While the world watches China’s slowing economy with anxiety-filled anticipation, Chinese consumers are largely optimistic and willing to spend, according to a new report released last Friday by consulting firm McKinsey.

The report, which surveyed 10,000 people across 44 cities in China, found that more than half of Chinese consumers were confident that their income would increase significantly over the next 5 years, compared with 32% of Americans and 30% of U.K consumers.

Though certain regions, such as the northeastern belt from Henan to Heilongjiang, were less optimistic, overall, McKinsey’s report shows that Chinese consumers are increasingly willing to spend their disposable income on entertainment, travel, and lifestyle services such as spa treatments and massages.

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Eva Xiao

Eva Xiao is a tech reporter based in Shanghai. Contact her at eva.xiao@technode.com or evawxiao (wechat & twitter).