2022
0
The Chinese Consumer: Adjusting to Uncertainties Market Report 2022
2022-07-19T04:03:41+01:00
OX1105575
3695
153384
[{"name":"Consumers and Trends","url":"https:\/\/store.mintel.com\/industries\/consumers-trends"}]
Report
en_GB
"Brands which build on authentic experiences featuring both convenience and transparency are likely to stand out from the competition, as these factors may trigger the sense of reassurance and comfort…

The Chinese Consumer: Adjusting to Uncertainties Market Report 2022

£ 3,695 (Excl.Tax)

Description

“Brands which build on authentic experiences featuring both convenience and transparency are likely to stand out from the competition, as these factors may trigger the sense of reassurance and comfort which is highly desired when people have to deal with financial struggles and uncertainties during and after the pandemic. Besides the practical features, Chinese consumers are also seeking cultural connections and will resonate with moral brands which show care to the underserved (eg seniors, minority groups, pets) as well as the environment.”

– Laurel Gu, Category Director

Key issues covered in this Report:

This Report is an annual summary of the nation’s economic development status, changes in population structure and trends in consumers’ lifestyles and attitudes.

It also gives an overview of key stories of Chinese consumer spending in the following market sectors:

  • In-home food
  • Foodservice (eating out and takeaways)
  • Non-alcoholic drinks
  • Alcoholic drinks – in-home and out-of-home
  • Beauty and personal care
  • OTC and pharmaceuticals
  • Clothing and accessories
  • Household care
  • Technology and communication
  • Leisure and entertainment
  • Home
  • Transport
  • Holiday
  • Personal finance and housing

Table of Contents

  1. Overview

      • Key issues covered in this Report
        • Demographic classifications
        • Executive Summary

            • China today
              • Resurgence of COVID-19 had a large-scale impact on businesses as well as consumers
                • Figure 1: Purchasing manager index (PMI), by industry sector and enterprise size, China, 2019-2022
                • Figure 2: Year-on-year retail sales growth rate (%), by sector, China, 2019-2022
                • Figure 3: Urban surveyed unemployment rate, China, 2019- 2022
                • Figure 4: Consumer confidence in the next 3 months: very or somewhat confident, China, 2020-22
              • China’s economy is resilient though facing challenges
                • Figure 5: Year-on-year GDP growth index, China, 2017-2022
              • A green economy and the aging population are worth attention
                • Figure 6: Total population and growth rate, China, 2014-21
              • Consumer spending
                • Consumer expenditure increased by 10.3% in 2021
                  • Figure 7: Total consumer expenditure, China, 2015-21 (est)
                  • Figure 8: Consumer expenditure by sector, 2021 (est)
                • Five-year outlook
                  • Figure 9: Summary of Mintel’s scenario expectations and the impact on total consumer expenditure, 2022
                  • Figure 10: COVID-19 scenario forecast on total consumer expenditure, China, 2021-26
                • The consumer
                  • Majority would keep spending stable
                    • Figure 11: Spending plan in the next 12 months, China, 2022
                  • Taking wellness services, home furnishing products and premium foodservices as “treats”
                    • Figure 12: Places to spend extra money, China, 2019-2022
                  • Spending behaviours are linked with various emotions
                    • Figure 13: Attitude towards impulsive purchase triggers, China, 2022
                  • Moral brands enjoy strong influential power
                    • Figure 14: Attitude towards impulsive purchase triggers, China, 2022
                  • Simpler lifestyle and higher quality products on demand
                    • Figure 15: Ways to optimise life, China, 2022
                  • Highlighting convenience and functions to be perceived as “pragmatic”
                    • Figure 16: Brands considered as “pragmatic”, China, 2022
                  • What we think
                  • China Today – The economy

                    • Resurgence of COVID-19 weighing on economic growth
                      • Figure 17: GDP growth rate by three major factors*, China 2017-21
                      • Figure 18: Year-on-year GDP growth index, China, 2017-2022
                      • Figure 19: Year-on-year retail sales growth rate (%), by sector, China, 2019-2022
                    • China is moving towards a green economy
                      • Survival risks amid COVID and price increases pose challenges to business operators
                        • Figure 20: Purchasing manager index (PMI), by industry sector and enterprise size, China, 2019-2022
                        • Figure 21: Year-on-year consumer price index (CPI) and production price index (PPI), China, 2019- 2022
                    • The people

