By 2020, Chinese consumers will join the ranks of the world’s choosiest and most sophisticated consumers. In the March 2012 report “Meet the 2020 Chinese Consumer” Yuval Atsmon, Max Magni, Lihua Li and Wenkan Liao of McKinsey China contemplate the profile of the Chinese consumer in 2020.
“Most large, consumer-facing companies have long realized that they will need China’s growth to power their own in the next decade. But to keep pace, they will also need to understand the economic, societal, and demographic changes that are shaping consumers’ profiles and the way they spend. This is no easy task, not only because of the fast pace of growth and subsequent changes being wrought on the Chinese way of life, but also because there are vast economic and demographic differences across China. These are set to become more marked, with significant implications for companies that fail to grasp them. In the next decade, we believe yawning gaps could open up between companies that have similar sales turnover today but display different levels of focus on the best growth opportunities for the future.
Since 2005, McKinsey has conducted annual consumer surveys in China, interviewing in total more than 60,000 people in over 60 cities. The surveys have tracked the growth of incomes, shifting spending patterns, rising expectations sometimes in line with the respondents’ western counterparts and sometimes not—and the development of many different consumer segments. Those surveys now provide insights to help us focus on the future. We cannot, of course, predict it with certainty. And external shocks might confound any forecast. But our understanding of consumer trends to date, coupled with our analysis of the economic and demographic factors that will further shape these trends in the next decade, serve as a useful lens through which to contemplate 2020. We do not claim to paint a complete picture of the 2020 consumer. Rather, this report points to those traits likely to influence the way companies ride the next wave of growth in China’s consumer market.
We are an international experience design consultancy helping companies and organisations to innovate their products, services and processes by putting people and their experiences first.
Vaccine hesitancy is a top10 global health threat. Dealing with it successfully requires understanding it as a behaviour and generating a holistic view of people’s perspectives & ecosystems. This way we can identify the best opportunities for intervention. Here is Experientia’s position on vaccine hesitancy and our tailor-made support for the vaccine industry.
100&Change is a MacArthur Foundation competition for a $100 million grant to fund a single proposal that will make measurable progress toward solving a significant problem. 100&Change will select a bold proposal that promises real progress toward solving a critical problem of our time. And it will award a $100 million grant to help make […]
Then we are interested in hearing from you. We have several positions available for talented UX/UI and service designers who are passionate about creating world-class user experiences. Please see the job descriptions on our website for more information, and send us your CV with a cover letter statement about yourself, your experience, and what UX […]
Experientia is proud to have been a key participant at the Roche Innovation Summit, held at Roche headquarters in Basel Switzerland on 19 June 2018. Themed “Transforming the Healthcare Experience Together”, the summit aimed to galvanize the Roche community around the future transformation of healthcare and diagnostics. With 800 attendees from Roche and Genentech global […]
Hai una startup? Hai mai pensato ai benefici che potrebbe trarre dal Design Thinking? Questa è l’opportunità per scoprirlo! DesAlps Workshop #2: Il Design Thinking per la tua startup! Giovedì 28 giugno 2018 – dalle 9:30 alle 17:00 @ I3P | Corso Castelfidardo 30/a, Torino —– Nell’ambito del progetto europeo DesAlps, un team di esperti […]