在汇丰中国研讨会期间，汇丰前海证券CEO陆天与香港法国工商总会主席Alain Li进行了一次交谈 。 虽然短期还存在压力，但中国消费市场依然足够庞大和多元。对于产品定位清晰的企业来说，机会依然 不少。要理解中国经济，得先看懂消费者。中国消费者的购买力是经济增长的重要引擎，也是企业增长 的主要来源。 从2020年开始，疫情、经济不确定性和楼市走弱，让很多消费者从"敢花钱"变成了"爱存钱"。不过这一 情况正在发生变化。麦肯锡的调研显示，消费者信心在回稳，尤其以1995至2010年出生的城市Z世代群 体为代表1。同时政府部门还不断有刺激消费的政策出台，股市表现也带来一定的财富效应和信心提 升。 年轻消费者正在带来结构性机会。95后虽然只占中国人口约20%，却贡献了约40%2的消费。到2035 年，这一群体的消费规模预计会增长约400%至16万亿元人民币3。相比上一代，他们更注重自我表达和 真实体验。作为 "互联网原住民" ，他们兴趣更广、圈层更多，愿意为情绪价值和身份认同买单。 因此，他们更偏爱体验型消费，比如旅行、演唱会；也会在IP周边、化妆品、珠宝上花钱取悦自己。同 时，他们也是奢侈品消费的主力。中国是全球高端 ...

Core Insights - Despite short-term pressures, the Chinese consumer market remains large and diverse, presenting opportunities for companies with clear product positioning [2] - Understanding Chinese consumers is crucial, as their purchasing power is a key driver of economic growth and corporate expansion [2] Consumer Trends - The post-1995 generation, while only about 20% of the population, contributes approximately 40% of consumption, with their spending expected to grow by about 400% to 16 trillion RMB by 2035 [3] - This demographic values self-expression and authentic experiences, favoring experiential consumption such as travel and concerts, and they are significant contributors to luxury goods spending [3] - The average age of high-end consumers in China is only 29, indicating a young market with increasing purchasing power due to wealth inheritance [3] Market Dynamics - Local brands are gaining market share across various sectors, including electric vehicles, beauty products, and collectibles, due to their better understanding of Chinese consumers and competitive pricing [4] - The luxury goods sector is also witnessing a shift towards high-quality, creative brands that reflect Chinese craftsmanship [4] - The jewelry market, characterized by a large capacity and relatively few international competitors, presents opportunities for brands that emphasize cultural and artisanal value [4] Travel and Consumption - The rapid recovery of outbound tourism is expected to impact domestic luxury consumption, as international flight capacity has reached approximately 93% of pre-pandemic levels, with a 20% year-on-year increase in international passenger flights from January to August [4] - The growth of outbound tourism aligns with the demand for experiential consumption, although it may divert some spending from domestic luxury markets [4] Long-term Outlook - The continuous growth of local brands and the recovery of outbound tourism indicate a diversification of the Chinese consumer market [4] - The increasing purchasing power of the post-1995 generation suggests a positive long-term outlook for the Chinese consumption market, despite short-term challenges [4]