Between 2015 and 2023, the number of upper-middle and high-income households with annual disposable incomes of over RMB 170,000 (£18,250) in China rose from 34 million to 168 million. And in 2023, 34% of global GDP growth was from China alone.
While Chinese consumer confidence is still sluggish post-pandemic, further growth is inevitable from this hugely powerful and globally influential market. A recent McKinsey survey reveals that when compared to most other major consumer markets, China still has one of the highest rates of consumer confidence globally, higher than the UK, Germany and Japan.
New consumer trends are always emerging in China’s dynamic marketplace; amongst them, the rise of younger consumers outside of first-tier cities stands out as a great opportunity for international brands poised to capture this aspirational market. UK brands are still in a strong position to win the hearts of Chinese audiences who enjoy the UK’s heritage and quality offerings – should brands be savvy enough to package this heritage alongside local sentiments and successfully tell their story.
Despite economic uncertainty, Chinese consumers prioritise spending on lifestyle products and memorable experiences ahead of even some household essentials. With a new mindset emerging amongst Chinese consumer tribes towards discretionary spending, UK brands need to adopt a tailored approach to catering to these evolving needs. A granular understanding of the consumer subcultures and their aspirational lifestyle choices is essential to maximise the still boundless opportunities in the Chinese market.
New China Consumer 2024 speakers announced: JLR, Whittard of Chelsea, Brompton Bicycle, Diageo and more
Join CBBC in London on 14 October for China Consumer 2024 and hear the latest consumer insights from a range of knowledgeable speakers from WPIC, John Lewis, Jaguar Land Rover, Miller Harris, Melt Season, Jing Daily, Alibaba and Douyin, as well as leading KOLs Amy Zhong and James Smith, amongst many others.
Click here to explore the China Consumer 2024 speaker profiles
