《奥纬咨询:中国消费复苏-2023年及以后中国消费市场将有哪些新的变化(英文版)(43页).pdf》由会员分享,可在线阅读,更多相关《奥纬咨询:中国消费复苏-2023年及以后中国消费市场将有哪些新的变化(英文版)(43页).pdf(43页珍藏版)》请在三个皮匠报告上搜索。
1、A business of Marsh McLennanChinas consumption recoveryWhat to expect from Chinese consumers in 2023 and beyondJanuary 2023 edition2A REAL CHINA ROLLERCOASTER3 3A ROLLERCOASTER RIDE FOR CHINA IN THE PAST YEARS,ESPECIALLY IN 2022Source:National Bureau of Statistics,National Health Commission,Governme
2、nt Office2020 Wuhan outbreak-3.9%yoy decline in retail sales+31.0%yoy growth intotal domestic travel spending2021 Normalization2022 City-wide lockdowns(Mar 2022 Nov 2022)Shenzhen:MarShanghai:Apr May Beijing:May JunGuangzhou:NovZero-COVID Policy Relaxation&Massive COVID outbreak(Nov 2022+)?Dec 7:Publ
3、ic places stopped checking the Health CodeDec 26:Announcement of border control relaxationJan 6:Henans COVID infection rate reached 89%Jan 8:Border reopening with reduced COVID measures+13.7%yoy growth in retail sales4 4HUGE LOSS IN CONSUMER CONFIDENCE AND SPENDING IN 2022-0.2%yoy decline in 2022 re
4、tail spending-3.1%yoy decline in 2022 discretionary spendingDive in consumer confidence Slow down in retail spendingRecord low at 85.5in November 2022Beijing-6%(JanNov 2022)Shanghai-9%(JanNov 2022)Consumer Confidence Index1(NBS)124.6119.5121.2118.487.587.486.885.52022 Q32022 Oct20192022 Q
5、22 Q22022 Nov1.Range from 0-200,100 means optimistic;weighted average based on consumer satisfaction of current employment and financial condition and expectation of future 6-month conditionSource:National Bureau of Statistics5 5ACHIEVING 3-5%GDP GROWTH IN THE NEW ERA WILL REQUIRE MUCH GREATER FOCUS
6、 ON DRIVING DOMESTIC CONSUMPTIONThe development of China real GDP12010-2030F,%Market realities20202001620182022F2024F2026F2030F2028F7%11%8%7%7%2%8%Emerging ChinaThe“New Normal”COVID period“Chinese Modernization”Focus on growth rateHighly reliant on infrastructure investment and export-ori
7、ented strategyto spur growthMore balanced growthdual circulation focusing on domestic consumptionNet ExportInvestmentConsumption3-5%Contribution to GDP(%)20212030c.59%(+5%pt)Deglobalization and trade protectionism54%Slowdown of investment in infrastructureSupporting domestic consumption via economic
8、 policyc.39%(-4%pt)43%c.2%(-1%pt)3%1.Historical data from National Statistics Bureau,Projection data integrate Fitch,IMF,World Bank,Asia Development Bank,CEBR,OCEDSource:National Bureau of Statistics,Fitch,IMF,World Bank,Asia Development Bank,CEBR,OCED,Morgan Stanley6 6WE DID A PULSE CHECK ON CHINES
9、E CONSUMER SENTIMENT AND SPENDING EXPECTATIONS IN OCTOBER AND DECEMBEROW Sentiment Index Sample sizeNBS Consumer Confidence IndexCurrent Conditions Future ExpectationsOctober:c.4,000 samplesDecember 22-26:c.400 samplesDecember 26-31:c.1,100 samples Current Sentiment Index:current personal/family fin
10、ancial conditions compared to 1 year ago 1-year Sentiment Index:expected personal/family financial conditions&country development in 1 year 5-year Sentiment Index:expected country development in 5 yearsOver 6,000 samples Satisfaction Index:current employment situation,financial conditions&consumptio
11、n willingness Expectation Index:expected employment situation&financial conditions in next 6 monthsIndexAggregate of current,1-year and 5-year index=100An average of satisfaction&expectation index7 7KEY QUESTIONS TO DISCUSS TODAYWhat is the outlook of China consumer market in 2023?How have Chinese c
12、onsumers shopping behaviors changed?How quickly will travel return?What is the role of Hong Kong?8RESILIENCE OF CHINESE CONSUMERS9 9VERY FEW CONSUMERS ARE POSITIVE DURING THE MASSIVE CURRENT COVID OUTBREAK20%67%14%21%45%34%NegativeNeutralPositiveOctober 2022December 2022OW current consumer sentiment
