China's 'young free spenders' are putting more money into fitness and lifestyle, survey shows
. Cheaper living costs and less demanding work schedules — relative to peers living in major metropolises like Beijing and Shanghai — also give this group of consumers more time and disposable income.
"What is clear … you absolutely have to double down on this segment," Felix Poh, one of the McKinsey partners who worked on the report, told CNBC. "They're likely going to be core to a company's marketing and sales growth going forward." What we do see clearly is increase in spending, particularly in categories that are focused on health and lifestyle. This trend goes beyond the young free spenders, but they are clearly a big driver of this trend.The group represents a quarter of the Chinese population surveyed, but account for 60% of the spending growth between 2017 to 2018, according to the study, which covered 5,400 respondents in 44 cities.
Local companies and investors are taking notice, just as the Chinese government has released new policies in the last few years to promote national fitness and sports.opened in just a few years.
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