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SHANGHAI, Dec. 19 (Xinhua) -- Chinese consumers remain confident and continue to increase their spending, said a report by consulting firm McKinsey & Company.

After dipping in the second half of 2018, the Consumer Confidence Index hit a 10-year high in 2019 and Chinese consumers continue to increase their spending by a considerable margin, according to the report released Thursday.

The report is based on a survey of 5,400 Chinese consumers across 44 cities.

The report noted the overall pace at which Chinese consumption has grown is astonishing. Just a decade ago, most urban Chinese had enough money to cover basic needs like food, clothes and housing while now half are living in relatively well-to-do households where they have ample funds for regular meals out, beauty products, flat-screen TVs, and holiday travel, the report said.

"These consumers remain confident and will collectively represent an economic powerhouse for the foreseeable future," said Daniel Zipser, senior partner in McKinsey's Shenzhen office and co-author of the report.