13、 index8167(-14)Question 1:Would you say that you(and your family living there)are better off or worse financially than you were a year ago?Aggregated index of current,1-year and 5-year of October 2022 basedlined to 100;N=4,000(Oct)&1,500(Dec)Source:Oliver Wymans consumer survey October 2022&December
14、 20221010ALL INCOME GROUPS ARE WORRIED AT THE MOMENTOW consumer sentiment index Current index1by city tiers and income groupsMonthly household incomeTier 1Tier 2Tier 3+Above RMB 30K949298RMB 10K-30K828083Below RMB 10K868079Question:Would you say that you(and your family living there)are better off o
15、r worse financially than you were a year ago?Aggregated index of current,1-year and 5-year of October 2022 basedlined to 100;N=4,000(Oct)&1,500(Dec)Source:Oliver Wymans consumer survey October 2022&December 2022Monthly household incomeTier 1Tier 2Tier 3+Above RMB 30K787067RMB 10K-30K696773Below RMB
16、10K627266October 2022December 20221111DESPITE A DECLINING CURRENT SENTIMENT,THEY SEE LIGHT AT THE ENDOF THE TUNNEL AND FAR LESS ARE WORRIED ABOUT THE FUTURECurrent5-year1-yearOW consumer sentiment index35%59%6%21%45%34%PositiveNeutralNegativeDec67Dec105Dec106Question 1:Would you say that you(and you
17、r family living there)are better off or worse financially than you were a year ago?Question 2:Do you think that a year from now you(and your family living there)will be better off financially,or worse off,or just about the same as now?Question 3:Do you think that during the next 12 months well have
18、good times financially,or bad times,or what?Question 4:Do you think China as a whole will have continuous good times during the next five years or so,or that we will have periods of widespread unemployment or depression,or what?Aggregated index of current,1-year and 5-year of October 2022 basedlined
19、 to 100;N=4,000(Oct)&1,500(Dec)Source:Oliver Wymans consumer survey October 2022&December 202224%10%65%39%55%6%20%66%14%41%53%7%Oct81Oct101Oct1091212THE MAJORITY OF CHINESE CONSUMERS EXPECTS TO INCREASE SPENDING IN 2023Consumers expectation of 2023 spending vs.202217%18%22%26%61%56%MoreOctober 2022D
20、ecember 2022LessSameQuestion:How do you think your overall consumption spending level will change in 2023 compared to this year?N=4,000(Oct)and 1,500(Dec)Source:Oliver Wymans consumer survey October 2022&December 202249%are investing in a better lifestyle44%have savings because of reduced 2022 spend
21、ing27%expect to be financially better offReasons for increased spending level13KEY SPENDING TRENDS FOR 2023WE EXPECT TO SEE MORE RATIONAL SPENDINGBuy when they need it and less impulseIncreasing focus on value for moneyMore calculated premiumizationGrowing popularity of Chinese brands15CONSUMERS SPE
22、ND MORE RATIONALLY WITH LESS IMPULSE PURCHASESConsumers self evaluation%of respondentsCompared to one year ago,I tend to spend:MORELESS_ likely because I really need it_ onImpulse purchases+58%-12%-65%+14%N=1,500Source:Oliver Wymans consumer survey December 202216VALUE-FOR-MONEY BECOMES MORE CENTRAL
23、 TO PURCHASE DECISIONSConsumers self evaluation%of respondentsCompared to one year ago,I:%of respondents more focused on value-for-money for each category%of respondents who consumed before Monthly household incomeSkincarePackaged foodAbove RMB 30K+62%+61%RMB 10K-30K+47%+51%Below RMB 10K+41%+51%52%A
24、m More Focused on value-for-money57%Spend more time to look for good dealsQuestion:For these categories,considering your spending next year,will you be more or less focused on value for money compared to now?N=1,500Source:Oliver Wymans consumer survey December 202217STILL ROOM FOR FURTHER PREMIUMIZA
25、TION,BUT MAINLY AMONG HIGHER INCOME GROUPSConsumers self evaluation%of respondents stating more or lessWillingness to premiumizeby category%of respondents who consumed before+33%+11%+1%RMB 10K-30KAbove RMB 30KBelow RMB 10KMonthly household incomeQuestion:For these categories,considering your spendin
