中国消费：消费趋势指向何方

Group 1 - The report by Morgan Stanley highlights the resilience and growth potential of the Chinese consumer market despite global economic uncertainties, projecting a 10.2% year-on-year growth in retail sales for 2024 [1] - Online consumption is expected to grow at a rate of 15.6% in 2024, significantly outpacing the 8.3% growth rate of offline consumption [2] - The share of service consumption is projected to increase from 45.9% in 2019 to 50.2% in 2024, indicating a shift in consumption structure [2] Group 2 - The spending power of Generation Z (born 1995-2009) is becoming more prominent, with their share of total consumer spending rising from 10% in 2019 to 15% in 2024 [2] - Consumer preferences are shifting towards quality, health, and personalization, with health food sales expected to grow by 22% and smart home products by 18% in 2024 [2] - The report identifies opportunities in emerging consumption sectors such as smart home technology, health food, and green consumption, particularly for companies with innovation capabilities and brand advantages [3] Group 3 - Leading companies in the smart home sector are projected to achieve over 30% revenue growth in 2024 [3] - The report notes potential risks such as economic slowdown, increased market competition, and rising raw material costs, which have increased by 10%-15% for some consumer goods companies in 2024 [3]