亚太地区消费者情绪：趋于稳定、消费更审慎支出结构发生转变

ConsumerPackagedGoods

Asia–Pacificconsumer

sentiment:Stability,selectivity,andspendingshifts

Easinginflationandshiftingconfidencearereshapinghowconsumersspend—andhowcompaniesshouldprepareforwhatcomesnext.

byAlexHarperwithResilDas

©GettyImages

December2025

Overthepastyear,consumersentimentacrossthe

Asia–Pacific(APAC)regionhasreflectedbothresilienceandrecalibration.Mosteconomiesintheregionhave

maintainedorimprovedconfidence,evenamidongoingchallengesanduniqueconditions.Acrosstheregion,

consumersremaincautiouslyoptimistic—balancing

relieffromeasinginflationandpoliticalstabilitywith

persistentconcernsaboutcostsandglobaluncertainty.

Keyeconomies—Australia,China,India,Japan,andSouthKorea—arerevealingnuancedshiftsinhow

consumersfeel,spend,andsplurge.Thefollowing

chartshighlighttheseshifts,paintingapictureof

temperedpositivityratherthanoutrightexuberance.

Netsentiment:SouthKorea’srebound

Amongthefivecountriessurveyed,SouthKorea

recordedthelargestimprovementinnetsentiment—thegapbetweenoptimismandpessimism—thatwidened

by36percentagepointssincethefourthquarter

of2024.Thisreboundfollowsaperiodofpolitical

upheavallatelastyear.Withstabilityreturning,theliftinnetconsumersentimentcouldalsobeattributed

toanincreaseintourismandastrongstockmarket.

Additionally,concernsaroundtariffshaveeased,downsixpercentagepointssincethepreviousquarter.

Thenumberofconsumerswhointendtospendmore

incategoriessuchastoys(upfivepercentagepoints)

andvehicles(uptwopercentagepoints)hasincreased,consistentwithglobalyear-endshoppingtrends.

However,oursurveydatashowsthatSouthKoreans

stillintendtospendlessondiscretionarygoodsoverall,signalingcontinuedcaution.

Notably,high-incomeconsumers—thoseearning

morethan120millionwon($81,750)annually—areshowingsignificantlyincreasedintenttosplurge,up

22percentagepointsfromthefourthquarterof2024.

Thisisapossibleindicationofwideningdividesbetweenaffluentandmid-tolower-incomehouseholds.

Exhibit1

SouthKorea’snetconsumersentimentsoarsoverthepastyear.

Confidencelevelineconomicconditions,¹%ofrespondentsPessimisticMixedOptimistic

SouthKorea

India

AustraliaChina

Japan

9

10

16

16

26

31

32

34

34

58

58

62

73

75

76

47

57

63

60

56

52

52

48

48

35

36

33

20

37

34

19

19

24

28

18

18

16

16

18

67575

5

Q4

2024

Q3Q4

2025

Q4

2024

Q4

2024

Q3Q4

2025

Q3Q4

2025

Q4

2024

Q3Q4

2025

Q4

2024

Q3Q4

2025

Note:Figuresmaynotsumto100%,becauseofrounding.

1Question:Whatisyouroverallconfidencelevelsurroundingeconomicconditionsin[countryname]?Ratedfrom1“veryoptimistic”to6“verypessimistic.”Top,middle,andbottom2boxesofscaleaggregatedto“optimistic,”“neutral,”and“pessimistic.”

Source:McKinseyConsumerWiseGlobalSentimentData,Nov2025(n=5,139)

McKinsey&Company

2Asia–Pacificconsumersentiment:Stability,selectivity,andspendingshifts

Concerns:China’sstableoptimism

ConsumersentimentinChinatellsamorestablestory.Althoughconcernsaboutrisingpricesandinflationhavefallenbyeightpercentagepoints

yearoveryear,overalloptimismhasremained

unchangedsincelastquarter.Evenwithinflationhoveringnearzero,consumersareremaining

cautiousandtighteningtheirdiscretionary

spendingbudgets.Andretailisincreasing.FromJanuarytoOctober,totalretailsalesofconsumer

goodsincreasedby4.3percentcomparedtothesameperiodinthepreviousyear.