26、g next year,will you be increasingly more willing to pay a higher price for a premium,better quality products?N=1,500Source:Oliver Wymans consumer survey December 2022SkincarePackaged food+21%+31%+8%+18%-1%+10%Compared to 1 year ago,I am more willing to pay a premium for a product if I see a real be
27、nefit18LOCAL BRANDS CONTINUE TO GAIN POPULARITYConsumers self evaluation%of respondents stating more or lessCompared to 1 year ago,I am more into local brands14%11%10%14%43%45%42%52%43%44%47%34%Baby BoomersThe sameGen ZGen XMillenialsMore+29%Less+33%+37%+20%N=1,500Source:Oliver Wymans consumer surve
28、y December 2022NetGROWTH IN WELLNESS SPENDING,MORE CHALLENGING FOR LUXURY&DISCRETIONARYFocus on personal health and wellnessLess spending on discretionary itemsLuxury spending repatriate to traveling2020Baby BoomersGen XMillennialsGen ZHealth,sports&wellness(+31%)Health,sports&wellness(+48%)Health,s
29、ports&wellness(+61%)Dining(+55%)Leisure travel(+21%)Leisure travel(+35%)Leisure and entertainment(+41%)Health,sports&wellness(+45%)Dining(+21%)Dining(+31%)Packaged food and beverage(+39%)Leisure travel(+45%)Packaged food and beverage(+16%)Packaged food and beverage(+29%)Dining(+38%)Leisure and enter
30、tainment(+38%)Leisure and entertainment(+13%)Leisure and entertainment(+29%)Leisure travel(+37%)Skincare and cosmetics(+30%)Fashion and accessories(+9%)Fashion and accessories(+23%)Fashion and accessories(+22%)Fashion and accessories(+27%)Home appliances(-3%)Home appliances(+10%)Skincare and cosmeti
31、cs(+21%)Packaged food and beverage(+25%)Skincare and cosmetics(-3%)Skincare and cosmetics(+2%)Home appliances(+14%)Home appliances(+9%)Pet and petcare(-10%)Pet and petcare(-1%)Pet and petcare(+1%)Pet and petcare(+6%)Luxury fashion(-26%)Luxury fashion(-11%)Luxury fashion(-16%)Luxury fashion(-17%)HEAL
32、TH,SPORTS&WELLNESS,AND TRAVEL ARE ON TOP OF THE 2023 SPENDING LISTCategories with spending increase in 2023 by age group%of respondents who will spend more minus%of respondents who will spend lessImprove personal wellbeingSocialize and look good HighestLowest57%of consumers expect to reduce discreti
33、onary spending in 2023Question:Will you likely spend more or less in 2023 compared to this year on these categories?N=1,500Source:Oliver Wymans consumer survey December 20222121FITNESS AND PREVENTIVE SERVICES BENEFIT FROM INCREASINGLY HEALTH-CONSCIOUS POPULATIONCategories with expected increase in h
34、ealth and wellness spending in 2023%of consumers expecting increasing health and wellness spending55%52%28%27%20%18%17%17%13%9%TreatmentMental health related activities(e.g.meditation)Preventive health services(e.g.medical checkup)Sports club membership(e.g.gym,yoga club)Virtual care,tracking app an
35、d home testSports activities(e.g.water sports,ski)Mental health services(e.g.counselling)Beauty and medical aestheticsSports and fitness equipmentWearable technology(e.g.health trackers such as FitBit)Question:In what categories do you expect your health and wellness spending will increase in 2023?N
36、=857Source:Oliver Wymans consumer survey December 20222222RECENT COVID OUTBREAK DROVE MORE CONSUMERS TO CONSIDER HEALTH INSURANCE AND TO INCREASE COVERAGEConsumers expecting to increase spending in health insurance%of respondents considering increasing health,sports&wellness spending32%October 20224
37、7%December 202216%40%44%Considering reducingcoverageMaintain coveragePolicyholderConsidering increasingcoverage9%29%62%Plan to buyNon-policyholderMore interestedthan beforeNo intention to buyAttitude towards health insurance%of respondents,December 2022Question:In what categories do you expect your
