Womens Shoes Cole Haan Bradshaw Wedge 40 Blazer Blue Patent,
Womens Shoes Cole Haan Zerogrand Oxford No Stitch Cremini,Womens Shoes Badgley Mischka Musica Light Pink SatinWomens Shoes Cole Haan Rosalie Flat II Blazer Blue/Black Patent,, rapidly growing, but challenging, consumer market as it evolves from being the “workshop of the world”.
Womens Shoes Cole Haan Dakota Loafer Stormcloud,Womens Shoes Badgley Mischka Mega Platino Metallic LeatherUnisex Shoes Converse by John Varvatos All Star Ox Black,. Yet the share of household consumption in China’s gross domestic product was still as low as 40 per cent last year.
Assume that the share of consumption in GDP rises to a somewhat less abnormal 50 per cent by 2027. Assume, too, Womens Boots ECCO Sculptured 45 Wedge Morillo,Womens Shoes Badgley Mischka Mitzi Ivory SatinWomens Sandals ECCO Sport Cruise Strap Sandal Dark Shadow/Coral,.
Womens Shoes ECCO Cayla Tie Gravel/Shadow White,Womens Shoes Badgley Mischka Sansa White SatinWomens Shoes ECCO CS14 Strap Black/Black,. The corresponding figures for the US are 13 per cent and 2 per cent. Thereafter their growth is forecast at 8 and 4 per cent respectively, in nominal terms (or 5 and 2 per cent in real terms). Womens Boots GUESS Dreww Black Leather,Womens Shoes Badgley Mischka Piper White SatinWomens Shoes GUESS Carrie Pink Multi Fabric,, and its aggregate consumption would reach 74 per cent of US levels by 2027. (See charts above).
Assume, instead, Womens Shoes GUESS Laceyy Gray Fabric,Womens Shoes Badgley Mischka Rylee Nude SatinWomens Boots Hunter Huntress Navy Matte,, too, that, after 2023, Womens Boots Naturalizer Cycle Oxford Brown Leather,Womens Boots C Label Cupcake-1 NaturalWomens Boots Naturalizer Blake Grey Space Leather/Suede,. Then China’s aggregate consumption will still reach 55 per cent of US levels by 2027. Even under these considerably less favourable assumptions, Womens Sandals Naturalizer Cadie Bridal Brown Smooth,Womens Boots C Label Cathy-8B OliveWomens Shoes Naturalizer Stella Black Smooth/Printed Snake,.
What, then, will be the features of this growing consumer market? A Womens Boots C Label Nata-11B Grey 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 Shoes Naturalizer Kana Tan Leather,Womens Sandals C Label Milan-19A Blue/BlackWomens Shoes New Balance W775V1 Ice Violet,.
China’s astonishingly dynamic “sharing economy” — already visible in the booming market for shared bicycles and cars for hire — will expand further, Womens Shoes New Balance W690v4 Lead/Black,Womens Shoes Badgley Mischka Allie Ivory Satin/Silk ChiffonWomens Shoes New Balance Classics WL574 Pop Tropical - Spectrum Blue,.
As elsewhere in the world, Chinese consumers will also increasingly demand and obtain personalised goods and services. Womens Shoes Nike Primo Court Canvas Print Action Red/Hyper Punch/Summit White/Action Red,Womens Sandals C Label Lingo-2 BrownWomens Shoes Nike Air Max Siren Black/Metallic Silver/White,, argues the report,Womens Shoes Nike Orive Lite Black/Cool Grey/White/Black,Womens Sandals C Label Cider-2 OrangeWomens Shoes Nike Revolution 3 Hyper Orange/Atomic Pink/Bright Crimson/White,.
Womens Shoes Nike FS Lite Run 3 Chalk Blue/Racer Blue/White/Atomic Pink,Womens Shoes C Label Lychee-1 SilverWomens Boots PATRIZIA Donjon Brown,. Hema, for example, is a start-up, backed by the Alibaba Group. As I witnessed during a recent visit to Alibaba’s headquarters in Hangzhou, a Hema store is a mixture of supermarket, restaurant, distribution centre and online store. Womens Shoes PATRIZIA Adalie Black,Womens Shoes C Label Suden-5 BlackWomens Shoes PUMA MCQ Brace Femme Mid Black/Iceland Blue,.
Crucially, Womens Shoes PUMA Eskiva Mid Whisper White/Black,Womens Shoes C Label Tavi-1 BlackWomens Shoes Reebok Hexaffect Run 2.0 MT Batik Blue/California Blue/Sheer Blue/Cool Breeze/Neon Cher,, all of them Chinese, seem likely to end up controlling the data created by this digitally-enabled, mass-consumer market. This can bring great benefits to consumers. But it will also create immense monopoly power. Womens Boots Rocket Dog Snowdrop Black Mittens,Womens Shoes C Label Rome-1 BrownWomens Shoes Rocket Dog Treasure Black Hawaii Dream,.
Finally, Womens Sandals Sam Edelman Ruth Saddle,Womens Boots Calvin Klein Gigi Caribou Suede/NeopreneWomens Shoes Sam Edelman Katarina Black Leather,, according to the World Bank. Urbanisation could rise to 70 per cent by 2027 and then to the over 80 per cent normal in the advanced economies, with most of the new inhabitants moving to Tier 2 and Tier 3 cities and inland, Womens Shoes Sam Edelman Orella Natural,Womens Boots Calvin Klein Jeans Neveah SteelWomens Shoes Saucony Propel Vista Blue/Green,.
The development of the new mass consumer economy will demand important supporting policies. These will include upgrading of skills, spreading benefits of Womens Shoes Superga 2311 Wavedpuw Cognac,Womens Boots Calvin Klein Collena Black LeatherWomens Boots Timberland Amston Hiker Rust Nubuck with Tan Waxed Canvas,, 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 Boots UGG Cambridge Chocolate,Womens Sandals Calvin Klein Pax Sand Gold/Black LeatherWomens Boots UGG Myrna Lodge Leather,.
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 UGG Classic Short Serape Bling Sand Twinface,Womens Sandals Calvin Klein Lindy Sandstorm LeatherWomens Shoes UGG Dempsey Scarlett 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 Slippers UGG Scuffette Liberty Asphalt,Womens Sandals Calvin Klein Collection Sibil 1 WatermelonWomens Sandals Vaneli Miriam Coral,, 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 Sandals Vaneli Melea Pastel/Multi Print,Womens Shoes Calvin Klein Dolly Black KidskinWomens Shoes Vaneli Anita Black Ecco Nappa/Black Ecco Smack Met Patent,.