With the Chinese market still partially dominated by the Covid-19 pandemic, it is a complex exercise to research the profile of Chinese consumers this year, but this is precisely what the prestigious consultancy Accenture has recently done.
The conclusions are a set of valuable observations that we would like to share in a reduced format with our readers in this article.
Among other things, Accenture highlights:
- The cooling economy leads to greater sustainability: the propensity to consume and disposable income falls, so there is less and more thoughtful spending.
- 70% of Chinese still believe in hard work as a means to improve their lives, but family and health matter more than work.
- Price and functionality are determining factors in purchase decisions, but quality and brand are growing as decision factors as purchases are increasingly seen as investments.
- Tendency not to participate impulsively in shopping festivals, but to use them to execute previously planned purchases and put them in ‘favourites’ and/or ‘shopping baskets’.
- Increased tendency to buy Chinese brands.
- Increased appreciation of leisure time.
Finally, the study stresses that as consumers mature, they will spend less for the present and more for the future. The propensity to consume is falling, but there is more willingness to invest in health and insurance. www.accenture.com