38、health and wellness spending will increase in 2023?N=1500Question:Has the pandemic changed your view on buying health insurance?N=1500Source:Oliver Wymans consumer survey October 2022&December 202223MANY CONSUMERS ARE CONSIDERING BUYING LIFE INSURANCE TO PROTECT THEIR FAMILIES,ESPECIALLY AFTER COVID
39、 RECOVERYQuestion:Has the pandemic changed your view on buying life insurance?%of respondents18%8%20%20%63%71%Not infectedRecoveredNo intention to buyPlan to buyMore interested than before12%18%45%31%43%51%Not infectedRecoveredConsidering increasing coverageMaintain coverageConsidering reducing cove
40、rageNon-policyholdersPolicyholdersNon-policyholders N=915;Policyholders N=585Source:Oliver Wymans consumer survey December 20222424INTEREST IN BUYING INSURANCE IN HK WILL TAKE TIME TO RECOVERPreferred channel for insurance products%of Mainland Chinese Hong-Kong bound travellers1with existing policy
41、or with interest in insurance products63%30%4%2%0%Agents in ChinaBanks in ChinaDigital channelsBank in Hong KongAgents in Hong KongQuestion:What is your preferred channel for buying insurance products?N=3781.Respondents who are planning to visit Hong Kong in 2023Source:Oliver Wymans consumer survey
42、December 2022If travel resumes to 2018 level,this represents 150K+potential insurance customers2525NEW LUXURY SHOPPERS,ESP.GEN Z,CREATED THE MIRACULOUS REBOUND IN LUXURY SPENDING IN 2021Source:Oliver Wymans“The new faces of Chinese luxury shoppers 2021”1.5 MNluxury spenders in 202150%first bought lu
43、xury products in 2021of which,40%were Gen Z(below 25 y.o.)which contributed to 30%of total spending and 80%of growth in 2021181 BN RMB2020266BN RMB2021China domestic luxury market 40%26262021 RAPID LUXURY GROWTH WAS PARTLY FUELED BY SAVINGS FROM LOWER TRAVEL SPENDING,AND THIS MIGHT REVERSE IN 2023In
44、 202353745-15%+12%+18%+12%31-Oct31-Dec106-624-26-11-16-17-36%-17%-10%-41%Leisure travelLuxury fashionI used to travel abroad a lot in the past.But now I cannot travel due to the COVID policies.So I have more money to spend and I started buying luxury products this yearNew luxury shopper,f
45、emale,25,ShanghaiSpending expectation in 2023%of respondents who will spend more minus%respondents who will spend lessBaby BoomersGen XMillennialsGen ZWith the recovery in leisure travel,more consumers are switching the spending back from luxury to travellingQuestion:Is it likely that you will spend
46、 more or less in 2023 compared to this year on the following categories?N=1,500Source:Oliver Wymans consumer survey October 2022&December 2022,Oliver Wymans“The new faces of Chinese luxury shoppers 2021”OFFLINE TRAFFIC WONT FULLY RECOVERSlow recovery of offline trafficPinduoduo and quick commerce pl
47、atform continue to growTmall and JD still very relevant to affluent group2828WITH MORE PEOPLE RECOVERING FROM COVID,MORE PEOPLE ARE COMFORTABLE TO GO OUTQuestion:Have you been actively isolating yourself because of the current COVID wave?%of respondents18%25%75%54%20%7%31-Dec26-DecNo,I go out like I
48、 used doYes,I do not go out unnecessarilyYes,I am totally avoiding going outN=1,500Source:Oliver Wymans consumer survey December 2022Question:When do you think you would feel comfortable about going out again?%of respondents10%22%15%27%10%14%29%22%36%15%26-Dec31-DecAfter I have had COVID and recover
49、ed from itI will not feel comfortable going out for most of the yearIn a few monthsIn a few weeksI am already feeling comfortable2929QUICK RECOVERY OF METRO RIDERSHIP IN THE LAST FEW WEEKS SHOWS INCREASING WILLINGNESS TO GO OUTWeekly metro ridership trajectory for top cities since Dec 2022Passenger
50、times index to the same week last year as 100Source:Wind,Oliver Wyman analysis00150Dec 12-18Dec 19-25Dec 5-11Dec 26-Jan 1Jan 2-8Jan 9-15BeijingShanghaiShenzhenGuangzhouChengduWuhanMassive outbreakIndex to 20213030MORE CONSUMERS EXPECT TO INCREASE THEIR ONLINE SPENDING SHARE,AND STORE TRAF
