Consumers shape a new environment for the meat market in China

While consumers have cut back on spending in certain categories, spending on food has remained high. However, demand is becoming more sophisticated, with consumers looking for a product’s value proposition to go beyond the product itself. “Today’s consumers expect more than just a product,” explained Chenjun Pan, senior analyst for animal protein at RaboResearch. “They are looking for a comprehensive value proposition that includes good service and valuable experiences.” In the case of animal protein consumption in particular, consumers are adopting a more rational and practical value proposition, focusing more on value for money and the fundamental value of products and services. At the same time, they are willing to pay for high-value products. This attitude complements China’s trend towards the experience economy. There is a growing preference for spending on services rather than goods, reflecting a desire for valuable experiences, the RaboResearch report notes. Health issues ...