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Men's Nike Flex Experience Run 3 Wolf Grey/Hyper Cobalt/White/Black UK#N5-9462,Women's Shoe Nike Roshe LD-1000 819843-601Nike Kids Downshifter 6 Clearwater/Blue Lagoon/Pink Pow/White UK#N5-9553,, rapidly growing, but challenging, consumer market as it evolves from being the “workshop of the world”.
Women's Nike Flex Fury Obsidian/Fuchsia Flash/Mulberry/Fuchsia Glos UK#N5-9216,Women's Shoe Nike Roshe Two Flyknit 844929-003Women's Nike Air Max Sequent Blue Lagoon/Copa/White/Metallic Dark Grey UK#N5-9037,. 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, Women's Nike Free 5.0 TR Fit 5 Pure Platinum/Racer Blue/White/Stealth UK#N5-8803,Women's Shoe Nike Roshe Two Flyknit 844929-300Creative Recreation Infant Kaplan Snake Trainer CP504,.
Havaianas Infant Brasil Logo Flip Flop CP518,Women's Shoe Nike Roshe Cortez NM 833804-101Nike Junior Air Max 1 Trainer CP643,. 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). Nike Junior Air Jordan 8 Retro BG Trainer CP669,Women's Shoe NikeCourt Zoom Vapor 9.5 Tour 631475-146Flossy Nursery Plimsole CP765,, and its aggregate consumption would reach 74 per cent of US levels by 2027. (See charts above).
Assume, instead, Jack & Jones Glen ORIJ887 Noos Jean CP884,Women's Training Shoe Nike Metcon 1 813101-800Antony Morato Metal Badge Hooded Top CP962,, too, that, after 2023, Cruyff Laszlo Lounge Hooded Top CP1038,Adidas Rose 4.5 Boys Toddler Black/Light Scarlet Basketball Shoes V21181Nike Tech Fleece AW77 Hooded Top CP1115,. Then China’s aggregate consumption will still reach 55 per cent of US levels by 2027. Even under these considerably less favourable assumptions, UCLA Farrel Hooded Top CP1172,Nike Roshe One Boys Toddler Black/Cool Grey Running Shoes V15156Carhartt Anchorage Parka Jacket CP1288,.
What, then, will be the features of this growing consumer market? A Nike Tri Fusion Run Boys Toddler Game Royal/Black/Metallic Silver/White Running Shoes V54584 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, Ellesse Trevisina Hooded Rain Mac CP1364,Nike Free 5.0 2015 Boys Toddler Obsidian/Cool Grey/Wolf Grey/Metallic Silver Running Shoes V66966Luke 1977 Emersion Reversible Jacket CP1441,.
China’s astonishingly dynamic “sharing economy” — already visible in the booming market for shared bicycles and cars for hire — will expand further, VMU London Polka Dot Bomber Jacket CP1548,Nike Flex Experience 4 Boys Toddler Midnight Navy/Dark Obsidian/Total Orange/Soar Running Shoes V647Native Youth Jacquard Contrast Knit Jumper CP1838,.
As elsewhere in the world, Chinese consumers will also increasingly demand and obtain personalised goods and services. Hawksworth Faris Chino Short CP2145,Adidas Nitrocharge 1.0 Fg Boys Preschool Black/White/Flash Orange Soccer Shoes V34023Under Armour Mirage Woven Short CP2216,, argues the report,adidas Originals All Over Tongue Print Superstar Track Top CP3525,Adidas D Rose 5 Boys Preschool White/Scarlet/Light Onix/Black Basketball Shoes V93987Franklin & Marshall Seal Script Suit CP3619,.
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Crucially, Asics Gel-Lyte III 'Carnival Pack' Trainer CP4209,Nike Free 5.0 2015 Boys Preschool University Red/Black/Hyper Orange/White Running Shoes V82086Converse Fulton Trainer CP4291,, 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. Creative Recreation Cesario Low Woven Trainer CP4380,Adidas D Rose 773 Iii Boys Grade School Black/Light Scarlet/White Basketball Shoes V21546Hugo Boss Lighter Influence Trainer CP4479,.
Finally, Nike Air Max 90 Ultra Breathe Trainer CP4689,Adidas Ace 15.3 Fg/Ag Boys Grade School Black/Silver Metallic/Solar Yellow Soccer Shoes V26955Nike Air Flight Huarache Trainer CP4772,, 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, Nike Lunarestoa 2 Essential Trainer CP4882,Adidas S Flex Boys Grade School Black/Solar Red/White Running Shoes V28464Reebok Furylite Trainer CP4985,.
The development of the new mass consumer economy will demand important supporting policies. These will include upgrading of skills, spreading benefits of Vans Old Skool Cork Twill Trainer CP5105,Nike Cortez Boys Grade School Black/White/Leather Running Shoes V34926Timberland Womens 6 Inch Premium Boot CP5176,, 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 Shoes adidas Court Stabil Star Metallic/White/Tech Metallic,Nike Air Max Tavas Boys Grade School Cool Grey/Wolf Grey/White Running Shoes V47785Womens Shoes adidas Golf adiZero Sport III Night Flash/Amazon Purple/Lucky Pink,.
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 Aerosoles Plantation Dark Brown Suede,Nike Free 5.0 2015 Boys Grade School Deep Royal Blue/Metallic Silver/Green Strike/Black Running ShoeWomens Sandals Aerosoles A2 by Aerosoles Wip Current Brown,, 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 Aerosoles A2 by Aerosoles Lollipowp Black,Nike Huarache Run Boys Grade School White/Black/White Running Shoes V88724Womens Boots ALDO Onaulian Black Suede,, 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 ALDO Perillo Cognac,Nike Flex Experience 4 Girls Grade School Black/Volt/Pink Pow/White Running Shoes V30380Womens Boots Anne Klein Klye Brown Leather,.