51、FIC MIGHT NOT FULLY RECOVERNet%respondents who would spend more in the channel%of respondents who will spend more minus%of respondents who will spend less+21+19+9-8-11Department storesShopping mallsHigh street storesSupermarketConvenience storesQuestion:you expect online or offline will take a highe
52、r portion in 2023 vs.2022 in your overall spending?N=1,500Question:Compared to last year(2021),do you expect you will shop more or less frequently in these locations in 2023?N=1,500Source:Oliver Wymans consumer survey December 2022453223OfflineThe sameOnlineQuestion:Do you expect online or offline w
53、ill take a higher portion in 2023 vs.2022 in your overall spending?%of respondentsWe expect store rationalization to continue with elimination of low-performing locations3131TMALL&JD ARE STILL KEY TO AFFLUENT CLASSES;QUICK COMMERCE&PINDUODUO WILL PLAY A KEY ROLE FOR LOWER INCOME GROUP Net%respondent
54、s planning to spend on different channels%of respondents who will spend more minus%of respondents who will spend lessMonthly household income RMB 10KRMB 10K 29KRMB 30K+CommentsTmall flagship storeRemains highly relevant to higher income groupsJD flagship storeQuick Commerce Platform(e.g.Meituan,Hema
55、)Rapidly growing platform across all income groupDouyin/KuaishouWeChat mini-programMore relevant to affluent classes as usually higher end products/brands invest in mini-program3rd party Tmall/JD merchantsPinduoduoExtra important for lower income groups due to value-for-money propositionBrands offic
56、ial websiteRemains a challenging sales channel14%10%25%20%-4%4%20%-12%Question:Compared to this year(2022),will these channels take a higher or lower share of your retail spending next year(2023)?N=1,500Source:Oliver Wymans consumer survey December 202231%26%26%15%2%8%5%-9%47%47%36%25%21%16%5%1%32TR
57、AVEL IS BACK ON THE AGENDA AND HONG KONG HAS A LOT TO WIN33332022 HAS BEEN A DREADFUL YEAR FOR ANY TYPE OF TRAVEL2022 Jan Sep domestic travel1-22%vs.2021-54%vs.20192022 Jan Sep domestic travel spending-27%vs.2021-60%vs.20192022 Jan Sep international travel1,2-84%vs.20191.Person time;2.Including busi
58、ness and leisure travel,arrival and departure;3.Macaus China inbound travellers was down 24%vs.2021Source:Ministry of Culture and Tourism,National Immigration AdministrationHong Kong:-99%Macau:-82%3(Jan-Nov)Hainan:-27%(Jan-Nov)Hainan:-24%(Jan-Nov)3434INTERNATIONAL TRAVEL WILL STILL BE LIMITED DURING
59、 THE UPCOMING CHINESE NEW YEARTravel plans for Chinese New YearQuestion:Do you plan to travel(leisure or family visit,not for business)during Chinese New Year?N=1,5001.Survey was done in March 2020 about previous travel plan during Chinese New Year 2020.Question:Where did you plan to go during Chine
60、se New Year.N=1,000Source:Oliver Wymans traveller survey 2020,Oliver Wymans consumer survey December 202281%10%9%LeisureDo not plan to travelFamily visit88%12%DomesticHong Kong,Macau&International76%24%2020 Chinese New Year12023 Chinese New Yearvs.67%are Hong Kong bound3535FEAR OF COVID INFECTION IS
61、 STILL HOLDING BACK MANY FROM TRAVELLINGReasons for not traveling during Chinese New Year 77%28%20%16%13%3%Not interested in travellingUnable to find a ticketFear of potential sudden changes in policiesCOVID risk for my travel partyDo not have timeToo costlyQuestion:Why will you not travel during Ch
62、inese New Year?N=1,178Source:Oliver Wymans consumer survey December 202226-Dec31-DecDelta87%74%-13%pt.27%29%+2%pt.17%20%+3%pt.28%12%-17%pt.6%15%+9%pt.5%3%-2%pt.Recent recovery from COVID has lessened concern,but it remains as the top reasonLatest recoils in COVID entry policy,e.g.,Japan,creates unce
