Young urbanites to spend less, but luxury sector may shine

Young urbanites, among the key drivers of China's consumption-driven economy, may not increase their total spending this year due to slowing economic growth and dimmer prospects for pay rises, according to a report by UK research firm Mintel.

It found, however, that they were likely to be more generous on expensive products or experiences that are conventionally considered unnecessary.

The Mintel report, based on a survey of over 3,000 consumers aged between 20 and 49 and from China's first-to third-tier cities, found that 62 percent of the interviewees said they would not spend more than last year, up from 53 percent in 2016.