China’s consumer market, second only to the US, is key to both domestic and international brands. While the buying behaviours of consumers in China have been well-documented, more recent shifts in consumer preferences in the wake of Covid-19 are less well-known. Our new study ‘Chinese consumers in 2021: how priorities in lifestyle consumption are changing’ seeks to investigate trends in buying behaviour that show a shift away from material goods towards more experiential spending.
Published in partnership with Accor, Bulgari, Maserati, Remy Cointreau, and Noblesse, we examine consumer lifestyle preferences among men and women across generations and cities and reveal some new trends that will define the Chinese consumer market in the coming years.
From having to being: how China’s consumers are shifting their priorities to align with personal development goals
Based on original research, the report reveals that new categories of growth are emerging and with them, new opportunities. In the post-pandemic economic environment, urban Chinese are focusing on experiences – whether they be fine dining, cultural events, sport, or further education – to enhance their lives.
Emerging from the pandemic with a new attitude towards spending
Three-quarters of survey respondents say their lifestyle consumption has changed since the outbreak of Covid-19. China was the first country to emerge from the pandemic and 2021 saw domestic tourism and food and beverage bounce back in a wave of pent-up demand. Where are consumers spending the most and how have their habits changed from the pre-pandemic era? What can consumer brands do to evolve with the changing needs of their target audiences?
Embracing the intangible
Luxury goods are taking a backseat to experience and wellness spending as consumers across all genders, generations and cities are shifting their spending habits on the intangible. Yet, each cohort has adopted their own preferences. How has this re-evaluation of lifestyle spending influenced each consumer profile? Which products and services are the most sought-after for each cohort and what spending trends are here to stay for the years to come?
Read our new report to discover the latest trends in consumer spending and learn what brands can do to keep up with these shifting priorities. Full report below.
Let’s talk luxury is the Mazars podcast series about how and why luxury brands are undergoing a business model makeover. In each episode, luxury experts discuss what’s happening in the sector, including authenticity, circularity, new customer cohorts and retail experiences worth posting about.
The luxury sector has always prided itself on offering consumers a chance to own pieces that are timeless and whose value and appeal will endure. But that doesn’t mean the way it produces and sells them should stay constant too. The luxury sector is at a crossroads and brands that carry on doing what they have always done risk falling behind. Our report, Conscious, collaborative, connected...