                      • Decline of new-borns is dragging population growth
                        • Figure 22: Total population and growth rate, China, 2014-21
                        • Figure 23: New births and birth rate, China, 2014-21
                      • Eyes on caring for the ageing population
                        • Figure 24: Senior people’s share of population, China, 2016-21
                      • Income growth is slowing down
                        • Figure 25: Growth of per capita disposable income (without price adjustment), China, 2015-21
                      • Rising unemployment rate adds pressure on young people
                        • Figure 26: Urban surveyed unemployment rate, China, 2019- 2022
                    • Spending overview

                      • Total spending increased by 10.3% in 2021
                        • Figure 27: Total consumer expenditure, China, 2015-21 (est)
                      • Recovery of discretionary spending sectors has been slow
                        • Figure 28: Consumer expenditure by sector, 2021 (est)
                        • Figure 29: Spending rankings by segments, 2019-21 (est)
                    • COVID Influences (Including Market Forecast)

                      • COVID-19 China context
                        • COVID-19 impact on the market and consumer
                          • A more conservative spending sentiment amid uncertainties
                            • Figure 30: Financial status: a lot or a little bit better off, China, 2020-22
                            • Figure 31: Consumer confidence in the next 3 months: very or somewhat confident, China, 2020-22
                          • Weakening domestic consumption in the service industry sectors
                            • Figure 32: Preventive actions to take in the next three months, China, 2022
                          • Supply shock will have an extended impact on prices and the competitive landscape
                            • Government rolling out measures to stimulate demand
                              • The five-year outlook
                                • Consumer expenditure will continuously increase to exceed RMB60 trillion by 2026 under the minimum-impact scenario
                                  • Figure 33: COVID-19 scenario forecast on total consumer expenditure, China, 2021-26
                                • Demand and supply side issues will drag expenditure in 2022 under a medium-impact scenario
                                  • Figure 34: Year-on-year growth rate of consumer expenditure by sectors, by scenarios, China, 2022
                                • High-impact scenario may result in a drop in expenditure in 2022
                                    • Figure 35: Spending rankings by segments, by scenarios, 2021 (est) and 2026 (fore)
                                • Sector Review – In-home Food

                                  • What we think
                                    • In-home food experienced moderate growth due to the recovery of foodservice in 2021
                                      • Figure 36: Consumer expenditure on in-home food, 2015-21 (est)
                                    • Segment review
                                      • Dairy sectors
                                        • Ready meals
                                          • Instant foods
                                            • What’s new?
                                              • Regional flavour is rising
                                                • Figure 37: Claypot rice from Funhou, China, 2020
                                              • Make traditional purchase channels more attractive to young consumers via a sense of ceremony
                                                • Figure 38: Prada market in Shanghai, China, 2021
                                              • The five-year outlook
                                                  • Figure 39: COVID-19 scenario forecast for consumer expenditure on in-home foods, 2016-26
                                                • Key consumer trends to watch
                                                  • Functionality is in the limelight, but taste still matters
                                                    • Make foods more convenient through texture or packaging for seniors
                                                      • Enjoying foods with extended in-home leisure times
                                                      • Foodservice (Eating Out and Takeaways)

                                                        • What we think
                                                          • Foodservice has not recovered to the pre-pandemic level
                                                            • Figure 40: Consumer expenditure on foodservice (eating out and takeaways), 2015-21 (est)
                                                          • Segment review
                                                            • What’s new?
                                                              • New stores adapting to heritage
                                                                • Figure 41: Examples of trendy foodservice brands blend into historical buildings
                                                              • Ethical marketing to win affinity
                                                                • Figure 42: Examples of bakery and coffee houses’ ethical marketing
                                                              • The five-year outlook
                                                                  • Figure 43: Scenario forecast for consumer expenditure on foodservice (eating out and takeaways), 2016-26
                                                                • Key consumer trends to watch
                                                                  • Regional flavours are preferred
                                                                    • Consumers are embracing more alcoholic options in food pairing
                                                                      • Increasing transparency to fulfil consumers’ demand for agency in purchasing
                                                                      • Non-alcoholic Drinks

