References: Raconteur publication | Future of Retail, Sourcing to Face ‘More of the Same’ Challenges in 2020, 10 Key Trends Set to Shape Apparel in 2020, McKinsey & Company | Annual State of Fashion Report Nov 2019 The first trend is digitization, with digital tools becoming increasingly popular solutions, expanding from business-to-consumer (B2C) to business-to-business (B2B), according to the report released Wednesday. Understanding which changes are likely to stick will help companies plan for the recovery. For example, there was a threefold increase in the number of craft breweries in China during 2016, according to the Economist. Consumer Electronics Market size valued at USD 1 trillion in 2019 and is estimated to grow at a CAGR of over 7% between 2020 and 2026. Industry Trends. #3. . These Were the 7 Biggest Consumer Trends in 2020 The pandemic caused seismic shifts across the retail sector, and those trends could continue well into 2021 and beyond. According to McKinsey, almost 80 percent of luxury sales are influenced by online, thus the importance for luxury brands to look at their digital strategy from a different angle, prioritizing innovative distribution channels. China Consumer 2020: The rise of the “Young Free Spenders” Published on December 18, 2019 December 18, 2019 • 161 Likes • 11 Comments McKinsey & Co. surveyed over 3,500 shoppers in the United States, the United Kingdom, China, Germany, and France for its 2020 Holiday Season report. According to McKinsey, the UK's real-time bank transfer network, Faster Payments, has seen an over 10% increase between Q4 2019 and March 2020. And when it comes to "the big and the bold," the top 20 players by economic profit in the fashion industry account for more than the combined economic profit of the entire industry. China's major manufacturing companies, such as XCMG and Sany, are all undergoing strategic digital transformations. We’ve done it all with the abiding belief that companies getting ahead of the trends can build their brands and offerings to fit a rapidly evolving set of consumer needs in China. Receive a complimentary copy of our full 2020 trends that are shaping Global Sourcing and Retail Supply Chains report by clicking the link below to download the full report. February 2020 | Shubham Singhal. TRL Editor's Pick - China Consumer Report 2021, a McKinsey view Part 1 Background This is a latest China consumer report 2021 after the COVID-19 challenge in 2020 to the China market and a forecast of new trends undergoing and to come in 2021 from McKinsey (see … The structure of consumption is changing In 2020, China’s per capita GDP will exceed $10,000, and its middle class will become the main force behind consumption. In 2020, we can see the huge impact that digital marketing has had over the last decade, and more. China Digital Marketing Trends: The Dominance of Short-Video Content . Consumer 2020 We live in times characterized by change and volatility, yet businesses we need to make investment decisions that will equip us to serve markets and consumers as … The demand for innovation to drive simultaneous improvement in health outcomes, affordability, quality, and access will continue to be high. Tapping into the Chinese “Silver-Economy” is one China digital marketing trend we expect to see both international and domestic brands taking advantage of in 2019. But the trend can also be seen in other consumer habits. 5: Paying Up for Premium Digital Content. Gordon Orr's predictions for the Chinese economy in 2020 look at what could happen with US-China relations, consumers, policy shifts, and more. Our new Digital 2020 reports – published in partnership with We Are Social and Hootsuite – show that digital, mobile, and social media have become an indispensable part of everyday life for people all over the world.. More than 4.5 billion people are using the internet at the start of 2020, while social media users have passed the 3.8 billion mark. Strategic digital storytelling. Frost & Sullivan’s new September 28, 2020 report, The Reshaping of Industries Caused by COVID-19, identifies nine global trends that will emerge as a response to Covid-19. Healthcare is an essential, dynamic, and opportunity-rich industry. This series of annual and biannual reports is based upon large sample surveys (10,000 respondents aged 18 to 65 across 44 … Looking at advertising alone, these eMarketer predictions show how the duopoly of Facebook and Google dominate paid media investments online, although offline media buys remain important for many larger brands.alfred. As the recent Mckinsey study in China suggests, consumers are likely to opt for online shopping even after the outbreak ends, especially for categories such as groceries and personal care. Group buying will become an efficient method for retailers to reach consumers from lower-tier cities in China, as it offers products at relatively low costs. Takeaways: