Kantar China's 2023 Consumer Values and Attitudes Report shows that with the development of China's economy and changes in the macro environment, consumers' attitudes, behaviors and demand for products and services have shown new trends. Here's a breakdown of the key takeaways from the report:
Optimism about personal financesAccording to survey data, in the fourth quarter of 2023, 60% of Chinese consumers believe that their personal financial situation is optimistic, and the proportion of optimism in first-tier cities (71%) is relatively higher, and this optimism has generally increased since 2020. At the same time, in the face of global economic uncertainty, consumers pay more attention to the conservative and rational consumption concept of financial management.
Environmentalism is heating up: The urban genz population shows a strong sense of environmental protection, not only paying attention to environmental protection, but also practicing a sustainable lifestyle in practical actions. More than 60% of respondents expressed a willingness to actively participate in things that benefit the environment, and agreed with their ESG (environmental, social and governance) practices.
Socio-cultural value orientation: Both Urban Genz and the other eight major consumer groups have shown confidence in Chinese culture and an open and inclusive attitude. They embrace diverse cultures and values, and actively engage in philanthropic interactions to achieve identity and self-expression.
The pursuit of health and happinessUnder pressure, consumers are increasingly focusing on physical and mental health, and seek a balanced and harmonious life by cultivating new hobbies and exploring new things. Urban Genz is particularly concerned about maintaining a calm, organized mindset and finding ways to relax and entertain outside of work, such as shopping and emerging health**.
Relationships and intimacy: Urban Genz is socially active, eager to expand her network and maintain high-quality intimate relationships, especially with her parents and partner. They want to be respected and understood, but they also actively take on social responsibilities, including contributions at home and in the workplace.
Career and work attitudeIn the face of economic slowdown and job market anxiety, Urban Genz pays more attention to realistic stability and growth, and looks forward to job opportunities with generous salaries and superior benefits. They are constantly learning and improving, and they also want to be recognized for their work achievements.
Consumption outlook and shopping behavior: In the field of consumption, Urban Genz shows obvious rational consumption characteristics, attaches importance to ** is more important than brand, and likes personalized, distinctive limited edition or customized goods. They prefer to obtain product information through Internet platforms, and mainly shop through e-commerce platforms, short ** platforms and live broadcast rooms, and will pay attention to ** activities when shopping, and will also "chop hands" consumption in order to reward themselves.
Category penetration and channel preference: The food category has the highest penetration rate at 88%, followed by beverages and personal care and beauty. For the choice of shopping channels, the combination of online and offline has become the mainstream, and consumers not only use **, brand e-commerce*** and other channels, but also patronize small and medium-sized supermarkets, beverage stores and other physical stores.
On the whole, Chinese consumers in 2023 embody the characteristics of diversity, pragmatism, environmental protection and health in their values and attitudes towards life, especially in the younger generation of urban genz, whose consumption needs and purchasing behaviors are influenced and driven by these values, reflecting a more mature, rational and quality-of-life consumption scene in the new era.