On December 19th, my colleagues at McKinsey are publishing their bi-annual survey of Chinese consumer behavior, “China consumer report 2020: The many faces of the Chinese consumer.” The report, based on a survey of 5,400 consumers in 44 cities, highlights how Chinese consumers are “bifurcating” in their spending behavior. One segment, what we call the “Young Free Spenders,” live in second and third tier cities and are spending generously like their first-tier city counterparts did not so long ago. These folks represent just 25% of China’s population but 60% of spending growth (2018 vs. 2017). This is the segment to watch. Then there are the “Discerning” and “Frugal” consumer segments who are tightening their belts in reaction to the economic slowdown. We also talk about the growing interest in products that support a healthier lifestyle, how homegrown Chinese brands are muscling into premium categories previously dominated by multinational brands, and Chinese tourists’ growing preference for smaller, self-guided excursions over the mass group tours that we tend to know them for. [Journalists only please: for a pre-publication embargoed PDF, please message me on LinkedIn or email: china@mckinsey.com ] #China #consumers #retailing #singlesday #economy …see more