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Nike Free Rn Flyknit Mens Photo Blue/Gamma Blue/Total Orange/Black Running Shoes V68280,Men's shoe Nike Tiempo Legend VI FG 819177-108Nike Lunarestoa 2 Mens Black/Dark Grey Running Shoes V16741,, rapidly growing, but challenging, consumer market as it evolves from being the “workshop of the world”.
Adidas Anyanda Flex Womens Black/White Flip Flops V31751,Men's Shoe Nike Train Ultrafast Flyknit 843694-716Adidas Element Refine Womens Black/White Running Shoes V31768,. 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, Adidas Supernova Glide Womens Black/Pink Running Shoes V23934,Men's Shoe Nike Train Ultrafast Flyknit Amp 844645-177Adidas Voloomix Womens Black/White/Light Purple Slippers V35036,.
Nike Air Max Sequent Womens Black Running Shoes V12807,Men's Shoe Nike Zoom All Out Low 878670-800Nike Air Max 2016 Womens Pink Blast/Laser Orange/White/Black Running Shoes V68763,. 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 Air Zoom Odyssey Womens Black/Wolf Grey/Dark Grey/White Running Shoes V37782,Men's Shoe Nike Zoom LeBron Soldier 9 FlyEase 846246-010Nike Flex Run 2015 Flash Womens Noble Purple/Vivid Purple/Orange/Metallic Silver Running Shoes V6692,, and its aggregate consumption would reach 74 per cent of US levels by 2027. (See charts above).
Assume, instead, Nike Fs Lite Run 3 Womens Copa/Cool Grey/White/Hyper Orange Running Shoes V48128,Men's Shoe Nike Zoom All Out Low 878670-107Men's Nike Mercurial Vortex II FG Urban Lilac/Bright Mango/Black UK#N5-8844,, too, that, after 2023, Nike Air Max Bw Ultra Mens Midnight Navy/Hyper Cobalt/Midnight Navy Running Shoes V65111,Men's Shoe Nike Zoom Speed Trainer 3 804401-400Men's Nike Free 5.0 Flash Black/Cool Grey/Pure Platinum/Reflect Silver UK#N5-9079,. Then China’s aggregate consumption will still reach 55 per cent of US levels by 2027. Even under these considerably less favourable assumptions, Nike Kids Jr Hypervenom Phelon II TF Soccer Total Orange/Black/Total Orange UK#N5-9193,Men's Shoe NikeCourt Zoom Cage 2 705247-101Women's Nike Classic Cortez BR Artisan Teal/Volt/White UK#N5-9395,.
What, then, will be the features of this growing consumer market? A Men's Shoe Nike Zoom Talaria Mid Flyknit 856957-200 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, Women's Nike Free 5.0 Pure Platinum/Wolf Grey/Cool Grey/Black UK#N5-9345,Men's Shoe NikeCourt Zoom Vapor 9.5 Tour 631458-011Mitchell & Ness Two Tone Label Snapback CP229,.
China’s astonishingly dynamic “sharing economy” — already visible in the booming market for shared bicycles and cars for hire — will expand further, Creative Recreation Infant Kaplan Trainer CP508,Men's Tennis Shoe Nike Lunar Ballistec 1.5 705285-101adidas Originals Junior Stan Smith Trainer CP585,.
As elsewhere in the world, Chinese consumers will also increasingly demand and obtain personalised goods and services. Nike Junior Stefan Janoski Suede Trainer CP662,Men's Skateboarding Shoe Nike SB Clutch Dark 729825-002adidas Originals Crib Superstar Trainer CP721,, argues the report,Jack & Jones Clark Original JOS 318 Jean CP873,Men's Training Shoe Nike Metcon 1 704688-710Antony Morato Overhead Raglan Hooded Top CP974,.
Foray Beam Mesh Detail Hooded Top CP1060,Men's Training Shoe Nike Metcon 2 819899-005Nike SB Icon Overhead Reflective Hooded Top CP1132,. 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. Bellfield Carbon Contrast Panel Jacket CP1230,Men's Training Shoe Nike Zoom Speed Trainer 3 804401-040Creative Recreation Fur Trim Puffer Jacket CP1318,.
Crucially, Majestic LA Varsity Jacket CP1447,Men's Training Shoe Nike Zoom Speed Trainer 3 804401-310The North Face 1985 Rage Celebration Jacket CP1537,, 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. Only & Sons Birk Crew Knit CP1849,Men's Training Shoe Nike Zoom Train Complete 882119-004Glorious Gangsta Hyatt Short CP2140,.
Finally, FILA Motti Rib Trim Tracktop CP3573,NIKE AIR MAX 1 ULTRA MOIRE Game Fiberglass/White/FiberglassTimberland 6 Inch Premium Quilted Boot CP3786,, 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, Dr. Martens Smiths 4-Eye Shoe CP3905,Nike Air Max 93 Jade Stone/Black Pine/Fuchsia Flash/Dark Duneadidas Originals Stan Smith Trainer CP3977,.
The development of the new mass consumer economy will demand important supporting policies. These will include upgrading of skills, spreading benefits of adidas Originals Los Angeles Trainer CP4108,NIKE AIR MAX 90 ESSENTIAL Blue Force/Ice Cube Blue/Light Blue Laadidas Originals Topanga Trainer CP4181,, 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, Cortica Epic Runner Trainer CP4312,NIKE AIR ZOOM PEGASUS 31 Dove Grey/Bright Citrus/Total OrangeCriminal Damage Python High Trainer CP4385,.
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. Hugo Boss Akeen Clean Trainer CP4495,NIKE AIR ZOOM PEGASUS 31 Hyper Pink/Volt/Blackadidas Originals Adi Sun Flip Flop CP3813,, 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”. Nike Air Force 1 High Trainer CP4741,NIKE DUAL FUSION BALLISTEC ADVANTAGE Hyper Crimson/Dusty Cactus/White/Hyper CrimsonNike Air Huarache Utility Trainer CP4834,, 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. Ralph Lauren Polo Harvey-NE Trainer CP4937,NIKE FLYKNIT LUNAR 3 Black/Midnight Fog/Wolf Grey/WhiteVans Trig Trainer CP5079,.