2021
0
The Chinese Consumer: Value Redefined Market Report 2021
2021-06-24T04:10:08+01:00
OX1045495
3695
139687
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Report
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“Consumer spending sentiment is overall confident. Total spending will continuously increase in the next few years with a moderate pace thanks to stable economic growth and desire for healthier lifestyles…

The Chinese Consumer: Value Redefined Market Report 2021

£ 3,695 (Excl.Tax)

Description

“Consumer spending sentiment is overall confident. Total spending will continuously increase in the next few years with a moderate pace thanks to stable economic growth and desire for healthier lifestyles along with future security assurances over the long term. When making purchase decisions, consumers are becoming increasingly emotion-driven – favouring towards brands that echo with their ethical values (eg showing respect to consumers’ cultural identities and their individuality, fulfilling corporate social responsibilities, etc)”
– Laurel Gu, Category Director

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

 

Table of Contents

  1. Overview

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

    • China today
    • Economy
      • Figure 1: Quarterly growth of GDP, China, 2000 Q1-2020 Q4
    • People
      • Figure 2: Population structure, by age, China, 1982-2020
    • Consumer spending
      • Figure 3: Total consumer expenditure, China, 2020-25
      • Figure 4: Sector share of total expenditure, China, 2019-25
    • The consumer
    • COVID has hit all consumers, but not equally
      • Figure 5: Financial confidence: proportion of those who are ‘very/somewhat/a little bit’ confident, 2019-2021
    • Control over risks becomes a primary need
      • Figure 6: Most concerned factors in life, 2020-2021
    • Growing consciousness about emotional wellbeing
      • Figure 7: Ways to de-stress, 2020- 2021
    • Ethical brands will stand out to attract young consumers
      • Figure 8: Selected preferential actions from companies/brands, by age, 2021
    • Rising patriotism shifting favour towards local brands
      • Figure 9: Attitude towards local brands, by income and city tier, 2020
      • Figure 10: Purchasing local/imported foods, 2020
    • What we think
  3. China Today – The economy

    • Manufacturing and export led the growth in 2020
      • Figure 11: Quarterly growth of GDP, China, 2000 Q1-2020 Q4
      • Figure 12: Contribution to GDP growth rate* by three major factors, China 2017-20
    • Key economic indicators suggest domestic consumption will resume growth in 2021
      • Figure 13: Key economic indicators, China, Dec 2019-Apr 2021
  4. The people

    • Population is still growing in the last decade
      • Figure 14: Total population and growth rate, China, 1982-2020
      • Figure 15: New births and birth rate, China, 2015-20
    • Growing importance of grey hair and healthy ageing
      • Figure 16: Population structure, by age, China, 1982-2020
    • Disposable income returning to growth boosts financial confidence
      • Figure 17: Growth of per capita disposable income (without price adjustment), China, 2015-20
      • Figure 18: Confidence in improving future financial situation (Very/somewhat confident), 2020- 2021
    • COVID has hit all consumers, but not equally
      • Figure 19: Financial confidence for the next three months: proportion of those who are ‘very/somewhat/a little bit’ confident, 2019- 2021
  5. Spending overview

    • Total spending dropped by 5.7% in 2020
      • Figure 20: Total consumer expenditure, China, 2015-20 (est)
    • Spending priorities changed in 2020
      • Figure 21: Consumer expenditure by sector, 2020 (est)
      • Figure 22: Spending rankings by segments, 2019-20 (est)
    • Recovery speed varies by sector
      • Figure 23: Changes of spending in selected* market sectors: % spent more, by month, 2020- 2021
    • Omnichannel retailing focusing on convenience and interactivity
      • Figure 24: Selected* online grocery shopping channel usage, by month, 2020- 2021
    • The five-year outlook
      • Figure 25: Total consumer expenditure, China, 2020-25
      • Figure 26: Sector share of total expenditure, China, 2019-25
  6. Sector Review-In-home food

    • What we think
    • In-home food is the biggest winner after the COVID-19 outbreak
      • Figure 27: Consumer expenditure on in-home food, 2015-20 (est)
    • Winning segments
    • Ready meals
    • Dairy products
    • Meal supplement snacks and ice cream
    • What’s In?
    • Meal solutions with elevated convenience
    • All-around sensational improvements to satisfy consumers’ indulgent demand
    • Bring healthiness without taste compromise
    • The five-year outlook
      • Figure 28: Forecast for consumer expenditure on in-home food, 2015-25
    • Key consumer trends to watch
  7. Foodservice (eating out and takeaways)

    • What we think
    • Foodservice was disrupted by COVID-19 while shows signs of rebound
      • Figure 29: Consumer expenditure on foodservice, 2015-20 (est)
    • Winning segments
    • Tea houses
    • Western-style fast food
      • Figure 30: Spending structure of eating out, 2020-2021
    • What’s in?
    • Rise of regional cuisines prompts foreign restaurant chains’ menu upgrades
    • Manner Coffee expands to full-day light meal catering
    • The five-year outlook
      • Figure 31: Forecast for consumer expenditure on foodservice, 2014-25
    • Key consumer trends to watch
  8. Non-alcoholic drinks

