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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, Womens Sandals ECCO Boullion T-Strap Sandal Moon Rock,Womens Shoes Badgley Mischka Roanna White SatinWomens Shoes ECCO Bluma Summer Ballerina Chili Red,.
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What, then, will be the features of this growing consumer market? A Womens Sandals C Label Elinor-10 Blue 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 New Balance WT1210V2 Bright Cherry,Womens Sandals C Label Cider-2 CamelWomens Shoes New Balance WC996v2 Light Blue/Blue,.
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 W577V3 Black,Womens Sandals C Label Cider-4A Rose Gold/BlackWomens Shoes Nike Air Pegasus '83 Fuchsia Force/Sail/Black/Light Magnet Grey,.
As elsewhere in the world, Chinese consumers will also increasingly demand and obtain personalised goods and services. Womens Shoes Nike Match Supreme Print Black/White/University Red,Womens Shoes C Label Milan-10 SilverWomens Shoes Nike Juvenate Purple Dusk/White/Mulberry,, argues the report,Womens Shoes Nike DF Ballistec Advantage Midnight Fog/Phantom/Vivid Purple/Midnight Fog,Womens Shoes C Label Liberty-20A Cobalt MultiWomens Boots PATRIZIA Angelique Black,.
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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 Shoes Superga 2311 Waved Tweed Black/Off White,Womens Sandals Calvin Klein Lucette Black PatentWomens Boots UGG Becket 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 Boots UGG Briar Lodge Leather,Womens Sandals Calvin Klein Sashia Cocoon Matte Snake/LeatherWomens Boots UGG Bailey Button Pine Twinface,.
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 Collection Savona Brown Leather,Womens Sandals Calvin Klein Talulah Marine Neoprene/LeatherWomens Slippers UGG Alena Pendleton Chestnut,, 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 Boots Vaneli Jessy T.Moro Suede/Matching Mop Buttons,Womens Sandals Calvin Klein Jeans Adeli Tan LeatherWomens Sandals Vaneli Marsie Black Nappa/Gunmetal Buckle/Mtch Zipper,, 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 Vaneli Racilia Navy Smack Met Patent/Mtch Mesh,Womens Shoes Calvin Klein Caelin Cameo Rose PatentWomens Shoes Vaneli Ileane Amaranto (Red) Asiago Suede,.