2021
0
China Consumer Spending Sentiment – 2H Market Report 2021
2022-01-25T03:02:36+00:00
OX1049363
3695
147313
[{"name":"Personal Finance","url":"https:\/\/store.mintel.com\/industries\/finance\/personal-finance"}]
Report
en_GB
“The trend of a stable recovery of China’s economy remains unchanged. Although the financial situation and confidence of consumers has declined slightly in the second half of the year, the…

China Consumer Spending Sentiment – 2H Market Report 2021

£ 3,695 (Excl.Tax)

Report Summary

“The trend of a stable recovery of China’s economy remains unchanged. Although the financial situation and confidence of consumers has declined slightly in the second half of the year, the impact of the coronavirus outbreak is expected to be alleviating. As consumers pursue a higher quality of life, self-enjoyment and self-gratifying consumption is given a higher priority. In the future, emotional resonance will become an important consumer driving force that brands will pay special attention to.”
Blair Zhang, Research Analyst

Key issues that covered in this Report

  • China’s economic performance since the coronavirus outbreak
  • Changes in consumer spending confidence during these years
  • Which consumer segments are affected, and the difference in their financial priorities
  • Consumers’ spending preferences on solo pastimes
  • General attitudes towards spending by consumers.

Table of Contents

  1. Overview

    • What you need to know
      • Key issues that covered in this Report
        • Covered in this Report
        • Executive Summary

            • Steady recovery is observed while facing challenges
              • Figure 1: Summary of key economic indicators, China, 2020-21
              • Figure 2: Monthly growth of total retail sales of consumer goods in China, 2018-21
              • Figure 3: Growth rate of retail sales, by key sectors, 2019-21
            • Impact on consumer spending
              • Saving habits remain unchanged, with slight downturn in financial situation observed
                • Figure 4: Current financial situation, 2016 to 2021
              • Salary and bonus still be the main source of income; part-time income sees growth
                • Figure 5: Changes in source of income after COVID-19, 2020-21
              • Confidence in future dropped in the second half of the year, especially in tier 2 and lower cities
                • Figure 6: Confidence in improving future financial situation, 2019-21
              • While saving is still the rule, self-indulgence ranks a more important priority
                • Figure 7: Financial priorities in the next 12 months, 2021
              • Solo economy opportunities happen in treating oneself, socialising with strangers, and hobby-oriented activities
                • Figure 8: Spending behaviours when being alone, 2021
              • Emotional resonance has become a driving force for consumption
                • Figure 9: Attitudes towards spending, 2021
            • State of the Economy

              • China’s economy remains in steady recovery
                • Figure 10: Quarterly growth of GDP in China, 2000-21
              • PMI fluctuating, with forecast still cautiously optimistic
                • Figure 11: Monthly Purchasing Managers’ Index, China, 2018-21
              • Rapid growth was observed in import-export trade
                • Figure 12: Year-on-year growth in the total value of imports and exports, China, 2007-21
              • Employment situation remains stable
                • Figure 13: Monthly surveyed urban unemployment rate, China, 2018-21
              • Consumer prices rose moderately
                • Figure 14: Consumer Price Index, China, 2000-21
              • Disposable income continued growth steadily, which may help improve spending power and willingness
                • Figure 15: Growth of per capita disposable income (price-adjusted), China, 2019-21
              • Growth in total retail sales of consumer goods slowed down in the second half-year
                • Figure 16: Monthly growth of total retail sales of consumer goods in China, 2018-21
                • Figure 17: Growth rate of retail sales by key sectors, 2019-21
            • COVID-19 China Vaccine Context

              • 2021 China COVID-19 vaccination status
                • Figure 18: China’s COVID-19 vaccination status, 2021
            • Consumption Trends

              • Solo Economy (单人经济)
                • The facts
                  • The implications
                    • Granny Chic (复古风潮)
                      • The facts
                        • The implications
                          • Figure 19: Li Ning’s retro-style virtual idol “Xingtong”, 2021
                        • Sustainable Lifestyle (可持续生活)
                          • The facts
                            • The implications
                            • Current Financial Situation

                              • Consumers’ saving habits remain unchanged, while financial situation sees a slight downturn
                                • Figure 20: Current financial situation, 2016 to 2021
                              • The gap between different income groups has further widened
                                • Figure 21: Current financial situation, by personal income, 2019-21
                              • Groups with some savings in all city tiers decreased, even worse than that before the outbreak
                                • Figure 22: Current financial situation, by city tier, 2019-21
                              • 18-24-year-old consumers face the tightest financial situation, compared with other age groups
                                • Figure 23: Current financial situation, by age, 2019-21
                            • Source of Income Changed

                              • Salary and bonus remain the main income sources for most people
                                • Figure 24: Changes in source of income after COVID-19, 2020-21
                              • Being a slash youth as the trend
                                • Figure 25: Respondents who received part-time job incomes (including online and offline), by age and personal income, 2021
                              • Financial investment sentiment is cooling down
                                • Figure 26: Changes in source of income from gains from investment products, 2020-21
                              • The cancellation of default overtime may be one of the reasons for the decline in salary
                                • Figure 27: Changes in source of income from salary, by company type, 2021
                            • Confidence in Future

                              • Confidence in first half-year returned to pre-outbreak level, but dropped a bit in second half
                                • Figure 28: Confidence in improving future financial situation, 2019-21
                              • Confidence fluctuated especially in tier 2 and lower cities
                                • Figure 29: Confidence in improving future financial situation, by city tier, 2019-21
                              • In the long run, the main theme of consumers’ confidence in future remains positive
                                • Figure 30: Confidence in improving future financial situation, by current financial situation, 2021
                            • Financial Priorities

                              • Although saving is still a top priority, consumption potential still exists
                                • Figure 31: Financial priorities in the next 12 months, 2021
                                • Figure 32: Financial priorities in the next 12 months remarked as ‘very important’, 2019-21
                              • Young consumers place more importance on self-indulgence but take care to avoid uncertainty
                                • Figure 33: Selected financial priorities in the next 12 months remarked as ‘very important’, by age, 2021
                            • Spending Behaviours When Alone

                              • Opportunities for solo economy
                                • Figure 34: Spending behaviours when being alone, 2021
                              • Gender difference was observed in various solo pastimes
                                • Females tend to invest in themselves
                                  • Males tend to indulge in the digital world
                                    • Figure 35: Spending behaviours when being alone, by gender, 2021
                                  • High income group more active in solo pastimes shows potential in premium solo economy
                                    • Figure 36: Spending behaviours when being alone, by personal income, 2021
                                • Attitudes towards Spending

                                  • Emotional resonance has become an important driving force for consumption
                                    • Figure 37: Attitudes towards brand preference, 2021
                                    • Figure 38: Attitudes towards brand preference, by age, 2021
                                  • Consumers pursue a quality and exquisite lifestyle, especially female and highly-educated people
                                    • Figure 39: Attitudes towards eating alone, 2021
                                    • Figure 40: Attitudes towards eating alone, by gender and educational level, 2021
                                  • Pleasing oneself is the reason for purchase, especially for young consumers
                                    • Figure 41: Attitudes towards spending, 2021
                                • Appendix – Methodology and Abbreviations

                                  • Methodology
                                    • Abbreviations

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