Table of Contents
Executive Summary
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- Strong continuous recovery observed
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- Figure 1: Summary of key economic indicators, China, 2021
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- Figure 2: Monthly growth of total retail sales of consumer goods in China, 2018-21
- Impact on consumer spending
- Saving still being the rule
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- Figure 3: Current financial situation, 2016-21
- Salary remains the primary income source
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- Figure 4: Changes in source of income after COVID-19, 2020-21
- Confidence in future financial situation is steadily increasing, both long-term and short-term
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- Figure 5: Confidence in improving future financial situation, 2019-21
- Saving for children’s long-term plans is still a top priority
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- Figure 6: Financial priorities in the next 12 months, 2021
- Consumers are asking for tactile experiences
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- Figure 7: Discretionary spending activities in the last three months, 2021
- Changing attitudes towards spending
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- Figure 8: Attitudes towards monthly spending management, 2021
State of the Economy
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- The economy is steadily improving
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- Figure 9: Quarterly growth of GDP in China, 2000-21
- Manufacturing index continues to expand stably, while non-manufacturing index locate in a high active range
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- Figure 10: Monthly purchasing managers’ index, China, 2018-21
- Value of imports and exports rapidly grows
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- Figure 11: Growth in the total value of imports and exports, China, 2007-21
- Dropped unemployment rate indicates the stable employment situation
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- Figure 12: Monthly surveyed urban unemployment rate, China, 2018-21
- CPI remains generally stable
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- Figure 13: Consumer price index, China, 2000-21
- Disposable income keeps growing, especially in rural areas
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- Figure 14: Growth of per capita disposable income (price-adjusted), China, 2019-21
- Retail sales continue rapid recovery, especially online retailing
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- Figure 15: Monthly growth of total retail sales of consumer goods in China, 2018-21
- What happened in H1 2021?
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- Figure 16: The growth rate of retail sales by key sectors, 2019-21
COVID-19 China Vaccine Context
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- Update prepared on 22 June 2021
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- Figure 17: China’s COVID-19 vaccination status, 2021
- Figure 18: Activities participated in the last months, by COVID-19 vaccine condition, 2021
Consumption Trends
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- Silver economy (银发经济)
- Lazy economy (宅经济)
- Aesthetic Economy (颜值经济)
Consumer Financial Situation
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- Saving is still the rule
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- Figure 19: Consumers’ financial situation, 2016-21
- High-income groups take the lead in restoring savings
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- Figure 20: Consumers’ financial situation, by personal income level, 2019-21
- Tier 2 cities are the next to drive consumption
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- Figure 21: Consumers’ financial situation, by city tier, 2019-21
Changes in Income
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- Salary keeps the main income source
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- Figure 22: Changes in source of income after COVID-19, 2020-21
- Exploring additional income sources actively
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- Figure 23: Changes in source of income from online part-time job after COVID-19, by generation, 2020-21
- Venture investment becomes a popular way to manage wealth
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- Figure 24: Changes in source of income from investment products gains after COVID-19, by monthly household income level and city tier, 2021
Confidence in Future Financial Situation
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- Confidence is steadily increasing, both long-term and short-term
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- Figure 25: Confidence in improving future financial situation, 2019-21
- Savings impact confidence for future
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- Figure 26: Confidence in improving future financial situation, by current financial situation, 2021
- Tier 1 cities take the lead in growing strong confidence
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- Figure 27: Confidence in improving future financial situation, by city tier, 2019-21
- Individual economy is booming
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- Figure 28: Confidence in improving future financial situation, 2019-21
Financial Priorities
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- Saving for children’s long-term plans is still a top priority
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- Figure 29: Financial priorities in the next 12 months, 2021
- Consumers' attention shifted to big-ticket purchases as medical tension eased
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- Figure 30: Financial priorities remarked as ‘very important’, 2019-21
- Post-90s' consumption concept focus on themselves
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- Figure 31: Selected financial priorities in the next 12 months, by generation, 2021
Discretionary Spending
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- Cinema’s future opportunities in developing as leisure spaces
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- Figure 32: Discretionary spending activities in the last three months, 2021
- Consumers are asking for tactile experiences
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- Figure 33: Discretionary spending activities on domestic travelling in the last three months, 2021
- Accelerating transformation from ownership to quality
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- Figure 34: Discretionary spending activities on dined in high-end restaurant in the last three months, 2021
- Figure 35: Selected discretionary spending activities, by domestic traveller, 2021
- Danshari, as an ongoing trend, shows improved living standards
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- Figure 36: Discretionary activities on Danshari (cut off and abandon unnecessary stuff) in the last three months, by gender, age, family structure and city tier, 2021
Attitudes towards Spending
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- How to spend money – actual needs, instead of budget, lead consumption
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- Figure 37: Attitudes towards monthly spending management, 2020-21
- How to spend money – spending with credit may drive more indulgence spending
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- Figure 38: Attitudes towards advanced consumption, 2021
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- Figure 39: Attitudes towards shopping habits in shopping festival, by generation, 2021
- What they purchase – rising popularity of second-hand economy
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- Figure 40: Attitudes towards spending on best value-for-money product/service, by generations, 2021
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- Figure 41: Attitudes towards spending on second-hand products, by generations, 2021
- What they purchase – health is popular as the commonly stated value
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- Figure 42: Attitudes towards spending on products with healthy benefits, by monthly household income and family structure, 2021
Appendix – Methodology and Abbreviations
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- Methodology
- Abbreviations
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