Premiumization helps retail sector pick up its pace

Consumption of fast-moving consumer goods in China remained robust last year, growing at a rate of 5.2 percent because of strong demand for high-end products, smaller brands and a new retail format, an industry report said.

The growth rate for the sector of 2018 is higher than the previous year's 4.7 percent, with premiumization again playing a significant role in the sector as average selling prices rose by 4.6 percent and consumers continued to demonstrate a willingness to pay.

The numbers came from the latest China Shopper Report from Kantar Worldpanel and Bain & Company, Premium Products, Small Brands and Now New Retail.