China Consumer Spending Sentiment – 2H Market Report 2022
£ 3,695 (Excl.Tax)
Description
“China’s economic development is facing pressure. On the one hand, there are lingering uncertainties regarding the domestic epidemic situation despite the recent relaxation of restrictive policies, and people’s short-term confidence has not yet rebounded. On the other hand, the international economic environment has also brought a lot of instability to business operators. The good news is that consumers’ long-term confidence holds positive. This, coupled with the government’s effort in stabilising the economy and driving consumption, will help the consumer market to maintain its vitality.”
– Blair Zhang, Senior Research Analyst
Covered in this Report:
- China’s economic performance.
- Changes in consumer spending confidence.
- Consumers’ financial status and priorities.
- Consumers’ retaliatory spending plans.
- Which ways to improve consumers’ finances.
Table of Contents
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Overview
- What you need to know
- Covered in this Report
- What you need to know
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Executive Summary
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- China’s economic development is under pressure
- Figure 1: Summary of key economic indicators, China, 2020-22
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- Figure 2: Year-on-year growth rate of consumer retail sales, by product/service type, China, 2022
- Figure 3: Growth rate of retail sales, by key sectors, 2019-22
- Consumer spending sentiment
- Consumers’ financial situations hold stable
- Figure 4: Current financial situation, 2016-22
- Salary and bonus are still the main sources of income
- Figure 5: The proportion of respondents who own the income, 2019-22
- Long-term confidence remains stable, while short-term one is slowly declining
- Figure 6: Confidence in improving future financial situation, 2019-22
- The trend of saving for medical emergencies continues to rise
- Figure 7: Financial priorities in the next 12 months, 2022
- Most consumers will spend in revenge, with domestic travel being the most desired
- Figure 8: Retaliatory spending behaviours, 2022
- ‘Cutting discretionary spending’ is now the priority, but consumers will not downgrade living standard
- Figure 9: Plans to improve financial situation after the outbreak is under control, 2022
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State of the Economy
- China’s economy has withstood pressure in 2022
- Figure 10: Quarterly growth of GDP in China, Q1 2000-Q3 2022
- PMI down to the contraction range in Q4 2022
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- Figure 11: Monthly Purchasing Managers’ Index, China, 2018-22
- Import-export volumes saw growth but still faced pressure
- Figure 12: Year-on-year growth in the total value of imports and exports, China, 2007-22
- Employment rate is under pressure but overall holds stable
- Figure 13: Monthly surveyed urban unemployment rate, China, 2018-22
- Figure 14: Monthly surveyed unemployment rate of urban youth aged 16-24, 2022
- Consumer prices rose moderately
- Figure 15: Consumer Price Index, China, 2000-22
- Disposable income grew steadily
- Figure 16: Growth of per capita disposable income (price-adjusted), China, 2019-22
- Retail sales are significantly affected by the short-term impact of COVID-19
- Figure 17: Year-on-year growth of total retail sales of consumer goods in China, 2018-22
- Figure 18: Year-on-year growth rate of consumer retail sales, by goods/service type, China, 2022
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- Figure 19: Growth rate of retail sales, by key sectors, 2019-22
- China’s economy has withstood pressure in 2022
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COVID-19 China Context and Impacts
- The Chinese government updated its COVID-19 control measures
- Accelerated shift to online retail among the “new elderly”
- Figure 20: User size and utilisation ratio of online shopping, 2020-22
- Cross-border ecommerce development stays on the fast track
- Figure 21: Cross-border ecommerce import and export scale and growth rate, 2020-21
- The Chinese government updated its COVID-19 control measures
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Current Financial Situation
- Consumers’ financial situations hold stable
- Figure 22: Current financial situation, 2016-22
- High income groups have relatively stable financial situation
- Figure 23: Current financial situation, by monthly personal income, 2019-22
- Saving willingness increased in tier 1 cities
- Figure 24: Current financial situation, by city tier, 2019-22
- Consumers’ financial situations hold stable
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Changes in Source of Income
- Salary and bonus are still the main sources of income
- Figure 25: The proportion of respondents who own the income, 2019-22
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- Figure 26: The proportion of respondents who increased their income, 2019-22
- 18-24 year olds increase part-time job incomes to tide over difficulties
- Figure 27: The percentage of respondents who own online part-time job income, by age, 2022
- Figure 28: The percentage of respondents who own offline part-time job income, by age, 2022
- Salary and bonus are still the main sources of income
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Confidence in Future
- Long-term confidence remains stable, while short-term one is slowly declining
- Figure 29: Confidence in improving future financial situation, 2019-22
- Low income groups are experiencing fluctuation in confidence
- Figure 30: Confidence in improving future financial situation – very confident and somewhat confident, by monthly personal income, 2019-22
- Long-term confidence remains stable, while short-term one is slowly declining
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Financial Priorities
- The trend of saving for medical emergencies continues
- Figure 31: Financial priorities in the next 12 months, 2022
- Elderly care gains continuous attention
- Figure 32: Financial priorities in the next 12 months ranked as ‘very important’, 2019-22
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- Figure 33: Financial priorities in the next 12 months ranked as ‘very important’ – saving for my older years, by age, 2021-22
- Females still find indulgence spending relevant
- Figure 34: Financial priorities in the next 12 months ranked as ‘very important’ and ‘important’– spending on self-indulgence, by gender, 2021-22
- The trend of saving for medical emergencies continues
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Retaliatory Spending Behaviours
- Most consumers plan to spend in revenge
- Figure 35: Retaliatory spending behaviours, 2022
- Domestic travel ranks the top on the retaliatory spending plan list
- Figure 36: Plan to travel domestically after the COVID-19 outbreak is under control, by location, 2022
- Females will lead the recovery of experiential spending
- Figure 37: Retaliatory spending behaviours, by gender, 2022
- Figure 38: The newest way to chillax among young females – ‘stove-boiled tea’, 2022
- Most consumers plan to spend in revenge
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Ways of Improving Finances
- Consumers prioritise ‘cutting discretionary spending’ to improve finances
- Figure 39: Plans to improve financial situation after the outbreak is under control, 2022
- Living standard will not be downgraded
- Figure 40: Survey results in 2020 and 2022 to reveal consumers’ plans of improving financial situations when the COVID-19 outbreak is under control, 2020 and 2022
- High income groups tend to expand investment while low income groups cut unnecessary expenses
- Figure 41: Plans to improve financial situation after the outbreak is under control, by monthly personal income, 2022
- Consumers prioritise ‘cutting discretionary spending’ to improve finances
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Appendix – Methodology and Abbreviations
- Methodology
- Abbreviations
- Methodology
About the report
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Market
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Consumer
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
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Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Data
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*databooks not available with UK B2B Industry reports.
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