The new State of Fashion 2021 report is based on two McKinsey fashion scenarios: a more optimistic “Earlier Recovery” scenario predicts that global fashion sales will decline by between 0 and 5 percent in 2021 compared to 2019, and a “Later Recovery” scenario would see sales growth decline by 10 to 15 percent next year compared… McKinsey’s most recent China Consumer Report, Double clicking on the Chinese consumer (November 2017), does not have food or meat consumption as its primary focus but nevertheless it is a rich source of information on how the Chinese consumers are changing. WASHINGTON, May 8 (Xinhua) -- As a result of the onset of the COVID-19 crisis, five trends shaping the Chinese economy have been accelerated, or "fast-forwarded," a recent report from McKinsey & Company has said. As consumer behavior changes from offline to digital, payment providers have been experiencing increased demand for instant transactions. Another recent McKinsey survey found that digital consumers drive 20 percent less after they begin using mobility services. Video “Navigating a world of disruption,” McKinsey Global Institute, January 2019 “A minute with the McKinsey Global Institute: Jonathan Woetzel on China’s digital economy,” McKinsey Global Institute, December 2017 “How digitization is changing world business,” Asia Society, December 2017 “This is only the beginning for China's explosive e-commerce growth,” Fortune, December 2017 On the contrary, a new survey by McKinsey principals Fang Gong and Daniel Zipser finds that Chinese consumers are spending on luxury items as well as services, and often do so when traveling abroad—where they sometimes find better prices. It delivers at China speed. Deeper and more nuanced understanding of Chinese consumers can help reveal fresh opportunities—for new entrants and incumbents alike—and signal those areas where established players may need to be more wary. Our projections suggest that these services could reduce annual private-vehicle sales by as many as 4 million vehicles by 2030, out of an … Advises Asian and multinational, consumer, retail and apparel companies on growth and performance, bringing deep expertise specifically on the Chinese consumer The research is a snapshot of some surprising shifts in consumer behavior that highlights the importance of adaptability and versatility. For more on what’s coming in retail in 2020, see the Coresight Research reports Retail 2020: 10 Retail Tech Startup Trends and Retail 2020: Five Forces, 10 Trends in Global Retail. As a result of the onset of the COVID-19 crisis, five trends shaping the Chinese economy have been accelerated, or "fast-forwarded," a recent report from McKinsey &Company has said. It decides in China: Its China CEO is a member of the Group Executive Committee, and L’Oréal has restructured its organization to enable better consumer centricity and fast adaptation to new digital trends in China. The McKinsey Global Fashion Index predicts that the fashion industry will continue to grow at 3 to 4 percent in 2020, at a slightly slower rate than the 3.5 to 4.5 percent estimate for 2019. As we look ahead, we suggest keeping an eye on the following seven trends: Business model transformation. Trend 1. What is clear is that the COVID-19 pandemic accelerated numerous industry trends, including a dip in demand, a substantial shift to digital shopping, a renewed consumer focus on social justice and fair treatment of garment workers, a diminished ability to rely on a buoyant travel and tourism sector to boost demand for fashion, and a need to adjust to consumers’ new “less is more” mindset. 1. The last part of the report lists key trends that define China’s Gen Z as a unique cohort of consumers. Megatrends 2020-2030 … what they mean for you and your business, ... As McKinsey says “the trend is your friend” … It’s the oldest adage in investing, and it applies to projecting future business performance too. China digital consumer trends in 2019 - McKinsey November 15, 2020 New research from a survey of 4,300 Chinese consumers suggests a path forward for … The Chinese consumer has become much more health conscious and more focused on value—although that doesn’t mean they want cheap products. Continuous investments by industry players in R&D for development of new consumer electronic products including smartphones, smart wearables, and home appliances will drive the market growth. More than ever, consumers in China are willing to pay for premium digital … While this trend began in 2018, we are confident it will continue well into 2019 and beyond. No. Euromonitor International is … ... China will be the new global superpower. Consumer behavior had to change radically in response to the COVID-19 lockdown. Purchase the Consumer Health in China country report as part of our consumer health market research for November 2020.
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