Study: Consumers shifting toward more high-end products

Chinese consumer confidence has remained surprisingly resilient over the past three years despite the slowing economic growth, as a result of more selective and careful spending, according to a new report from McKinsey & Co.

Daniel Zipser, partner in McKinsey's Shanghai office and leader of its China consumer and retail practice, said shoppers have been shifting their focus to premium segments, away from what are considered mass-produced items.

Half of the respondents in the McKinsey's 2016 China Consumer Report said they look specifically for the best, most expensive products, a significant increase on previous years. The same share said they are allocating more of their income to lifestyle services and experience spending.