                                                                        • What we think
                                                                          • Accelerate consumption growth in the post-COVID-19 period
                                                                            • Figure 44: Consumer expenditure on NON-ALCOHOLIC DRINKS, 2015-21 (est)
                                                                          • Segment review
                                                                            • RTD coffee
                                                                              • Plant-based drinks
                                                                                • RTD non-Asian herbal tea
                                                                                  • What’s new?
                                                                                    • Foodservice brands are proactively expanding into retail
                                                                                      • Switching to virtual idol endorsement to build up a trendy brand image
                                                                                        • The five-year outlook
                                                                                            • Figure 45: COVID-19 scenario forecast for consumer expenditure on non-alcoholic drinks, 2016-26
                                                                                          • Key consumer trends to watch
                                                                                            • Cater to evolving taste preferences with natural and low sweetness
                                                                                              • Tap into consumers’ specified functional needs
                                                                                                • Catch up with the plant-based trend from freshly made coffee
                                                                                                • Alcoholic Drinks – In-home and Out-of-home

                                                                                                  • What we think
                                                                                                    • Strong out-of-home consumption recovery
                                                                                                      • Figure 46: Consumer expenditure on alcoholic drinks (in-home), 2015-21 (est)
                                                                                                      • Figure 47: Consumer expenditure on alcoholic drinks (out-of-home), 2015-21 (est)
                                                                                                    • Segment review
                                                                                                      • What’s new?
                                                                                                        • Non-alcoholic products begin to rise
                                                                                                          • Figure 48: Examples of non-alcohol products, China, 2021
                                                                                                        • Bring more Chinese characteristics to alcoholic drinks
                                                                                                          • Fizzy RTD Baijiu product
                                                                                                            • The five-year outlook
                                                                                                              • Figure 49: Scenario forecast for consumer expenditure on alcoholic drinks (in-home), 2016-26
                                                                                                              • Figure 50: Scenario forecast for consumer expenditure on alcoholic drinks (out-of-home), 2016-26
                                                                                                            • Key consumer trends to watch
                                                                                                              • Capture growing female consumption
                                                                                                                • Embrace wider drinking occasions
                                                                                                                  • Packaging design triggers consumption
                                                                                                                  • Beauty and Personal Care

                                                                                                                    • What we think
                                                                                                                      • BPC growth bounces back after the first hit of COVID
                                                                                                                        • Figure 51: Consumer expenditure on beauty and personal care, 2015-21 (est)
                                                                                                                      • Segment review
                                                                                                                        • What’s new?
                                                                                                                          • Telling ingredient story through dual solutions
                                                                                                                            • New format and texture accelerate growth in the BPC market
                                                                                                                              • Green beauty saw down-to-earth implications
                                                                                                                                • The five-year outlook
                                                                                                                                    • Figure 52: Forecast for consumer expenditure on beauty and personal care, 2016-26
                                                                                                                                  • Key consumer trends to watch
                                                                                                                                    • Added skincare benefits will become a basis for demanding consumers
                                                                                                                                      • Consumers become savvier and look for professional beauty influencers
                                                                                                                                        • Emotional enhancement as important as functionality
                                                                                                                                        • OTC and Pharmaceuticals

                                                                                                                                          • What we think
                                                                                                                                            • Less strong growth in 2021 resulting from drug procurement expansion
                                                                                                                                              • Figure 53: Consumer expenditure on OTC and Pharmaceuticals, 2015-21 (est)
                                                                                                                                            • Segment review
                                                                                                                                              • What’s new?
                                                                                                                                                • Lifestyle marketing emerges in the OTC category
                                                                                                                                                  • Figure 54: Besunyen’s OTC Orlistat marketing promotion, China, 2021
                                                                                                                                                • Leverage the growing trust in Chinese ingredients (eg TCM) to support age management
                                                                                                                                                  • Figure 55: Zhima Health’s Bitter Coffee, China, 2021
                                                                                                                                                • Health supplements appeal to improve whole-family health
                                                                                                                                                  • Figure 56: Lemonbox Daily Cleanse probiotic supplements, China, 2021
                                                                                                                                                • The five-year outlook
                                                                                                                                                    • Figure 57: COVID-19 scenario forecast for consumer expenditure on OTC and pharmaceuticals, 2016-26
                                                                                                                                                  • Key consumer trends to watch
                                                                                                                                                    • Providing vertical healthcare solutions is on the call
                                                                                                                                                      • Medicine and health supplement to support healthy ageing are in demand
                                                                                                                                                      • Clothing and accessories

