"Modernisation" of the Chinese consumer means behaviour is evolving at a rapid pace, according to McKinsey's 2016 China consumer report, with consumers becoming more selective about where they spend their money, shifting to services that help them live a more balanced, healthy and family-centric life, and from mass to premium products. Among the report's key findings, foreign brands continue to dominate the premium market while local brands are gaining market share in the mass market segment; although consumers increasingly purchase online, physical stores remain important with zero of those surveyed stating that shopping is an important way to spend time with the family; shopping is integral to overseas trips with 30% saying they base their travel destination on shopping opportunities; and Chinese consumers are adopting new products, services and retail experiences at an "astounding" rate, such as mobile payment penetration going from two-thirds to 25% of the population in just five years.
"Modernisation" of the Chinese consumer means behaviour is evolving at a rapid pace, according to McKinsey's 2016 China consumer report, with consumers becoming more selective about where they spend their money, shifting to services that help them live a more balanced, healthy and family-centric life, and from mass to premium products. Among the report's key findings, foreign brands continue to dominate the premium market while local brands are gaining market share in the mass market segment; although consumers increasingly purchase online, physical stores remain important with two-thirds of those surveyed stating that shopping is an important way to spend time with the family; shopping is integral to overseas trips with 30% saying they base their travel destination on shopping opportunities; and Chinese consumers are adopting new products, services and retail experiences at an "astounding" rate, such as mobile payment penetration going from zero to 25% of the population in just five years.