If you want to ask Americans, is there still hope in China in 2023? The answers given by many Americans may really be beyond your expectations. As the end of the year approaches, research institutions such as Goldman Sachs and McKinsey are coming to predict the Chinese economy ag

If you want to ask Americans, is there still hope in China in 2023? The answers given by many Americans may really be beyond your expectations.

As the end of the year approaches, research institutions such as Goldman Sachs and McKinsey are here to predict the Chinese economy again. Let’s look at it today, how credible is the words of the United States?

Regarding this report by McKinsey, I once asked several American friends how they look. Their answers were surprisingly consistent. No one dared to say that before China adjusted its dynamic zeroing strategy for epidemics; now after the release, they are all optimistic.

Many people know that consumption is the top priority of China's economy and is also the key to China's economic recovery in 2023, because consumption is the source of the vitality of the economy, and no one buys things. How can we activate the economic market ?

So McKinsey's report is still very accurate in terms of timing and hot topics.

So, let’s look at what McKinsey said in the report, what are the five major trends in China’s consumer market in 2023, and how should we understand it?

1. The middle class continues to grow.

To be honest, when I first saw this title ranked first, I felt a bit nonsense, but after reading the content and thinking more deeply, this is the most important thing, and it is definitely not a saliva.

When explaining this, McKinsey said a particularly critical sentence: middle- and high-income families have seen double-digit growth, which has effectively promoted consumption growth.

After reading this sentence, do you feel like you are illuminating? Behind this sentence, there is a lot of information hidden. For example, we can see that McKinsey is very optimistic about the general trend of China's economy in 2023. Otherwise, where would middle- and high-income families grow, and double-digit growth? If China has a financial difficulty, it should be difficult for them.

You can compare it yourself. The middle-class family defined by McKinsey in the report refers to families with an annual income of more than 160,000 yuan, and this standard does not seem to be too high.

In any case, McKinsey obviously believes that China's economy will maintain a good growth momentum in 2023, which is the most important thing.

2. The high-end momentum continues

, which makes you feel more confident. During the three-year difficult period of the fight against the epidemic, many Chinese families have begun to shrink their spending and increase their savings deposits, not to mention high-end consumption. Where can I still have the confidence to buy it?

About this, McKinsey also has a very interesting saying. Although consumers are quite worried about the economic environment and personal income, in order to reward themselves, China's high-income groups will still favor higher-end brands in actual consumption.

So, we understand, the meaning behind this is that China's consumer confidence will be back in 2023, and consumption rebounds significantly.

3. The choice is wiser, consumption has not been downgraded

, it can be seen that McKinsey is still very artistic, and talks about two optimistic things, which is back.

Let's take a look at McKinsey's key description: they did not compromise when choosing brands and products, they just weighed more carefully and looked for discounts and promotions more actively.

To put it bluntly, this means that after three years of fighting the epidemic, consumption concepts have changed profoundly.

This is a nonsense, it would be strange if you don’t change.

4. Product is king

This is also about changes in consumption concepts. Impulsive consumption will decrease, and consumers will look more and more attentively at whether the product is good or not.

McKinsey said this: Consumers are smart and they know how to study the technical specifications of their favorite products on social media.

is similar to nonsense, but it implies another meaning. Whether you like it or not, the era of social e-commerce is really coming. Another meaning is that live streaming anchors, stop fooling consumers.

5. Local enterprises are winning the market

This is what everyone has seen, and it is the same as the rise of domestic products we talked about in recent years.

McKinsey's statement is that in recent years, Chinese consumers' preference for local brands has indeed accelerated. National pride is not the only driving factor. Today, domestic companies respond faster to trends and are closer to consumers.

OK, it's very well summarized and clearly seen. The summer of Chinese brands is coming, and it is a hotter summer than spring.

Overall, McKinsey's report is still very credible, but it is not very outstanding. However, this also shows from one aspect that we should have good expectations for 2023.