McKinsey have recently released their China Consumer Report 2021 titled Understanding
Chinese Consumers: Growth Engine of the World which, as usual, offers some great insights and, at 158 pages long, is packed with relevant facts, data, statistics, graphs and ideas for the future. It’s well worth reading.
McKinsey China identify five key consumer trends for 2021:
Digital tools become increasingly popular solutions, expanding from B2C to B2B
2. Declining global exposure
Rising importance of domestic markets, technology, and capital.
3 Rising competitive intensity
Technology and agility drive winners to capture the lion’s share of industry value.
4. Consumers come of age
Consumers (especially the young) are becoming more prudent and health-conscious.
5. Private and social sectors step up
The private sector plays a stronger socio economic role, while the social sector rises.
There’s so much to read, and so many insights, but I think their final words sum up the way I feel about China in 2021 after reading this report: “Our clients often ask us, “What is the next China?” This special edition report makes one thing clear: There is no “next China”. China’s economy is unique, and is set to retain its preeminent role as the engine of global consumption growth post-pandemic. Companies will require a focused strategy if they wish to continue playing a part in what many would argue is the world’s most exciting consumer story”.