What you need to know
China’s GDP growth rate dropped to 6.2% for the first half of 2019, but total retail sales rebounded from the beginning of the second quarter. What’s more, about half of the total consumption was on services, which is not included in retail sales.
Nevertheless, Mintel has observed slow yet continuous weakening of consumer confidence, reflected in a more prudent spending sentiment as well as uncertainties about future financial status. As a result, value for money has become even more paramount in purchasing decisions.
Covered in this Report
This Report looks at macroeconomic circumstances, consumers’ changing financial status, spending confidence and priorities.
For the purposes of this Report, Mintel has used the following definitions:
Mintel divides consumers into three groups based on their monthly household income.
| Tier one cities | Tier two cities or below | |
| Low personal income | RMB2,000-6,999 | RMB2,000-4,999 |
| Middle personal income | RMB6,000-9,999 | RMB4,000-8,999 |
| High personal income | RMB10,000 and above | RMB9,000 and above |