                                                                                                                                                        • What we think
                                                                                                                                                          • Clothing and accessories achieved robust growth in 2021
                                                                                                                                                            • Figure 58: Consumer expenditure on clothing and accessories, 2015-21 (est)
                                                                                                                                                          • Segment review
                                                                                                                                                            • Consumers’ enthusiasm led to a robust luxury market
                                                                                                                                                              • Rising demand boosting children’s wear market
                                                                                                                                                                • Figure 59: Population aged 0-14 and growth rate, China, 2014-21
                                                                                                                                                              • What’s new?
                                                                                                                                                                • “Livestock-free” fashion is gaining momentum
                                                                                                                                                                  • Figure 60: Gucci sneakers made with Demetra, 2021
                                                                                                                                                                • Luxury X sports collabs are trending
                                                                                                                                                                  • Figure 61: Collaboration products of Louis Vuitton and Nike, Gucci and Adidas, 2021-22
                                                                                                                                                                • The five-year outlook
                                                                                                                                                                    • Figure 62: COVID-19 scenario forecast for consumer expenditure on clothing and accessories, 2016-2026
                                                                                                                                                                  • Key consumer trends to watch
                                                                                                                                                                    • Dressing with Chinese cultural elements as an expression of identity
                                                                                                                                                                    • Household Care

                                                                                                                                                                      • What we think
                                                                                                                                                                        • Optimistic growth for the household care market
                                                                                                                                                                          • Figure 63: Consumer expenditure on Household care, 2015-21 (est)
                                                                                                                                                                        • Segment review
                                                                                                                                                                          • What’s new?
                                                                                                                                                                            • Targeting pet owners
                                                                                                                                                                              • Figure 64: Household care products specifically designed for pet owners, China, 2022
                                                                                                                                                                              • Figure 65: Examples of co-branding in household care products, China, 2021 and 2022
                                                                                                                                                                            • The five-year outlook
                                                                                                                                                                                • Figure 66: COVID-19 scenario forecast for consumer expenditure on household care, 2016-26
                                                                                                                                                                              • Key consumer trends to watch
                                                                                                                                                                                • Make household products part of home living with an environmentally friendly purpose
                                                                                                                                                                                  • Higher demand for household aroma
                                                                                                                                                                                  • Technology and Communication

                                                                                                                                                                                    • What we think
                                                                                                                                                                                      • Technology and communication spending recovered strongly
                                                                                                                                                                                        • Figure 67: Consumer expenditure on technology and communication, 2015-21 (est)
                                                                                                                                                                                      • Segment review
                                                                                                                                                                                        • What’s new?
                                                                                                                                                                                          • Foldable smartphones catching attention
                                                                                                                                                                                            • Figure 68: Foldable smartphones launched by Samsung and Huawei, 2021
                                                                                                                                                                                          • Virtual/digital humans becoming popular
                                                                                                                                                                                              • Figure 69: Florasis virtual spokesperson, Meta-human Ayayi and CCTV’s AI sign language anchor, 2021
                                                                                                                                                                                            • The five-year outlook
                                                                                                                                                                                                • Figure 70: COVID-19 scenario forecast for consumer expenditure on technology and communication, 2016-26
                                                                                                                                                                                              • Key consumer trends to watch
                                                                                                                                                                                                • The elderly want to be included in the digital world
                                                                                                                                                                                                • Leisure and Entertainment

                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                    • Leisure spending bounced back with force
                                                                                                                                                                                                      • Figure 71: Consumer expenditure on leisure and entertainment, 2015-21 (est)
                                                                                                                                                                                                    • Segment review
                                                                                                                                                                                                      • What’s new?
                                                                                                                                                                                                        • Revamping traditional leisure offerings with theme park experiences
                                                                                                                                                                                                          • Figure 72: Examples of traditional leisure service venues renovated to offer “theme park” experiences
                                                                                                                                                                                                        • Home fitness inspires product innovations
                                                                                                                                                                                                          • The five-year outlook
                                                                                                                                                                                                              • Figure 73: COVID-19 scenario forecast for consumer expenditure on leisure and entertainment, 2016-26
                                                                                                                                                                                                            • Key consumer trends to watch
                                                                                                                                                                                                              • Leisure time of teenagers and young families will go through significant changes
                                                                                                                                                                                                                • Immersive escapism and mindful joy are both in demand
                                                                                                                                                                                                                • Home

