Five trends are reshaping China's consumer market. | 就是愛看書
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2天前—2023McKinseyChinaConsumerReport:ATimeofResilience...Historicallyhighsavers,Chineseconsumersin2022doubled-downontheir ...
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Following years of heady economic growth and rising consumer spending, recent macroeconomic pressures have sapped Chinese consumer sentiment. Stock market sell-offs, declining property transactions, and mobility restrictions designed to slow the spread of COVID-19 clouded consumers’ outlook.
China’s consumer confidence index, a closely-watched number calculated by China’s National Bureau of Statistics (NBS), dropped below 90 in April, a record low (Exhibit 1).
Historically high savers, Chinese consumers in 2022 doubled-down on their intent to put their money in the bank rather than spend it. According to McKinsey’s latest nationwide survey of Chinese consumers, 58 percent of urban households indicated their desire to “put money away for a rainy day,” the highest level since 2014, and 9 percentage points higher than in our previous survey conducted in 2019. Chinese consume...
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