Whilenetintenttospendonessentialsisup,

intenttospendindiscretionarycategories

remainsnegative.Splurgebehaviorhasdeclined

acrossgenerations,withGenZnotablydown14

percentagepointscomparedtothefourthquarterof2024,thelargestdrop-offofanyagegroup.Still,GenZremainsthemostlikelydemographictotreatthemselves.

Exhibit2

InlationconcernseaseinChina,butremaintopofmindacrossallregions.

Sourcesofconcern,¹%ofrespondentsQ42025Q32025

Economic

Abilitytomakeendsmeet

Jobsecurity

Risingprices/Inlation

Political

Healthcarecostsandaccess

Immigration

Internationalconlicts

Politicalpolarization/ uncertainty

Social

Climatechange

Personalsafety(violence)

China

Australia

IndiaJapanSouthKorea

100

28

26

20

15

28

25

8

9

14

14

41

41

38

30

34

9

9

28

26

37

35

36

5656

48

53

60

59

6362

23

23

11

9

12

12

22

21

12

11

2

2

18

15

2

2

9

9

13

11

15

18

12

16

0

0

23

22

18

20

13

13

6

7

12

11

41

33

19

24

29

32

19

17

28

39

39

33

22

25

5

6

23

19

5

4

25

24

4

3

1Question:Whatarethegreatestsource(s)ofconcernforyourightnow?(chooseupto3).Shareofrespondentsselectingany3sourcesofconcernfromtheprovidedlistofoptions.

Source:McKinseyConsumerWiseGlobalSentimentData,Nov2025(n=5,139)

McKinsey&Company

Asia–Pacificconsumersentiment:Stability,selectivity,andspendingshifts3

Newshoppingbehaviors:Australia’ssteadycourse

Australianconsumersentimenthasalsostayedbroadlystable.TheReserveBank’sratecuts

haveeasedcost-of-livingpressures,thoughunemploymenthastickedup.GDPgrowth

continuestohoveraround2percentayear.

WhileAustralianconsumersremainincreasinglylikelytotrynewshoppingbehaviors,mostaren’texperimentingwithradicalchanges,apartfrom

tryingdifferentbrands—apatternconsistentwithglobalbehavior.

Netintenttospendispositiveforessentialsbutnegativefordiscretionarygoods,highlighting

continuedcaution.Intriguingly,low-income

consumers—thoseearninglessthanAU

$70,000(US$45,800)annually—areshowingmorewillingnesstosplurgethanothergroups.

Meanwhile,middle-incomeconsumers—earningbetweenAU$70,000andAU$125,000(US

$81,800)—arepullingback,aninversionoftrendsseeninothermajormarkets.

Exhibit3

Australianconsumersareincreasinglylikelytotrynewshoppingbehaviors.Engagementwithshoppingbehaviors,¹%ofrespondents

Anynewshoppingbehavior

Diferentbrand

Diferentretailer,store,orwebsite

Newdigitalshoppingmethod

Newshoppingmethod

Newsocial-commercemethod

Privatelabelorstorebrand

ChangeinoverallvsQ32025,percentagepoint

72

35

31

27

26

19

22

AustraliaChinaIndiaJapanSouthKorea

100

73

78

94

40

45

39

52

18

35

43

59

20

17

24

39

6

19

22

46

9

27

19

34

17

18

16

49

1

–2–33–10

1Question:Withinthepast3months,haveyoudoneanyofthefollowingwhenpurchasing(askedacrossmultiplecategories)?