63、rtaintyRight after border reopening announcement3636BEIJING IS THE KEY DOMESTIC DESTINATION FOR THIS CHINESE NEW YEAR,FOLLOWED BY HAINAN(#1 IN 2019)Top 3 domestic destination for leisure travel during Chinese New Year%respondents domestic leisure travel plan(excl.family visit)during Chinese New Year
64、Question:Do you plan to travel(leisure or family visit,not for business)during Chinese New Year?If so,where will you go?N=212Source:Oliver Wymans consumer survey December 2022,Oliver Wymans traveller survey 2020BeijingHainanYunnanCurrent18%13%7%2021+10pp+6pp-7pp2019+6pp+6pp+2pp3737THE HONG KONG BORD
65、ER REOPENING ANNOUNCEMENT HAS FURTHER INCREASED POPULARITY OF HONG KONGTop leisure travel destinations in 2023%of higher income international travellers140%12%11%9%8%6%5%5%4%1%Hong KongMacauJapanThailandSingaporeAustralia/New ZealandTaiwanWestern EuropeSouth KoreaNorth AmericaOthers0%Question:Assume
66、 China resumes travel with the world with no COVID restrictions,what will be your top destinations to visit?1.Monthly household income of RMB 10K+,N=2,000(2021),1,441(Oct 2022)and 746(Dec 2022)Source:Oliver Wymans consumer survey October 2022&December 2022,Oliver Wymans traveller survey 2021+7%+1%-3
67、%+2%-2%-1%-6%+3%-1%-+1%pt.changeJun-21 Oct-22Oct-22 Dec-22+10%+3%+1%+1%+1%-2%-4%-6%-2%-3%-1%383816%OF RESPONDENTS CONSIDER VISITING HONG KONG IN 2023 AND SHOPPING IS A KEY REASONLeisure travel plan to Hong Kong in 2023%of respondents84%16%YesNoQuestion:Do you already plan to travel to Hong Kong for
68、leisure in 2023?N=1,500Question:What are the key reasons for visiting Hong Kong?Please select at most 3.N=920(Respondents who either rank Hong Kong as a top 3 destinations,or already plan to visit Hong Kong in 2023)Source:Oliver Wymans consumer survey December 2022Top reasons for visiting Hong Kong%
69、respondents,top 3 reasons63%60%59%39%32%18%Exploring nature,e.g.country parksEntertainment(e.g.Ocean Park,Disneyland,etc.)Visiting HK landmarks(e.g.skyline,the Peak,etc.)ShoppingBeachesHotel experience3939HONG KONG IS STILL A SHOPPING PARADISE AND WINS IN SHOPPING EXPERIENCE AGAINST HAINAN,DESPITE L
70、OSS OF PRICE ADVANTAGEComparison of Hong Kong and Hainans travel experience%of travellers who have been to both Hong Kong and Hainan in the past 5 years80%71%64%60%53%38%75%20%29%36%40%47%62%25%Entertainment activities:Landmarks:Hong KongHotel experience:Shopping prices:HainanTravel convenience:Over
71、all experience:Shopping experience:Question:How do you compare Hong Kong,Macau and Hainan for leisure travel?N=125Source:Oliver Wymans consumer survey December 202240KEY TAKEAWAYS4141KEY TAKEAWAYS123452023 will not be a rebound for everyone;continue to invest in China to stay on topTime to invest to
72、 capture the increasing willingness to spendFocus on the product benefits to drive premiumization with higher income groupsLight at the end of the tunnelContinuation of rising share of onlineRebound in travel impacting discretionary spendingMore rational,value-driven consumersHuge demand for health&
73、wellness prevention and protectionRide on the wave of rising healthconsciousnessKeep store rationalization on the agenda and invest wisely in online channels6Use Chinese New year as a soft opening for Hong Kong to prepare for the big influx of Chinese tourists that will come later in the yearGradual
74、 recovery of travel4242PLEASE REACH OUT TO THE OLIVER WYMAN TEAM FOR MORE INFORMATION IMKE WOUTERSPartnerRetail and Consumer GoodsLouisa LiPartnerInsuranceKENNETH CHOWPrincipalRetail and Consumer Goods Relevant insightsChinas Consumption Recovery(November 2022 Edition)Chinas Consumption Recovery(June 2022 Edition)The New Faces Of Chinese Luxury Shoppers(2021)When And Where Will We See Chinese Travelers Again?(2021)A business of Marsh McLennan