Chinese consumers become more selective about where they spend their money, shifting from products to services, and from mass to premium segments; and they seeking a more balanced life, where health, family, and experiences take priority according to a recent McKinsey’s 2016 China consumer report.
55% of Chinese consumers were confident their incomes would increase significantly over the next 5 years, comparing with 32% of Americans and 30% of UK consumers 2011.
Chinese consumers are allocating more of their income to lifestyle services and experiences such as spas,
travel, and entertainment according to McKinsey. More than a quarter are planning to spend more on leisure and entertainment.
Chinese consumers are increasingly focusing their spending on trading up for premium products
over mass products; and, 50% seek the best and most expensive product.