I'm pleased to share our new report on Chinese consumer behavior, "China consumer report 2020: The many faces of the Chinese consumer." Although traditional drivers of China’s economy—investment, exports, and manufacturing—are struggling, consumers remain confident. After dipping in the second half of 2018, the Consumer Confidence Index hit a ten-year high earlier this year. This year’s Singles Day (also referred to as Double 11), for instance, was record shattering. Total sales on all platforms were up 31 percent over last year and reached 410 billion renminbi ($58 billion), far more than Cyber Monday’s and Black Friday’s online sales combined. The overall pace at which Chinese consumption has grown is almost hard to imagine: just a decade ago, most urban Chinese had enough money to cover basic needs like food, clothes, and housing. Today, half are living in relatively well-to-do households where they have ample funds for perks like regular meals out, beauty products, flat-screen TVs, and holiday travel (Exhibit 2) . In our report, authored by my colleagues Daniel Zipser , Felix Poh , Zhou Jia , and Johnny Ho , we look at the 5 trends shaping consumer behavior in 2020. Download a free PDF of the report: https://lnkd.in/fBUJnV4 #china #consumers
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