Chinese consumers remain cautious on loosening their purse strings, with many inclined to hunt for bargains amid a gloomy economic outlook, according to a joint study by global consultancy Bain & Co and market research firm Kantar Worldpanel, reports the South China Morning Post. The report showed that the average selling price of fast-moving consumer goods (FMCG) in mainland China fell 0.8% year on year in the first quarter, after Beijing shifted from its zero-Covid strategy to living with the virus.
The total spend on consumer goods grew 1.9% while volumes inched up by 2.7%, the report showed, without revealing absolute numbers.
“The price deflationary trend, which started in 2020, persisted in the first quarter of 2023, but became more divergent across categories,” Jason Yu, managing director of Kantar in Greater China, told a media briefing on Tuesday.
You must log in to post a comment.