China Consumer Sentiment Study: October 2024 Data

Despite a higher percentage of restaurant price increases, China’s foodservice industry was boosted by higher consumer confidence in October. Increasing household incomes and the National Day holiday helped lift consumers’ expectations to dine out next month, especially in Tier 2 cities. This month’s China Consumer Sentiment Study highlights the latest behaviors and attitudes across the foodservice industry.

Key Insights:

• The share of income increases grew in October, with more significant growth in Tier 2 cities.

• Restaurant price increases rebounded at similar levels across Tier 1 and Tier 2 cities.

• Consumers’ expectations to dine out slightly grew, the first increase since June 2024.

• Floral flavors became the third-most popular tea flavor, after classic tea bases and fruit teas.