    • What we think
    • COVID-19 discouraged out-of-home consumption
      • Figure 32: Consumer expenditure on non-alcoholic drinks, 2015-20 (est)
    • Winning segments
    • Flavoured sparkling bottled water
      • Figure 33: Share of popular claims in new sparkling non-alcoholic drinks launches, China, 2015-20
      • Figure 34: Changes in consumption, 2020
    • Plant protein drinks
    • What’s in?
    • YuanQiSenLin zero sugar sparkling water exploration in energy drinks
    • Coca-Cola heats up with ginger
    • The five-year outlook
      • Figure 35: forecast for consumer expenditure on non-alcoholic drinks, 2015-25
    • Key consumer trends to watch
  9. Alcoholic drinks – in-home and out-of-home

    • What we think
    • COVID-19 boosted in-home alcohol consumption
      • Figure 36: Consumer expenditure on alcoholic drinks in-home, 2015-20 (est)
      • Figure 37: Consumer expenditure alcoholic drinks out-of-home, 2015-20 (est)
    • Winning segments
    • Western Spirits
    • RTD alcoholic drinks
    • Beer
    • What’s in?
    • Redefine whisky with tea for lower ABV
    • Pernod Ricard opens its world-first flagship store in Shanghai
    • Self-heating RTD red wine
    • Guojiao 1573 march to cocktail business with art exhibition
    • The five-year outlook
      • Figure 38: Forecast for consumer expenditure on alcoholic drinks in-home, 2016-25
      • Figure 39: Forecast for consumer expenditure on alcoholic drinks out-of-home, 2015-25
    • Key consumer trends to watch
  10. Beauty and Personal Care

    • What we think
    • BPC achieved robust growth amid the COVID-19 outbreak
      • Figure 40: Consumer expenditure on beauty and personal care, 2015-20 (est)
    • Winning segments
    • Women’s facial skincare
    • Oral care
    • Chinese beauty brands
    • What’s in?
    • L’Oréal drives the technological innovation in beauty
    • Proya touches on gender equality and women empowerment issues
    • Florasis levels up the competition of Chinese-style makeup
    • The five-year outlook
      • Figure 41: Forecast for consumer expenditure on beauty and personal care, 2015-25
    • Key consumer trends to watch
  11. OTC and Pharmaceuticals

    • What we think
    • COVID-19 had a positive impact on OTC and pharmaceuticals spending
      • Figure 42: Consumer expenditure on OTC and pharmaceuticals, 2015-20 (est)
    • Winning segments
    • Probiotic supplements
    • Innovative therapeutic drugs
    • What’s in?
    • Infinitus showcasing transparency via live streaming
    • Xiaomi’s evolution into personalised health solution partner
    • Yiling expands product portfolio using major ingredients in its OTC remedies
    • The five-year outlook
      • Figure 43: Forecast for consumer expenditure on OTC and pharmaceuticals, 2015-25
    • Key consumer trends to watch
  12. Clothing and Accessories

    • What we think
    • COVID-19 had a severe impact on clothing and accessories
      • Figure 44: Consumer expenditure on leisure and entertainment, 2015-20 (est)
    • Winning segments
    • Luxury shopping shifted back home
    • Athleisure is in vogue
    • What’s in?
    • Blend digital experience into fashion
    • Popularised minimalism integrating with IP merchandising
    • The five-year outlook
      • Figure 45: Forecast for consumer expenditure on clothing and accessories, 2015-25
    • Key consumer trends to watch
  13. Technology and Communication

    • What we think
    • COVID-19 marks its impact on consumer usage of technology gadgets
      • Figure 46: Consumer expenditure on technology and communication, 2015-20 (est)
    • Winning segments
    • Games market is flourishing
    • What’s in?
    • Smart products for better health
    • A year for foldable smartphones
    • The five-year outlook
      • Figure 47: Forecast for consumer expenditure on technology and communication, 2015-25
    • Key consumer trends to watch
  14. Household care

    • What we think
    • Stronger growth in 2020 benefiting from hygiene fear and more time at home
      • Figure 48: Consumer expenditure on household care, 2015-20 (est)
    • Winning segments
    • Household cleaners
    • What’s in?
    • Anti-bacterial became a key claim in household care
    • Growing demand for natural products continued to drive product innovation
    • The five-year outlook
      • Figure 49: Forecast for consumer expenditure on household care, 2015-25
    • Key consumer trends to watch
  15. Home

    • What we think
    • Home spending impacted by COVID-19, but the opportunity still exists
      • Figure 50: Consumer expenditure on home, 2015-20 (est)
    • Winning segments
    • Smart home remained positive and fuelled the recovery
    • Small home appliances are expected to bounce back quickly
    • What’s in?
    • Build ecosystem to activate holistic in-home experience
    • Win consumers’ hearts and mind by taking ‘effortless’ to the next level
    • The five-year outlook
      • Figure 51: Forecast for consumer expenditure on home, 2015-25
    • Key consumer trends to watch
  16. Transport

