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The Chinese economy has slowed, leaving many brands worried that the country’s massive consumer base—which has been increasingly middle-class and able to afford more goods and services—will buy less of their products. But some categories still appear attractive, with shoppers in the country planning to spend more.
McKinsey and Co. found in September that consumers in China were most likely to say they would be spending more money in the next six months on food and beverages. More than two in five of those ages 18 to 50 who lived in tier 1 through 3 cities put food and beverages in their top three categories for increased spending.
Leisure travel and entertainment, including dining out, were tied for second place with 37% of respondents each.
After that, however, came investments, suggesting that most consumers in China are thinking less about buying new gadgets and more about spending on experiences—and savings. Overall, 49% of respondents said their household spending would go up slightly in the next six months, while 35% said they would up spending by more than 5%.
A disproportionate amount of that spending is likely to go toward digital purchases. Nearly two-thirds of digital buyers surveyed said they would be spending more via digital because prices were more competitive. Majorities also cited the wider range of items available online, along with the time savings that comes with shopping digitally.
The categories where digital buyers were most likely to up their internet spending were entertainment (52% would increase at least slightly) and food and beverage (also 52%).
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