Mckinsey 2016 Report: Let You See Clearly The Trend Of Consumption In China.

As consumers become more sophisticated and more critical, the era of universal market growth is coming to an end.

Consumption patterns are changing from buying products to buying services, from mass products to high-end products.

Consumers began to seek a more balanced way of life - health, family and experience as the main concern.

When asked about future earnings expectations, 55% of respondents believe that their incomes will increase significantly in the next five years, down 2 percentage points from 2012.

Compared with the United States and Britain, the number of consumers who held this view in 2011 was 32% and 30% respectively.

It is interesting to note that, despite the overall economic downturn in recent years, the confidence of Chinese consumers has been surprisingly strong in the past few years.

Residents' incomes continue to increase.

At a low level of stability, Chinese consumers remain optimistic about the future.

When asked about future earnings expectations, 55% of respondents believe that their incomes will increase significantly in the next five years, down 2 percentage points from 2012.

Compared with the United States and Britain, the number of consumers who held this view in 2011 was 32% and 30% respectively.

While increasing expenditure,

Is also quietly changing.

Chinese consumers are more picky about where to spend their money, and the widespread fast market growth is no longer there.

Consumers began to increase spending on improving their quality of life and experience, such as SPA, tourism and entertainment.

More than 1/4 of consumers claimed to be willing to spend more money on entertainment.

Consumption upgrading is showing strong momentum and vitality, and the category of high-end products has increased faster than that of popular products and value products.

Consumption, especially food and beverages, is weak.

More and more Chinese consumers began to focus on a few brands, some of them further locking a brand.

Chinese consumers are not very willing to buy other brands outside their brands of concern.

For example

The proportion of consumers willing to choose non selective brands has dropped from about 40% in 2011 to less than 30% in 2015.

Chinese consumers gradually find that the increase of income and the improvement of living standards may affect the quality of life.

42% of consumers said it was more and more difficult to enjoy life, while 45% thought the pressure would be greater in the future.

This is reflected in a healthy diet, regular physical examination and health care, as well as sports fitness.

For more and more Chinese people, having a happy family is the cornerstone of success in life.

In recent years, in pursuit of social status and wealth, people are paying more and more attention to their families.

This trend has a profound impact on the consumer goods industry.

Although e-commerce is thrived, shopping and leisure experience (retailtainment) is attracting more and more attention.

2/3 of consumers said shopping and shopping is the best way to spend time with their families, up 21% compared with three years ago.

In 2015, outbound tourism in China exceeded 70 million people, averaging 1.5 times per person.

Shopping is a "reserved program" for Chinese consumers to travel abroad. 80% of consumers are shopping abroad, and nearly 30% of them even decide their destinations according to their shopping opportunities.

For the 70 million outbound Chinese, overseas travel accounts for 25% of their annual expenditure.

According to the composition of overseas consumption, travel related expenses account for half of the total, and the other half is spent on shopping.