An increase in spending by “young free spenders” in China are helping the local fitness industry, according to McKinsey’s bi-annual survey of the consumer released Thursday.
Despite U.S.-China trade tensions and a slowdown in domestic economic growth, these so-called young free spenders “have significantly boosted their purchases” from last year in nearly every category the McKinsey report tracked. Health consciousness dominated.
The top ten product categories by greatest spending increase included fresh milk, skincare, yogurt and sportswear.
