Wealthy Chinese keep on spending while others cut back, survey finds [CNBC]
Estee Lauder Companies, Inc. (The) (EL)
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Source: CNBC
The divergence contrasts with 2019, before the pandemic, when “there was little differentiation in spending between the two groups,” the McKinsey analysts said. They noted an official measure of consumer sentiment in China dropped this year to an all-time low. Lockdowns and travel restrictions to control Covid outbreaks in China grew more widespread this year as the more contagious Omicron variant entered the country. A property market slump also dragged down the economy. However, more than a quarter — or 26% — of people with an annual household income above 345,000 yuan ($49,286), said they increased spending by 5% or more from last year, the survey found. Only 14% of that income group said they significantly cut their spending. The more affluent group continues to spend, while lower-income groups are more hesitant and hold spending decisions The trend reversed for those with far lower income, below 85,000 yuan a year. Just 12% said they increased spending, while 27% scale
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