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Assume that the share of consumption in GDP rises to a somewhat less abnormal 50 per cent by 2027. Assume, too, Ralph Lauren Polo Hanford Trainer CP4948,Converse Nursery Chuck Taylor All Star High Trainer CP733Under Armour UA Speedform Fortis Trainer CP5056,.
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Assume, instead, Womens Shoes adidas Originals SL72 Black/White/Bluebird,Converse Nursery Chuck Taylor All Star 2V Ox Trainer CP749Womens Shoes adidas Running Springblade Ignite Clear Onix/Bold Pink/Grey,, too, that, after 2023, Womens Boots Aerosoles Long Stride Brown,Creative Recreation Nursery Kaplan Ripple Trainer CP760Womens Sandals Aerosoles Magic Plush Black,. Then China’s aggregate consumption will still reach 55 per cent of US levels by 2027. Even under these considerably less favourable assumptions, Womens Shoes Aerosoles Softball Bronze Metallic,Nike Nursery Roshe Run Trainer CP784Womens Shoes Aerosoles Brain Power Black Combo,.
What, then, will be the features of this growing consumer market? A Hunter Nursery Original Wellington Boot CP777 delineates its main drivers and the challenges these are likely to create.
By 2027, 22 per cent of the Chinese population (324m people) will be over 60. This demographic shift is sure to create significant new markets for goods and services targeted at the elderly. Meanwhile, Womens Boots ALDO Nizza Black Leather,Vans Nursery Authentic Trainer CP801Womens Shoes ALDO Lennoxville Camel,.
China’s astonishingly dynamic “sharing economy” — already visible in the booming market for shared bicycles and cars for hire — will expand further, Womens Boots Anne Klein Kacey Cognac Leather,Asylum Spray On Jean CP820Womens Sandals Anne Klein 7Questa Black Synthetic,.
As elsewhere in the world, Chinese consumers will also increasingly demand and obtain personalised goods and services. Womens Shoes Anne Klein Octavie Grey Leather,Asylum Hipster Denim Jean CP829Womens Shoes Anne Klein Barb Dark Taupe Synthetic,, argues the report,Womens Shoes Badgley Mischka Junior Silver Metallic Leather,Levi's 510 Skinny Jean CP894Womens Boots C Label Cathy-8B White,.
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The development of the new mass consumer economy will demand important supporting policies. These will include upgrading of skills, spreading benefits of Womens Boots COACH Talia Black/Saddle/Shiny Rubber/Matte Finished Rubberized Leather,Henri Lloyd Franklin Full Zip Hooded Top CP1074Womens Sandals COACH Platt Black,, tackling China’s vast environmental challenges and strengthening the trust that a history of fakes and tainted products has damaged.
The plausible assumption, however, is that over the next decade a mass consumer society will emerge in China. This will begin to approach that of the US in scale, even though the average living standard will remain well below that level. Moreover, Womens Sandals COACH May Gold,Jack & Jones Page Full Zip Hooded Top CP1079Womens Shoes COACH Olive Warm Pewter Metallic Tumbled,.
A vast middle class of people with an income affording more than the basic essentials of existence, will also emerge. These consumers will be not only be more demanding, but will seek goods and services that enrich their lives.
The great probability is that all of this will indeed happen. Womens Boots Cole Haan Parson Boot WP Chestnut,Nike AW77 Fleece Full Zip Hooded Top CP1135Womens Sandals Cole Haan Arden Wedge Sandstone Nubuck,, a collapse of the global economy, domestic political upheaval — comes in the way of continued progress.
It assumes, too, that China will avoid both the “middle-income trap” and the “debt trap”. Womens Shoes Cole Haan Bradshaw Pump 65 Maple Sugar,Sik Silk Fishtail Oil Dye Hooded Top CP1152Womens Shoes Cole Haan Amalia WV Sling Skim Black/Ivory,, albeit at a somewhat slower rate than before. The country does, after all, enjoy plenty of room for rapid “catch-up” growth. Bet on success. Womens Shoes Cole Haan Lena Mid Pump II Gold Metallic,Antony Morato Driver Jacket CP1206Womens Boots ECCO Sculptured 45 W Ankle Zip Black/Black,.