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Article - McKinsey Quarterly - October 2016 Chinese consumers: Revisiting our predictions By Yuval Atsmon and Max Magni Chinese consumers: Revisiting our predictions Article Actions Share this article on LinkedIn Share this article on Twitter Share this article on Facebook Email this article Download this article As their incomes rise, Chinese consumers are trading up and going beyond necessities.
In 2011, we tried our hand at predicting the ways in which, in the decade to come, Chinese consumers would change their preferences and behaviors. This article takes stock of those predictions. Why check in now. Another is a comprehensive new McKinsey survey, which follows nearly ten years of previous research that includes interviews with more than 60,000 people in upward of 60 cities in China. Deeper and more nuanced understanding of Chinese consumers can help reveal fresh opportunitiesfor new entrants and incumbents alikeand signal those areas where established players may need to be more wary.
While geographic differences persist, Chinese consumers are, on the whole, more individualistic, more willing to pay for nonnecessities and discretionary items, more brand loyal, and more willing to trade up to more expensive purchaseseven as their hallmark pragmatism endures.
Just as it was then, generalizing about Chinese consumers continues to be almost as difficult (and maybe as foolish) as it is to generalize about European consumers. We predicted these differences would remainand even grow more significant, especially in the consumption patterns and tastes that relate to discretionary items.
To help companies better tailor their go-to-market approach, we grouped most cities in China into clusters based on their similarities, including their geographic proximity and the transportation infrastructure that connects them. Furthermore, when our latest survey compared the consumers in the Shanghai area to those around Beijing and Hangzhou, certain spending attitudes also showed marked differences. For example, brand loyalty increased much faster in Shanghai (24 percent increase in three years versus just 7 percent in Beijing and 9 percent in Hangzhou), as did the willingness to pay for better or healthier products.
Despite geographic differences, there are broad similarities among Chinese consumers. These mirror the general trends economists have found among consumers around the world as economies develop. The general tendency is for consumers, as they earn more, to spend a lower percentage of their income on food, a little more on healthcare, and even more on travel and transportation, as well as on recreational activities.See the list of available output types.
Once a script has been successfully created it will have the following properties. Creating a script is a process that can take just a few seconds or a few minutes depending on the workload of BigML's systems. The script goes through a number of states until its fully completed. Through the status field in the script you can determine when the script has been fully processed and ready to be used.
Once you delete a script, it is permanently deleted. If you try to delete a script a second time, or a script that does not exist, you will receive a "404 not found" response.
However, if you try to delete a script that is being used at the moment, then BigML. To list all the scripts, you can use the script base URL. By default, only the 20 most recent scripts will be returned. You can get your list of scripts directly in your browser using your own username and API key with the following links.
A listing result includes all scripts in both production and development modes. It also includes read-only system script created by BigML. You can also list all of your executions. To create a new execution, you need to POST to the execution base URL a string containing the id of the sctipt that will be executed, as well as the required input parameters defined in the source code.
All you need is a valid script id, the input parameters values, and your authentication variable set up as shown above. This should be used instead of inputs when multiple scripts are provided. This can be used along with outputs. Once an execution has been successfully created it will have the following properties.
Its type can be anything. Execution Status Creating an execution is a process that can take just a few seconds or a few minutes or hours depending on the workload of BigML's systems. The execution goes through a number of states before its fully completed.Bread maker ingredients bbc
Using the status field in the execution you can determine if the execution has been fully processed and ready to be used. Updating an Execution To update an execution, you need to PUT an object containing the fields that you want to update to the execution' s base URL.
Once you delete an execution, it is permanently deleted. If you try to delete an execution a second time, or an execution that does not exist, you will receive a "404 not found" response. However, if you try to delete an execution that is being used at the moment, then BigML.
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Listing Executions To list all the executions, you can use the execution base URL. By default, only the 20 most recent executions will be returned.Room to Rhyme (4) 5. Kalangadoo Chrome (10) 7. Perfontein (1) RED CHARLIZE only just missed last start, finishing a length back from the winner at Hamilton and has three placings from five runs this prep, has solid claims.
ROOM TO RHYME racing back from metro track and drops in weight, each-way claims. Party Tiger (13) 1. Black Roe (9) 13.
Snitzel Reign (14) PARTY TIGER ran sixth last start at Warrnambool, a winning chance. BLACK ROE only just missed in driving finish last start at Benalla and regarded as a strong finisher, don't dismiss.Gerez meaning
BENELLA down in weight and should race on the speed, the real danger in the race. SNITZEL REIGN came on to finish midfield at only start at Warrnambool, don't treat lightly.
Pearl de Vere (9) 10. Farnor West (8) 3. Bold Approach (3) BARCHETTA back from 28 week spell and won at Bairnsdale in first outing, will take the power of beating. PEARL DE VERE won last start to break maiden at Moonee Valley when fresh and comes back to race at a country level, dangerous.
FARNOR WEST has won at Warrnambool and placed once this prep, needs the breaks. BOLD APPROACH has a lot of early speed and has three placings from five runs this prep, quinella. Simply Splashing (6) 10. Seductive Miss (9) 2.
That Said (10) SIMPLY SPLASHING just missed as favourite last start at Terang and has placed in two attempts this campaign, has solid claims. SEDUCTIVE MISS a winner at first outing this prep and rates well on dry ground, in with a chance.