Source:McKinseyConsumerWiseGlobalSentimentData,Nov2025(n=5,139)

McKinsey&Company

Asia–Pacificconsumersentiment:Stability,selectivity,andspendingshifts

4

Intenttospend:India’sconfidentconsumer

Indiastandsoutasthemostresilientconsumermarketintheregion.Supportedbyrobust

GDPgrowthandlowunemployment,Indianconsumersareclosing2025withstrong

spendingintentacrossbothessentialsand

discretionarycategories—asharpcontrast

tothecautionprevailinginmuchoftheworld.

Thisconfidencealignswiththecountry’sconsistentlypositivenetsentiment.

Theonlyoutlieristheboomergeneration,

whosediscretionaryspendintentremains

muted.Thenumberofboomerswhointend

tosplurgehasdropped25percentagepoints

sincethefourthquarterof2024,underscoringawideninggenerationaldivideinspending

enthusiasm.Youngerconsumers,particularly

GenZandmillennials,continuetodrivedemandincategoriessuchastechnology,leisure,and

personalcare—suggestingIndia’sconsumptionengineremainsfirmlyinmotion.

Exhibit4a

IntenttospendremainshigherinIndiathanotherAsia—Pacificcountries.

Essentialsandsemi-discretionary

Discretionary

Expectedspendingpercategoryoverthenext3monthscomparedtousual,¹

%ofrespondents

口Intendtospendless

China

Intendtospendthesame口Willspendmoreonthiscategory

Essentials

Australia

135829

315812

35344

186914

86824

345411

166816

77

70

81

81

82

72

82

9

15

11

25

22

15

11

8

8

8

9

6

4

5

37

8

28

1053

14

51

35

643

51

758

35

9

53

38

22

55

23

64

9

26

11

9

65

21

71

8

9

77

15

11

845

14

78

9

32

60

8

80

Babysupplies

CenterstoregroceriesFreshproduce

Gasoline

Meatanddairy

Non-alcoholicbeverages

Petfoodandsupplies

IndiaJapanSouthKorea

20

50

30

12

74

14

10

67

23

14

66

20

13

70

17

18

7210

9

76

15

Semi-discretionary

Beautyproducts

Fitnessandwellnessservices

Householdsupplies

PersonalcareproductsToys

Vehicles

Vitamins,supplements,andOTC²medicine

60

70

74

76

51

55

70

21

15

13

12

15

13

28

29

11

11

27

18

13

17

24

56

20

21

51

28

11

75

14

15

72

12

38

45

17

40

47

13

19

58

23

X12X844

11

50

39

1051

39

-764

29

-756

37

23

49

28

17

50

34

1052

38

24

817

12

15

19

36

13

33

715

814

45

54

7410

16

10

14

6

6

12

8

14

68

67

82

80

58

69

23

18

12

14

23

74

13

31

Note:Figuremaynotsumto100%,becauseofrounding.

1Question:Overthenext3months,doyouexpectthatyouwillspendmore,aboutthesame,orlessmoneyonthesecategoriesthanusual?2Over-the-counter.

Source:McKinseyConsumerWiseGlobalSentimentData,Nov2025(n=5,139)

McKinsey&Company

Asia–Pacificconsumersentiment:Stability,selectivity,andspendingshifts

5

Exhibit4b

IntenttospendremainshigherinIndiathanotherAsia—Pacificcountries.

