There are five things you need to know about Chinese consumers especially in the Real Estate market. As the world watches the slowing economy in China, some are concerned that their consumers will stop spending. However a report from consultancy McKinsey & Co. conveys five takeaways that this will not be the case.
1) Chinese consumers are even more confident than USA consumers. Why is this? This is because Chinese are pretty confident their incomes will rise over the next five years – making them invest in much more than the USA consumer would. Less Americans believe their incomes will rise over the next 5 years.
2) Chinese love spending their money on adventure and experiences. They are not interested in staying at home and cooking home cooked meals, but instead they want to travel the world and enjoy services that cost money. A lot more money that staying in.
3) Chinese are now interested in purchasing their own brands instead of importing other foreign brands. Chinese brands have earned trust and consumer loyalty, therefore increasing consumerism within.
4) Chinese are spending more on everyday products, but higher quality products. Instead of purchasing the average products, these Chinese consumers are all about the top of the line products and brands. They are increasing their spending due to this trend of the best product they can find.
5) Chinese indulge in their health trend and therefore spend more money on qualify food that is healthy for them. Of course products like soda and carbonated drinks are losing ground but organic and healthy (expensive) products are taking over.
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