Six out of ten Chinese urban consumers (56%) want to live a happy family life; 46% of Chinese pursue a healthy lifestyle. According to the survey of Mintel, 39 percent of Chinese urban consumers want to travel.
The top five sectors with the highest growth rate in China remained unchanged in 2010-2019, including holidays (CAGR 18%), transportation (16.4%), over-the-counter drugs and pharmaceuticals (13.6%), catering services (13.1%), and personal finance and housing (12.9%).
Although the growth of most industries has gradually declined due to the slowdown of overall consumer spending growth, the beauty and personal care industry has maintained its growth trend since 2017, with an increase of 9.2% in 2019.
Spending fell in the first quarter as industries such as holidays and catering services require consumers to leave home and are likely to flock. Total consumer spending is expected to shrink by 5.6% by 2020.
Research shows that most consumer goods industries are gradually recovering, including dining out, clothing, beauty and personal care, as well as non-essential industries such as leisure and entertainment.
In the long run, China’s total consumer spending is expected to return to its pre-covid-19 level in 2021 and continue to grow at a compound annual growth rate of 7.3% from 2021 to 2024.
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