Essentialsandsemi-discretionary

Discretionary

Expectedspendingpercategoryoverthenext3monthscomparedtousual,¹

%ofrespondents

□Intendtospendless

China

口Intendtospendthesame口Willspendmoreonthiscategory

Discretionary

Australia

204733

204733

144739

144540

214435

145135

194834

125730

194833

164935

195427

234433

155233

214336

133948

204337

195230

204337

105535

105931

164737

144740

405010

385012

235423

48466

385012

365113

364816

276211

344818

315118

255421

454410

40528

404416

345115

383725

275518

355312

216810

325711

394913

245719

424513

265914

375112

393526

444413

364718

424711

22699

305911

365014

375410

454113

365410

394813

275618

414217

315514

345611

23698

206614

355114

275319

48

44

9

Accessories

AlcoholicbeveragesApparel

Cruises

Decorationsand

productsforhomeDomesticlights

Electronicsforhome

orpersonaluse

Entertainmentathome

Entertainmentawayfromhome

Fooddeliveryfromanapp

Footwear

Furniture

Homeimprovement

andgardeningsupplies

Hotel/resortstaysInternationallightsJewelry

Mealatasit-downrestaurant

Mealatquickservicerestaurants

Personalcareservices

Petcareservices

Short-termapartmentorhouserentals

Sportsandoutdoor

equipmentandsupplies

38

566

35

54

11

38

33

29

41

52

7

23

69

8

38

53

8

15

77

8

28

64

9

36

5410

32

61

7

41

4910

37

55

8

37

51

12

32

58

9

42

47

11

29

62

9

30

64

6

23

70

7

15

7410

34

59

7

32

5810

IndiaJapanSouthKorea

51

42

7

21

736

34

59

7

53

425

7

32

60

26

61

13

42

4810

16

804

29

6110

41

51

9

42

544

53

29

18

28

656

35

50

16

35

46

20

51

35

14

26

65

9

28

665

23

716

18

68

14

28

52

20

41

50

9

Note:Figuremaynotsumto100%,becauseofrounding.

1Question:Overthenext3months,doyouexpectthatyouwillspendmore,aboutthesame,orlessmoneyonthesecategoriesthanusual?2Over-the-counter.

Source:McKinseyConsumerWiseGlobalSentimentData,Nov2025(n=5,139)

McKinsey&Company

Asia–Pacificconsumersentiment:Stability,selectivity,andspendingshifts

6

Splurgebehavior:Japan’squietoptimism

InJapan,netsentimentremainslowerthanin

mostAPACmarkets,butthetrendisunmistakablypositive.Foracountrylongknownforits

conservativeconsumeroutlook,therecentriseinoptimismto16percent—thehighestsincethepandemic—marksameaningfulshift.Pessimismhasdroppedbytenpercentagepointsfrom

thepreviousquarter,primarilydrivenbylowunemploymentandabuoyantstockmarket.

Concernsabouttariffsarealsoeasing,fallingfrom23percentofconsumersinthesecondquarterto

9percentthisquarter,signalinggreaterstabilityinthetradeenvironment.

Yet,despitetheseencouragingindicators,intenttospendremainslargelynegative,evenfor

essentialitems.Thereisanexception:intent

tospendontravelisnotablyhigh,withaclear

preferencefordomestictravel.Thistrendis

likelydrivenbytheweakeryen,whichhasmadeinternationaltravelmoreexpensiveforJapaneseconsumersandcouldbeencouragingthemto

explorelocaldestinationsinstead.

Exhibit5

Japaneseconsumersremaincautiousintheirsplurgeintentions.

Categorieswhereconsumersintendtosplurge/treatthemselves,¹Q42025,overallandbycountry,%ofrespondents(n=1,160)

Australia

Overall²100

35

Restaurants,diningout,bars

Apparel

Travel

27

34

25

34

25

33

Groceries/foodforhome

Beautyandpersonalcare

30

29

24

22

27

Footwear

Electronicsforhomeorpersonaluse

Jewelryandaccessories

16

25

21

22

17

22

21

Out-of-homeentertainment

17

Entertainmentathome

13

20

Vitamins,supplements,andover-the-countermedicine

13

19

Fitness

14

17

Itemsforyourhome

37

Overall

4

DiferencevsQ32025,percentagepointchange

01020304050607080

South

ChinaIndiaJapanKorea

22

39

35

42

24

38

32

44

36

32

35

37

29

44

13

32

19

43

17

23

24

35

8

30

22

35

11

26

35

13

17

14

27

15

16

27

35

11

11

14

31

5

27

13

4

29