Chinese consumers focus on family as gradual recovery lifts spend
The Chinese consumer market is facing more challenges than ever before but is also showing signs of recovery and resilience as the coronavirus situation improves, according to a new report from Mintel.
In mid-July, China’s National Bureau of Statistics (NBS) released preliminary accounting results for China’s GDP in Q2 2020 which showed the economy is on track to recovery. This recovery will be quicker than many other major global economies which have gone into lockdown at different stages in Q1/Q2 2020.
Ruyi Xu, Head of Mintel Reports, North Asia said that priorities on consumer goods categories represent key areas of consumer spending, and the coronavirus pandemic has made consumers more focused on their family and health.
Nearly six out of ten Chinese urban consumers (56%) want to have a happy family life and 46% seek a healthy lifestyle; meanwhile, 39% of Chinese urban consumers say that they want to travel after the outbreak, according to the research.
“The consumer habit of spending within their means and a more cautious attitude towards spending as a result of the coronavirus outbreak will push brands to consider new strategies to cope with the ‘new normal’. This will be mainly reflected in helping people find a balance in life and enjoy the quality and pleasure of life through small indulgence and embracing simple moments,” she added.