China Consumer Sentiment Study: August 2024 Data

In China’s foodservice industry, the share of restaurants with price increases has increased for three consecutive months. In August, the proportion rose significantly over July, with prices growing across Tier 1 and Tier 2 cities. This month’s China Consumer Sentiment Study highlights how and why consumers use promotions for foodservice products.

Key Insights:

• The proportion of households with increasing incomes declined in Tier 1 and Tier 2 cities. 

• The percentage of restaurant price increases in Tier 2 cities is approaching the level of Tier 1 cities. 

• Expectations to dine out more in the next month were at record lows. 

• 46% of consumers used super low-price offers in the last month