Higher income consumers in China are most likely to spend less this festive holiday season, according to data from McKinsey & Company.
One-quarter (26%) of those with a monthly income over RMB11,000 plan to spend less on this year's seasonal events like Black Friday and Christmas compared to last year. This compares to just 16% of consumers in the lowest income category (monthly income less than RMB6,200).
However, across all three income categories, a higher share of consumers expect to spend more on this year's festive holidays than those expecting to spend less. Overall, 29% expect to spend...