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Survey: Chinese consumer sentiment during the coronavirus crisis

Chinese optimism has held roughly steady since early April.

Chinese consumers’ optimism about an economic recovery has held steady since early April, and the number of consumers experiencing a decline in income, savings, and spending in recent weeks has remained flat since the last survey. Chinese consumers expect to continue cutting back across many discretionary categories, though some categories, including gasoline and fitness and wellness, show signs of recovery. Chinese consumers have strongly shifted their purchasing to online channels and have been increasingly adopting and using digital activities, such as video chat and in-store self-checkout, some of which they intend to continue after COVID-19. Uncertainty about the duration of the situation remains the biggest concern for consumers, and most consumers expect that the impact of COVID-19 on their routines and finances will continue to last well beyond two months.

These exhibits are based on survey data collected in China from May 19–25, 2020. Check back for regular updates on Chinese consumer sentiments, behaviors, wages, spending, and expectations.

About the author(s)

Johnny Ho is an associate partner in McKinsey’s Shanghai office, where Cherie Zhang is a knowledge expert; Aimee Kim is a senior partner in the Seoul office and Cherry Anne Oracion is a specialist in the Tokyo office.

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