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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, Native Youth Curved Hem Varsity Jacket CP1455,Nike Air Max 2016 Mens Summit White/White/Black Running Shoes V79537Pretty Green Festival Jacket CP1500,.
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Assume, instead, Luke 1977 Molby Swim Short CP2321,Nike Air Max 90 Mens Black Running Shoes V12232Franklin & Marshall Arch Logo Suit CP3607,, too, that, after 2023, Flossy Mens Plimsole CP3793,Nike Air Max 95 Mens Silver/Anthracite/University Red/Cool Grey Running Shoes V75186Nike Celso Thong Plus Sandal CP3861,. Then China’s aggregate consumption will still reach 55 per cent of US levels by 2027. Even under these considerably less favourable assumptions, adidas Originals Superstar II Trainer CP3949,Nike Air Max Tavas Mens Black/Anthracite Running Shoes V13090adidas Originals Itasca Track Top CP3530,.
What, then, will be the features of this growing consumer market? A Nike Air Max Plus Mens Wolf Grey/Met Silver/Laser Orange/Sonic Yellow Running Shoes V98864 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, adidas Originals AdiEase Cup Trainer CP4082,Nike Air Zoom Pegasus 32 Mens Ghost Green/Copa/Blue Lagoon/Black Running Shoes V55655adidas Originals Country OG Trainer CP4170,.
China’s astonishingly dynamic “sharing economy” — already visible in the booming market for shared bicycles and cars for hire — will expand further, Converse Star Player Ox Trainer CP4277,Nike Air Zoom Structure 19 Mens Black/Volt/Blue Lagoon/White Running Shoes V30046Creative Recreation Kaplan Croc Red Mesh Trainer CP4354,.
As elsewhere in the world, Chinese consumers will also increasingly demand and obtain personalised goods and services. Cruyff Santi Woven Trainer CP4431,Nike Air Zoom Pegasus 32 Mens Total Crimson/Black/White/Print Running Shoes V80766Lacoste Misano 36 Trainer CP4519,, argues the report,Nike Stefan Janoski Max Trainer CP4646,Nike Flex Fury Mens Dark Grey/Hyper Orange/Bright Crimson/Black Running Shoes V50388Nike Air Max 95 OG Trainer CP4716,.
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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 Boots Anne Klein Klye Brown Leather,Nike Zoom Winflo 2 Mens Black/Cool Grey/White/Green Strike Running Shoes V15905Womens Sandals Anne Klein Hida Dark Orange Gold/Dark Orange Fabric,, 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 Anne Klein Enticed Floral Leather,Adidas Anyanda Flex Womens Black/White Flip Flops V31751Womens Shoes ASICS Gel-Galaxy 8 Dark Grey/Silver/Flash Coral,.
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 Shoes Badgley Mischka Amanda II Silver Glitter Fabric/Metallic,Adidas Superstar Up Strap Womens Carbon/Carbon/Black Basketball Shoes V43320Womens Shoes C Label Lychee-1 Gold,, 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 Calvin Klein Ettore Black Cow Silk,Adidas Energy Boost 2 Esm Womens Bold Pink/Frozen Yellow Running Shoes V40706Womens Sandals Calvin Klein Carini Ematite/Black Metallic Box/Matte Embossed,, 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 Calvin Klein Gradyn White Graphic Leather,Adidas Solar Boost Womens Clear Grey/Silver Metallic/Flash Red Running Shoes V44559Womens Shoes Calvin Klein Allie Cigar Brown,.