Despite the gloomy news about the state of the Chinese economy, consumers continue to be surprisingly confident.
In fact, in a report published this week by McKinsey’s Consumer and Retail Practice, we found that Chinese consumers are spending more on products and services that are aimed at enhancing the quality of their lives like healthier food, entertainment, and trips abroad.
Nick Leung spoke about some of the findings from the report with Daniel Zipser, Yougang Chen, and Fang Gong. They’re partners in McKinsey’s Shanghai office who lead our consumer and retail work.
Nick is Managing Partner of McKinsey’s Greater China practice.