1、December 2022A Time of ResilienceGreater China Consumer&Retail Practice2023 McKinsey China Consumer ReportDaniel ZipserDaniel HuiJia ZhouCherie ZhangFollowing years of heady economic growth and rising consumer spending,recent macroeconomic pressures have sapped Chinese consumer sentiment.Stock marke

2、t sell-offs,declining property transactions,and mobility restrictions designed to slow the spread of COVID-19 clouded consumers outlook.Chinas consumer confidence index,a closely-watched number calculated by Chinas National Bureau of Statistics(NBS),dropped below 90 in in April,a record low(Exhibit

3、1).Historically high savers,Chinese consumers in 2022 doubled-down on their intent to put their money in the bank rather than spend it.According to McKinseys latest nationwide survey of Chinese consumers,58 percent of urban households indicated their desire to“put money away for a rainy day,”the hig

4、hest level since 2014,and 9 percentage points higher than in our previous survey conducted in 2019.Chinese consumers increased propensity to save their money rather than spend it has been evident in the rapid growth in savings deposits,which swelled by RMB 14 trillion during the first 9 months of 20

5、22(Exhibit 2).Despite these economic headwinds,and the decline in consumer confidence,Chinas economy continues to exhibit a certain level of resilience.Nominal disposable income per capita rose by 5.3 percent in the first nine months of 2022,according to NBS statistics.Urban unemployment held steady

6、 at 5.5 percent in September,comparable to pre-pandemic levels,and consumer price inflation rose by just 2.0 percent on average in the first nine months of 2022.A Time of Resilience2023 McKinsey China Consumer Report12023 McKinsey China Consumer Report:A Time of Resiliencepercent of urban households