PIQUE drawn perfectly and racing back from metro track, could threaten. THAT SAID led all the way to win last start to break maiden at Hamilton on a soft track and has had a flying start to their career, could upset.
Shining Star (11) 5. Tahnee Tiara (6) Hard to see anything upsetting the top two choices. SHINING STAR racing back from the city and won once this prep at Donald four runs back, should go well. WATERBERG has shown early speed in races to date, expect to be right up there.
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RONDALAGO placed last start at Hamilton and is a strong finisher, in with a chance. TAHNEE TIARA has shown early speed in races to date and should run fitter for past attempts, could threaten.
Great Lane (3) 6. Siddle's Birthday (16) 4. Artesano (1) GREAT LANE comes back to race at a country level, genuine contender. ZOFFMAN has two placings from five runs this prep but ran as favourite last start and placed at Hamilton, could threaten. SIDDLE'S BIRTHDAY all wins have come when faced with dry ground and Dean Yendall a bonus, still in this. ARTESANO last start winner to break maiden at Ballarat and draws to do no work, place best. Chouxting the Mob (4) 3. Set the Bar High (9) 14. Chu Chu Charlie (15) 10.
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So Distinct (5) CHOUXTING THE MOB in the money last start running third at Ballarat when resuming and placed at Geelong in only second-up attempt, has solid claims. SET THE BAR HIGH has three placings from four runs this prep and finished fourth last start at Terang, don't dismiss.When the same horse is taken to win two or more races in AntePost doubles, trebles and accumulators special reduced odds will be offered.
On days when classic or other trials occur, AntePost betting may be suspended and new prices issued. Jockey Club Rule 121 decrees that Stewards are empowered to reduce the numbers in a race if, at the overnight declaration stage, too many have been left in for the safety of horses and jockeys.
AntePost bets on horses compulsorily withdrawn will be void and stakes returned. Bookmakers in these circumstances are authorised to make appropriate deductions from winning bets on the race, depending on the price(s) of the withdrawn horse(s) at the time of withdrawal in accordance with Rule 4 (Deductions). On the 'Day of the Race Prices' Rule 4 (Deductions) will also apply.
AntePost bets are settled at the Price and Place terms applicable at the time of acceptance. Should a wager struck at a price on the day of an event couple selection(s) in that event with selection(s) in future event(s) then if the first selection(s) does not run the wager will be executed on the remaining selection(s) on the basis of all-in, run or not.
Postponed RacesIf a race is postponed to another day and final declarations stand then bets stand. However, single bets on horse racing will be made void and any selection involved in accumulative bets will be treated as a non-runner if:Each-Way BettingBets are settled to win unless Each-way is selected.
An Each-way bet is a bet of twice the selected unit stake. It contains one bet of unit stake on the selection to Win and one bet of unit stake on the selection to be Placed according to the terms advertised for the event. In general, for UK horse racing the Place part of Each-way bets will be settled as per the following Place terms:In all races the number of runners shall be the number of runners coming under starters orders.
Bets will not be accepted where the Place stake exceeds the Win stake. Each-way doubles, trebles and accumulators will be settled Win to Win and Place to Place in accordance with the above. Dead-HeatsWhere two selections dead-heat half the stake money is lost and the full odds are paid to the other half. If more than two dead-heat the stake is proportioned accordingly.
FavouritesWagers will be accepted win only at starting price for 1st and 2nd favourites. The Place part of any wager inadvertently accepted for unnamed favourites will be settled as a Win stake.
In the event of two selections starting joint favourites then stakes are divided equally. Where three or more selections start co-favourites stakes will be divided proportionately. However, if such joint favourites or co-favourites are returned at a price whereby, irrespective of result, no profit could be accrued by the backer of the favourite, the unnamed favourite will be treated as a non-runner, in both single and accumulative bets.
Should the favourite be withdrawn before coming under starter's orders but too late for a new market to be formed then bets on the favourite in that particular race are void. In the event a joint or co-favourite being withdrawn then the proportion of stakes on that selection will be void and the remaining proportion of stakes will be divided equally on the selections that do run. Forecast BettingForecasts are accepted for all races of 3 or more actual runners and will be settled as a straight forecast (selections to finish 1st and 2nd in correct order) in accordance with the computer straight forecast dividend.
If there are less than 3 actually running in a race then all forecasts for that race will be void. In the event of no straight forecast dividend being declared then forecasts will be settled in accordance with the NSL straight forecast chart provided that 3 or more actually run in that race. You may take early prices or show prices in straight forecasts when available, in a fixed price forecast.
Where a client selects combination forecasts A B C and stakes for 6 bets this will be settled as 6 straight forecasts as follows:Should any forecast contain a non-runner then the total stake will be placed to Win on the other selection. In fixed price forecasts the remaining selection will be settled at SP. In races where a horse finishes alone and no forecast dividend is returned then all forecast bets nominating that horse to finish first will be settled as a Win single at SP on the winning horse.
All other forecast bets in the race are lost. In the event of two or more horses dead-heating for first or second place then separate dividends will be declared and paid to each qualifying forecast. In fixed price forecasts the full odds will be paid with the stake split according to the number of horses which dead-heat.
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