the world economy, as China’s domestic consumer market begins to take the lead in terms of the country’s growth plans. This places China’s consumers, and their spending habits, firmly in the spotlight of many companies’ business development plans. It has become increasingly important to understand the lifestyles, hopes, needs and aspirations of Chinese people, and how these affect the way they spend their money.
Chinese people are increasingly well-off, with growth in average incomes continuing to outpace inflation. This is creating a wider feel-good factor among consumers who find that they have more discretionary income to spend. The future of the consumer market in China rests on continued stable development, and continued confidence in the economy as it shifts towards becoming one that is much more dependent on domestic consumption. Competition for consumer attention among a population that has become accustomed to change and is accepting of new products and services, means that standing out from the crowd is increasingly harder. This is where understanding the rapidly changing consumer wants and needs becomes crucial.
Take a look inside a sample report
Mintel’s consumer reports deliver insight and expert analysis into key consumer trends and behaviour in your marketplace, in addition to an overview of the market data and key brands. Mintel’s consumer reports provide you with easily digestible information to guide your future innovation and move your business forward.