Middle-class and affluent consumers (MAC) in smaller Chinese cities plan to spend more on products compared to last year while consumers in larger cities remain more cautious and selective, a new report has said.
Based on responses from 1,000 people in 12 cities, the Boston Consulting Group (BCG) found overall Chinese consumer sentiment has improved since last year, but it rose the most in lower-tier cities.
"Last year was the first time in recent history that more Chinese consumers wanted to cut spending than to increase it. This year, the balance has shifted back," said Youchi Kuo, an expert principal at BCG and a co-author of the report.
(Source: Warc.com)