    • What we think
      • Figure 52: Consumer expenditure on transport, 2015-20 (est)
    • Winning segments
    • What’s in?
    • The five-year outlook
      • Figure 53: forecast for consumer expenditure on transport, 2015-2025
    • Key consumer trends to watch
  17. Leisure and entertainment

    • What we think
    • COVID-19 had a severe impact on leisure spending
      • Figure 54: Consumer expenditure on leisure and entertainment, 2015-20 (est)
    • Winning segments
    • Game streaming
      • Figure 55: Online entertainment users, 2018-19
    • Designer toys
    • What’s in?
    • Bilibili’s New Year Gala: mashing up different subcultures
    • Keep’s evolution into a holistic fitness solution provider
    • The five-year outlook
      • Figure 56: Forecast for consumer expenditure on leisure and entertainment, 2015-25
    • Key consumer trends to watch
  18. Holidays

    • What we think
    • COVID-19 had a severe impact on holiday spending
      • Figure 57: Consumer expenditure on holidays, 2015-20 (est)
      • Figure 58: Domestic travellers at key holiday times in China, 2019-20
    • Winning segments
    • Domestic self-drive tours
    • What’s In?
    • Livestream powered travel inspiration
    • Accommodation brands extend service territory
    • The five-year outlook
      • Figure 59: Forecast for consumer expenditure on holidays, 2015-25
    • Key consumer trends to watch
  19. Personal finance and housing

    • What we think
    • Still positive but growth is slowing down
      • Figure 60: Consumer expenditure on personal finance and housing, 2015-20
    • Personal Finance
    • Housing
    • Winning segments
    • Health-related insurance is still the hot spot
    • The housing market is seeing growth significantly
      • Figure 61: Number of cities where house prices comparative grow month-on-month, January 2020-December 2020
    • What’s in?
    • Insurance embrace digital currency
    • The five-year outlook
      • Figure 62: Forecast for consumer expenditure on personal finance and housing, 2015-25
    • Key consumer trends to watch
  20. Miscellaneous

    • What we think
    • Growth in online services spending cannot offset the decline in offline services spending
      • Figure 63: Consumer expenditure on miscellaneous, 2015-20 (est)
    • Winning segments
    • Social pet-working-related services
    • Hospital-based consultancy and medication services
    • Demand for e-learning grow as more people invest in hobbies and career skills
      • Figure 64: Population of e-learning users and growth rate, June 2016-June 2020
    • What’s in?
    • New Ruipeng collaborates with Meituan to offer online pet medical service
    • Huawei upgrades smart products to support data-driven health and life management
    • Xueersi Online School implements emotional marketing to resonate with parents
    • The five-year outlook
      • Figure 65: Forecast for consumer expenditure on miscellaneous, 2015-25
    • Key consumer trends to watch
  21. The Consumer – Stronger sense of self-protection

    • Food safety is key
      • Figure 66: Most concerned factors in life, 2020-2021
    • Attention on pollution issues
      • Figure 67: Selected preferential actions from companies/brands, by age, 2021
    • Concerns over intrusion of privacy on the rise
  22. Emotional wellbeing gaining importance

    • Positive mindset aided people through difficulties
      • Figure 68: Biggest change in 2020, 2020
      • Figure 69: Biggest change in 2020, consumer verbatim, 2020
    • Music, shopping and exercising gaining popularity as ways to de-stress
      • Figure 70: Ways to de-stress, 2020- 2021
  23. Redefining life values

    • No longer simply focusing on the pay
      • Figure 71: Ideal job, 2020
    • Strong eagerness in participating in socially responsible activities
  24. Local brands gaining favour

    • National pride drives preference for Chinese brands
      • Figure 72: Attitude towards local brands, by income and city tier, 2020
      • Figure 73: Attitude towards local brands: proportion who “agree” or “strongly agree” I would like to buy Chinese brands to show support after the outbreak”, by family structure, 2020
    • Closer to the local community
      • Figure 74: Purchasing local/imported foods, 2020
      • Figure 75: Purchasing local/imported foods, by demographics, 2020
  25. Appendix – Methodology and Abbreviations

    • Methodology
    • Abbreviations
  26. Appendix – Market and Consumer Data

      • Figure 76: Total consumer expenditure (RMB bn), by market sectors, China, 2020-25
      • Figure 77: Year-on-year change of total consumer expenditure (RMB bn), by market sectors, China, 2021-25
      • Figure 78: Growth rate of GDP and by three major industries, China 2017-20
      • Figure 79: Changes of spending by selected market sectors (part I): % spent more, by month, 2020- 2021
      • Figure 80: Changes of spending by selected market sectors (part II): % spent more, by month, 2020- 2021
      • Figure 81: Selected grocery shopping channel usage (online), by month, 2020- 2021
      • Figure 82: Selected grocery shopping channel usage (offline), by month, 2020- 2021

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

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*databooks not available with UK B2B Industry reports.

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