1、Recover, restart and regrow: How consumer trends ignite transformation in Chinas New Retail 2020 Global Consumer Insights Survey China report Foreword So much has been said about the C-word these days. Hardly a day went by without news broadcasting cases of infection, jobless claims, business closur

2、es, and so on. Global supply chains were thrown off kilter following worldwide closure of production facilities. Even after China resumed capacity subsequently, new factory orders from overseas were halted while existing ones were hard to fulfil due to disrupted supply of intermediate products and r

3、aw materials. All these events took place against a rather unstable macro-economic backdrop. China-US trade tensions recently flared up with increases in tariff measures, airline bans, and other barriers. Aggregate demand weakened and oil prices continued to be volatile. Chinas total retail sales of

4、 consumer goods in the first half of 2020 declined by 11.4% year on year to 17.2 trillion yuan, according to National Bureau of Statistics. In the face of macro-economic headwinds, Chinese retailers are bearing the brunt of consequences as sales from brick-and-mortar shops plunged during the lockdow

5、n of major cities including Wuhan. The average Chinese consumers are left with an uncertain future; their worries include slower growth in living standards, job losses and lower incomes. 2| 2020 Global Consumer Insights Survey China report Figure 1: Business threats to organisations growth prospects

6、 cited by mainland China CEOs Availability of key skills Speed of technological change Real estate costs Supply chain disruption Volatile energy costs Supply chain disruption Cyber threats Changing consumer behaviour Availability of key skills Volatile energy costs 20192020 “Somewhat” or “extremely