The Chinese mainland's consumer landscape is undergoing a significant transformation, with a pronounced shift towards service and experience spending. This trend was highlighted in consulting firm McKinsey's latest China Consumer Report, revealing the emergence of a more granular generation of consumers.
Daniel Zipser, senior partner at McKinsey & Company, shared insights from the report during his conversation with CGTN's Guan Xin. Zipser emphasized that the pivot towards services and experiences reflects changing consumer expectations in the new era. He highlighted industries poised for growth, including hospitality, entertainment, and digital experiences, which are set to benefit from this shift.
Furthermore, Zipser discussed the strategic adjustments Chinese businesses need to make to align with these evolving consumer preferences. Companies are urged to innovate and enhance their service offerings to meet the demands of a more discerning and experience-oriented customer base.
The report also sheds light on emerging trends shaping the service consumption landscape, such as the integration of technology in delivering personalized experiences and the increasing importance of sustainability in consumer choices. As the Chinese mainland continues to advance economically, the focus on service and experience consumption is likely to drive substantial growth and reshape the market dynamics.
Reference(s):
McKinsey: China's pivot to service and experience consumption
cgtn.com
