In the coming decade, China is expected to offer $5 trillion consumption growth opportunities to retailers. There are six major consumer groups in China shaping the country’s consumption scale. 1, China’s domestic travel increased by 3% in 2021. Traveling would account for 19% of household consumption by 2030. 2, There are fifteen plus urban clusters in China that account for 90% of GDP growth. 3, 80% of Chinese consumers are ready to pay more to brands offering ethically-sourced products. 4, Senior shoppers of China are anticipated to increase online consumption to 50% by 2030. 5, 15% of Chinese single households are changing the consumption landscape. 6, 40% of the digital native generation spontaneously buys products to increase the consumption scale. Read more from Mckinsey

Following six Chinese megatrends are driving digital innovation in the coming years and guiding the executives to redefine their corporate strategy. 1, Omnichannel retail is integrated with social economy, on-demand economy, and retail supply chain to lead towards an innovational social landscape. 2, Chinese e-commerce is serving as a breakthrough in consumer adoption and is driving the digitization of services across multiple sectors. 3, The mobility revolution in China is leading towards innovation in software and providing creative opportunities to companies. 4, Chinese consumers are boosting digitization of social life as their social interactions enter virtual domains. 5, The industrial internet of things (IIOT) is onboarded to transform digital supply chain development, inventory management, and digital manufacturing. 6, China is digitizing its urban areas to establish integrated digital platforms. Read more from Mckinsey