Here comes the modern Chinese consumer | The Insight Files | Scoop.it

Despite concerns about economic growth, China's consumers keep spending. Yet McKinsey & Company's latest survey reveals changes in what they’re buying and how they’re buying it. Reflecting 10,000 in-person interviews with people aged 18-54 across 44 cities, McKinsey's report, The Modernisation of the Chinese Consumer, found that the days of broad-based market growth are coming to an end. Consumers are becoming more selective about how they spend their money, shifting from products to services and from mass to premium segments. They are seeking a more balanced life where health, family and experiences take priority. The popularity of international travel is astounding among Chinese consumers, as is their adoption of trends such as mobile payments. And despite many similarities, consumer behaviour can vary significantly among the country's 22 city clusters.