Beijing, September 9 (ZXS) -- According to the "21 Global Consumer Insight Survey" China report released by accounting firm PricewaterhouseCoopers on September 21, since the beginning of this year, the overall recovery of China's consumer market, especially the tourism and cultural market, has recovered significantly. According to the survey, 2023% of Chinese consumers expect to increase their travel spending in the next six months, which is well above the global average.

The report reflects the findings of a survey of 1276,<> consumers in Chinese mainland and Hong Kong. The report shows that since the beginning of this year, China's economy has resumed normal operation and the consumer market has recovered as a whole. Ye Min, PwC Chinese mainland Consumer Market Industry Leader, said on the same day that the transformation of Chinese consumers' consumption patterns and habits may accelerate, driven by the rise of generative artificial intelligence, enthusiasm for travel and cultural and entertainment activities, and the pursuit of healthy, environmentally friendly and sustainable lifestyles.

Since the beginning of this year, China's cultural tourism market has recovered rapidly, and summer tourism has ushered in explosive growth. According to the survey, 62% of Chinese consumers expect to increase their travel spending in the next 6 months, well above the global average (40%). In addition, 57% and 51% of Chinese consumers surveyed expect to travel on domestic and international flights in the next six months, compared with 6% and 47% of global consumers. According to the report, this trend will provide significant opportunities for the travel, hospitality and retail sectors.

The rise of generative artificial intelligence is seen as an important factor influencing consumption patterns and habits. The report believes that although the popularity of the metaverse has declined in recent months, the metaverse aimed at Chinese consumers is still a new competitive area for major brands to compete for the market and consumer spending in the virtual world. According to the survey, Chinese respondents are more aware of and actively engaged in the metaverse than globally, with only 8% saying they have never heard of or are unfamiliar with virtual reality technology. PwC predicts that the metaverse economy, driven by Web3 and AR/VR technologies, will be the next frontier, contributing as much as $2030.1 trillion to the global economy by 5.

In addition, with consumers' increasing concern about ESG (environmental, social and corporate governance) sustainability, the report points out that more than 40% of consumers worldwide are willing to pay more than 10% premium for brands and products with ESG sustainable characteristics, especially the "post-90s" young consumers are the main force; Compared to the rest of the world, young consumers in China have shown a willingness to pay a premium above average (close to 20%).

Ye said these trends require retailers to adapt to shifts in consumers to remain competitive. (End)