- Contents
- *Overview
- What you need to know
- Key issues that covered in this Report
- Covered in this Report
What you need to know
In Q1 2021, GDP rebounded strongly at a growth rate of 18.3%, which has been the highest point since the quarterly GDP statistics were available in 1992. This ultra-high growth rate is based on the ultra-low base of -6.8% year-on-year growth in the first quarter of last year. Even so, the data still shows the strong momentum of China’s economic recovery.
After entering May 2021, a new round of local outbreaks occurred in Anhui, Guangdong and other places. China’s vaccination programme also accelerated significantly. Currently, vaccination numbers exceed 1 billion. China’s vaccine manufacturers are unlikely to encounter problems on the scale of production. Still, due to the impact of the spread of foreign mutant viruses back home, the constant renewing of research and development of vaccines will face challenges.
Continuous improvement in financial status since early 2021 has also seen a strong recovery in consumer confidence. Mintel’s data shows short-term confidence reached its highest point since the outbreak, while long-term confidence had almost recovered to pre-COVID-19 levels. Consumers have shifted their attention towards discretionary spending. The desire for luxury products, healthy lifestyle and fitness, as well as domestic travel surged as consumer confidence improved.
As the seventh national census data shows, the ageing trend of Chinese society has deepened. The business opportunities that followed are services and products for elderly consumers. The silver economy will drive the development and upgrade of many industries in the future (such as Medicare), wearable devices and various digital touchpoints designed especially for the elderly.
Key issues that covered in this Report
China’s economic performance since the outbreak
Consumer spending confidence changing during these years
Consumer segments are affected, and the difference in their financial priorities
Consumers’ spending preference on discretionary expenses
General attitudes on spending by consumers
Covered in this Report
This is a half-year Report that examines China’s macro-economic status, as well as consumers’ sentimental attitudes towards spending. It includes:
Macro-economic circumstances
Consumers’ current financial status
Spending confidence
Financial priorities in future
Discretionary spending activities
Attitudes towards spending on all walks of life
