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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 Shoes Clarks Lorry Grace Black,Womens Shoes adidas Fresh Bounce Famous White/Shock PinkWomens Boots COACH Dalla Chestnut Split Suede,.
Womens Boots COACH Zip Moto Black/Natural Shearling,Womens Shoes adidas Zero Bounce Clear Onix/Sun Glow/GreyWomens Sandals COACH Cindy Gunmetal/Black Metallic Pearl/Matte Calf,. 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 Shoes COACH Kia Saddle,Womens Shoes adidas Cloudfoam 8tis Clear Onix/White/Blue ZestWomens Shoes COACH Amber Platinum Metallic Tumbled,, and its aggregate consumption would reach 74 per cent of US levels by 2027. (See charts above).
Assume, instead, Womens Shoes COACH Smith Stone Suede,Womens Shoes adidas Energy Boost ESM Bold Pink/Frozen YellowWomens Boots Cole Haan Putnam Waterproof Boot Black Suede,, too, that, after 2023, Womens Sandals Cole Haan Augusta Sandal CH Argento,Womens Shoes adidas Golf adiPower Boost Clear Grey/Running White/Flash RedWomens Sandals Cole Haan Arlette Wedge II Red Leather/Chestnut Leather/Jute,. 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 Cole Haan Amalia Sling Skimmer Black Dot Print/Black,Womens Shoes adidas Golf Adicross IV Clear Grey/Mid Grey/Bright GreenWomens Shoes Cole Haan Bradshaw Pump 85 Gold/Silver Glitter,.
What, then, will be the features of this growing consumer market? A Womens Shoes adidas Outdoor Boat Slip-On Sleek Mid Grey/Dark Grey/Flash Red 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 Cole Haan Antonia Open Toe Pump Silver/Gunmetal Glitter/Dark Silver Metallic,Womens Shoes adidas Golf Adicross IV Tour White/White/Flash PinkUnisex Shoes Converse by John Varvatos Chuck Taylor All Star Double Zip Hi Painted Textile Oxblood/B,.
China’s astonishingly dynamic “sharing economy” — already visible in the booming market for shared bicycles and cars for hire — will expand further, Womens Boots ECCO Touch 35 Zip Bootie Morillo,Womens Shoes adidas Running Thrasher 1.1 W Amazon Purple/Silver Metallic/Flash OrangeWomens Shoes ECCO Sky Slip-on Black Leather,.
As elsewhere in the world, Chinese consumers will also increasingly demand and obtain personalised goods and services. Womens Shoes ECCO Tonder Penny Loafer Shadow White,Womens Shoes adidas Running Response Boost 2 Techfit White/Frozen GreenWomens Shoes ECCO Sport Biom Hybrid Walk Sport Dark Shadow/Dark Shadow/Rose Dust,, argues the report,Womens Shoes GUESS Carnney Silver Fabric,Womens Boots Aerosoles High Ride Black QuiltedWomens Shoes GUESS Hilarie3 Blue Patent,.
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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 Sandals PATRIZIA Celine Black,Womens Sandals Aerosoles Cherry Plush BlackUnisex Shoes PUMA Suede Classic Quarry,, 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 PATRIZIA Saturn Black,Womens Sandals Aerosoles Light N Sweet WhiteWomens Shoes Reebok Crossfit Lite Tr Poly Reflection Blue/Timeless Teal,.
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 Rocket Dog Cray Black Marbles/Saloon,Womens Sandals Aerosoles Wip About Navy ComboWomens Shoes Rocket Dog Sammie Natural Bubble Stripe,, 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 Sam Edelman Kourtney Black Suede,Womens Shoes Aerosoles A2 by Aerosoles Kaleidescope Nude PatentWomens Sandals Sam Edelman Gardener Black Vaquero Saddle Leather,, 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 Sam Edelman Banks Pewter Dreamy Metallic Leather,Womens Shoes Aerosoles Sleigh Ride Brown CrocoWomens Shoes Saucony Triumph ISO Twilight/Oxygen/Citron,.