Chinese consumers more confident and savvy than ever: report

SHANGHAI - Chinese consumers are more confident and savvy with regard to their choice of brands and products, according to a report released by global management consulting firm McKinsey and Company.

The report was based on a survey of 10,000 consumers aged 18 to 65 across 44 cities and seven rural villages and towns in the country.

Around 80 percent of the respondents were confident that their household incomes will increase markedly in the coming five years.

The "post-90s" generation is emerging as the next engine of consumption in China, according to the report, and this consumer cohort will account for more than 20 percent of total consumption growth, higher than any other demographic segment.

The report also noted the "post-90s" showed better confidence in China's macro-economy and tended to have strong awareness and preferences about brands.

Lan Luan, an associate partner in McKinsey China's Consumer and Retail practice, said the "post-90s" generation represents a promising group of consumers that will heavily influence how brands perform in China.