                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                    • Home spending has recovered to the pre-COVID level
                                                                                                                                                                                                                      • Figure 74: Consumer expenditure on home, 2015-21 (est)
                                                                                                                                                                                                                    • Segment review
                                                                                                                                                                                                                      • What’s new?
                                                                                                                                                                                                                        • Tackling the health and hygiene concerns of pet owners with advanced appliances
                                                                                                                                                                                                                          • Refreshing consumer views on new technology
                                                                                                                                                                                                                            • The five-year outlook
                                                                                                                                                                                                                                • Figure 75: COVID-19 scenario forecast for consumer expenditure on home, 2016-26
                                                                                                                                                                                                                              • Key consumer trends to watch
                                                                                                                                                                                                                                • Health solutions for home living are in demand
                                                                                                                                                                                                                                  • Stockpiling needs bring new opportunities for home appliances
                                                                                                                                                                                                                                    • Awareness and pursuit of sustainable living are on the rise
                                                                                                                                                                                                                                    • Transport

                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                        • Rising private car ownership drives overall transportation spending growth
                                                                                                                                                                                                                                          • figure 76: Transpiration spending, 2015-2021 (est)
                                                                                                                                                                                                                                        • Segment review
                                                                                                                                                                                                                                          • What’s new?
                                                                                                                                                                                                                                            • Taxi ride experience improved by differentiated services
                                                                                                                                                                                                                                              • Visualised after-sales services drive better time efficiency and transparency
                                                                                                                                                                                                                                                • The five-year outlook
                                                                                                                                                                                                                                                    • Figure 77: Transportation consumption expenditure forecast,2016-2026
                                                                                                                                                                                                                                                  • Key consumer trends to watch
                                                                                                                                                                                                                                                    • Pandemic intensifies emphasis on in-car environment
                                                                                                                                                                                                                                                      • Intelligent configuration is not only a function but also an appearance
                                                                                                                                                                                                                                                      • Holiday

                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                          • Recovery is slow while dealing with uncertainties
                                                                                                                                                                                                                                                            • Figure 78: Consumer expenditure on Holidays, 2016-21 (est)
                                                                                                                                                                                                                                                          • Segment review
                                                                                                                                                                                                                                                            • What’s new?
                                                                                                                                                                                                                                                              • Winter sports fever powered winter destination travel
                                                                                                                                                                                                                                                                • Accommodation brands extend service territory
                                                                                                                                                                                                                                                                  • Figure 79: Examples of accommodation brands extending service territory, 2021-2022
                                                                                                                                                                                                                                                                • The five-year outlook
                                                                                                                                                                                                                                                                  • Minimum-impact scenario
                                                                                                                                                                                                                                                                    • Medium-impact scenario
                                                                                                                                                                                                                                                                      • High-impact scenario
                                                                                                                                                                                                                                                                        • Figure 80: Forecast for consumer expenditure on Holidays, 2016-26
                                                                                                                                                                                                                                                                      • Key consumer trends to watch
                                                                                                                                                                                                                                                                        • Promoting slowness and relaxation travels
                                                                                                                                                                                                                                                                          • Protection needs to rise when choosing holidays accommodation
                                                                                                                                                                                                                                                                          • Personal Finance and Housing

                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                              • Personal finance and housing spending resumed rapid growth
                                                                                                                                                                                                                                                                                • Figure 81: Consumer expenditure on personal finance and housing, 2015-21 (est)
                                                                                                                                                                                                                                                                              • Segment review
                                                                                                                                                                                                                                                                                • Real estate market heated up first and then cooled down due to policy controlling
                                                                                                                                                                                                                                                                                  • Figure 82: Year-on-year commercial residential sales cumulative growth rate, 2021-22
                                                                                                                                                                                                                                                                                • The long-term rental market is booming
                                                                                                                                                                                                                                                                                  • Insurance industry is under pressure
                                                                                                                                                                                                                                                                                    • What’s new?
                                                                                                                                                                                                                                                                                      • Introduction of quarantine insurance meets the current needs
                                                                                                                                                                                                                                                                                        • Endowment insurance will become a new growth point
                                                                                                                                                                                                                                                                                          • The five-year outlook
                                                                                                                                                                                                                                                                                              • Figure 83: COVID-19 scenario forecast for consumer expenditure on personal finance and housing, 2016-26
                                                                                                                                                                                                                                                                                            • Key consumer trends to watch
                                                                                                                                                                                                                                                                                              • Consumers’ online shopping habits have been extended to the insurance sector
                                                                                                                                                                                                                                                                                              • Spending Plan for the Next Year

