BEIJING — Chinese consumers are becoming more like the rest of the world: more individualistic, more loyal to brands, and more self-indulgent, according to a new report by McKinsey & Company.
At the same time, the consultancy notes that there's a growing divide between the more traditional Chinese consumers — those who spend a good deal of time in stores comparing products and who are highly conscious of value — and the "new mainstream consumers," who tend to be young and live in top-tier coastal urban areas. This latter group of consumers tends to buy more global brands, be willing to spend more money on products that bring them emotional satisfaction, and increasingly seek out labor-saving items like pre-cooked food.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)