While the rest of the world continues to grapple with the impact of COVID-19, China has, so far, contained the virus and economic activity has rebounded, with recent statistics showing 4.9% GDP year-on-year growth in Q3. Chinese consumers, one of the key drivers powering this rebound, have regained confidence and are spending at levels seen before the outbreak of the pandemic. How can business leaders in China better understand how COVID-19 has impacted consumer behavior and attitudes? To help answer this question, we pulled together the latest research and front-line insights of McKinsey’s Greater China Consumer & Retail Practice, and combined that with rigorous macroeconomic research from the McKinsey Global Institute into our new report, “Understanding Chinese Consumers: Growth Engine of the World." We explore how the pandemic has reshaped the grocery retail, tourism, and luxury goods industries; we offer guidance on how to capture growth from social commerce and omnichannel marketing; and we share strategies for identifying new pockets of growth from China’s up-and-coming cohort of Generation Z consumers. https://lnkd.in/dJMZGUc #china #economy #consumers …see more