Weekend Long Read: Has the Chinese Consumer Changed for Good?

Lackluster consumer spending has been a popular topic of discussion in post-pandemic China amid a weaker-than-expected economic recovery. The rise of low-price e-commerce platforms like Pinduoduo is often cited as evidence of this trend.

Yet, the reality of Chinese consumer behavior is complex. Some consumers are simultaneously splurging on high-end ski equipment while opting for more affordable domestic brands of cosmetics. Income levels do not solely dictate spending power. Instead, consumption encompasses both functional value and emotional satisfaction, with Chinese increasingly willing to pay for the latter.