Chinese consumers, brands ‘cautiously optimistic’ on tourism and spending

According to McKinsey’s latest China brief, retail spending continues to be higher than pre-pandemic levels, despite talk of China’s economic slowdown

Aug 7, 2023

Travel, restaurants and apparel were the top categories consumers were spending on, the survey revealed. Fashion was a priority, given the nation’s full domestic reopening — consumers sought to add to their closets, with their social lives and outside activities resuming.

Key takeaways

  • Chinese domestic tourism in June was 7 percent higher than during pre-pandemic levels (in 2019), according to the report;
  • However, international travel in June was still 58 percent lower than pre-pandemic levels, though the number of outbound flights from China is “rising rapidly;”
  • McKinsey also states that China’s upper-middle-class will grow by an additional 50 million households to 200 million by 2025, meaning that disposable income will expand and continue to drive consumption over the next few years.

Get the full story at Jing Daily and McKinsey & Company

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