                                                                                                                                                                                                                                                                                                • Majority would keep their spending stable
                                                                                                                                                                                                                                                                                                  • Figure 84: Spending plan in the next 12 months, China, 2022
                                                                                                                                                                                                                                                                                                • Recurrence of COVID outbreaks may make spending confidence more conservative
                                                                                                                                                                                                                                                                                                  • Figure 85: Consumer confidence: very/somewhat confident that it will, by city, China, 2022
                                                                                                                                                                                                                                                                                              • Places to Spend Extra Money

                                                                                                                                                                                                                                                                                                • Wellness service becoming a popular “treat”
                                                                                                                                                                                                                                                                                                  • Figure 86: Places to spend extra money, China, 2019-2022
                                                                                                                                                                                                                                                                                                • Home furnishings/furniture may target multi-generation families and households with pets
                                                                                                                                                                                                                                                                                                  • Figure 87: Places to spend extra money: home furnishing, by family composition, China, 2022
                                                                                                                                                                                                                                                                                                • Expensive meals attract young people
                                                                                                                                                                                                                                                                                                • Impulsive Purchase Triggers

                                                                                                                                                                                                                                                                                                  • Shopping serves various emotional needs
                                                                                                                                                                                                                                                                                                    • Figure 88: Attitude towards impulsive purchase triggers, China, 2022
                                                                                                                                                                                                                                                                                                    • Figure 89: Attitude towards “Shopping or spending to treat myself when I feel happy”: very likely, by age and gender, China, 2022
                                                                                                                                                                                                                                                                                                  • Moral brands have the strongest influential power
                                                                                                                                                                                                                                                                                                    • Figure 90: Attitude towards impulsive purchase triggers, China, 2022
                                                                                                                                                                                                                                                                                                • Brands Considered as Being Pragmatic

                                                                                                                                                                                                                                                                                                  • Convenience and function matter the most
                                                                                                                                                                                                                                                                                                    • Figure 91: Brands considered as “pragmatic”, China, 2022
                                                                                                                                                                                                                                                                                                  • Young people value function more over convenience
                                                                                                                                                                                                                                                                                                    • Figure 92: Brands considered as “pragmatic”, by age, China, 2022
                                                                                                                                                                                                                                                                                                  • High earners have stronger brand consciousness
                                                                                                                                                                                                                                                                                                    • Figure 93: Brands considered as “pragmatic”: no brands come to mind, by monthly household income, China, 2022
                                                                                                                                                                                                                                                                                                • Ways to Optimise Life

                                                                                                                                                                                                                                                                                                  • Simplicity and quality are keywords
                                                                                                                                                                                                                                                                                                      • Figure 94: Ways to optimise life, China, 2022
                                                                                                                                                                                                                                                                                                    • Mixed feelings towards sustainability and fashion
                                                                                                                                                                                                                                                                                                      • Different generations have different focus areas
                                                                                                                                                                                                                                                                                                        • Figure 95: Selected ways to optimise life: I’m already doing this, by age, China, 2022
                                                                                                                                                                                                                                                                                                      • Luxury products/services associated with high quality are still desirable
                                                                                                                                                                                                                                                                                                        • Figure 96: Selected ways to optimise life: I’m already doing this, by spending plan for the next year, China, 2022
                                                                                                                                                                                                                                                                                                    • Appendix – Methodology and Abbreviations

                                                                                                                                                                                                                                                                                                      • Methodology
                                                                                                                                                                                                                                                                                                        • Abbreviations
                                                                                                                                                                                                                                                                                                        • Appendix – COVID Scenario Forecast Methodology and Assumptions

                                                                                                                                                                                                                                                                                                          • Minimum-impact, medium-impact and high-impact scenarios outline
                                                                                                                                                                                                                                                                                                            • Scenario methodology
                                                                                                                                                                                                                                                                                                            • Appendix – Market Size and Forecast Data

                                                                                                                                                                                                                                                                                                                • Figure 97: Total consumer expenditure (RMB bn), by scenarios, China, 2016-26
                                                                                                                                                                                                                                                                                                                • Figure 98: Total consumer expenditure (RMB bn), by sectors, China, 2016-21 (est)
                                                                                                                                                                                                                                                                                                                • Figure 99: Year-on-year change of total consumer expenditure (RMB bn), by market sectors and scenarios, China, 2022 (fore)
                                                                                                                                                                                                                                                                                                                • Figure 100: CAGR of total consumer expenditure (RMB bn), by market sectors and scenarios, China, 2021-26 (Fore)

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