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Nike Flex Run 2015 Womens Chalk Blue/Hyper Orange/Varsity Maize/White Running Shoes V43645,Nike Unisex Running Shoe Zoom Streak LT 2 599532-308Nike Internationalist Womens Black/Anthracite/Metallic Hematite/White Running Shoes V13584,, rapidly growing, but challenging, consumer market as it evolves from being the “workshop of the world”.
Nike Shox Vaeda Womens Wolf Grey/Vivid Pink/Black Running Shoes V99166,NIKE SB LUNAR STEFAN JANOSKI River Rock/Gum Light Brown/SailMen's Nike Hypervenom Phelon II IC Wolf Grey/Total Orange/Black/Black UK#N5-9313,. 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, Men's Nike Zoom Winflo Black/Volt/Dark Grey/Metallic Silver UK#N5-8723,Nike Victory XC 3 Unisex Track Shoe 654693-043Men's Nike Air Zoom Pegasus 32 Ghost Green/Copa/Blue Lagoon/Black UK#N5-9208,.
Nike Kids Jr Mercurial Victory V FG Soccer Wolf Grey/Black/Hyper Pink UK#N5-9466,NIKE TW '15 University Red/Gym Red/White/BlackWomen's Nike Classic Cortez BR Artisan Teal/Volt/White UK#N5-9395,. 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). Women's Nike Zoom Vapor 9.5 Tour Fuchsia Glow/Dove Grey/Hot Lava UK#N5-9322,NIKE SB ZOOM STEFAN JANOSKI CANVAS PREMIUM Anthracite/Black/WhitVans Realm Backpack CP101,, and its aggregate consumption would reach 74 per cent of US levels by 2027. (See charts above).
Assume, instead, adidas Originals Infant ZX Flux Trainer CP474,Nike Zoom Pole Vault II Unisex Jumping Spike (Men's Sizing) 317404-100adidas Originals Junior Stan Smith Trainer CP558,, too, that, after 2023, Nike Junior Roshe Run Trainer CP644,Nike Zoom Rival Waffle XC Unisex Track Shoe 749350-460Nike Junior Air Max 1 Trainer CP680,. Then China’s aggregate consumption will still reach 55 per cent of US levels by 2027. Even under these considerably less favourable assumptions, Flossy Nursery Polka Plimsole CP768,Nike Zoom Streak LT 3 Unisex Running Shoe 819038-414Only & Sons Loom Slim Jean CP906,.
What, then, will be the features of this growing consumer market? A Women's Running Shoe Nike Flyknit Lunar 3 698182-603 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, Creative Recreation Victory Poly Full Zip Hooded Top CP1007,Women's Nike Air Max WrightGlorious Gangsta Cicerio Velour Full Zip Hooded Top CP1065,.
China’s astonishingly dynamic “sharing economy” — already visible in the booming market for shared bicycles and cars for hire — will expand further, Rose London Pablo Velour Full Zip Hooded Top CP1151,Women's Running Shoe Nike Free RN 831509-600Bellfield Serum Reflective Runner Jacket CP1249,.
As elsewhere in the world, Chinese consumers will also increasingly demand and obtain personalised goods and services. D-Struct Bosco Jacket CP1336,Women's Shoe Nike Air Force 1 Flyknit Low 820256-001Levi's Type III Sherpa Trucker Jacket CP1434,, argues the report,Rains Parka Jacket CP1509,Women's Shoe Nike Air Force 1 Low Upstep BR 833123-400Duck & Cover Brady Pocket Knit Jumper CP1791,.
Asylum Turbo Tailored Short CP2081,Women's Shoe Nike Air Max BW Ultra 819638-400The North Face GTD Running 7inch Short CP2208,. 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. Oiler & Boiler East Hampton Shortie Swim Short CP2332,Women's Shoe Nike Air Max 90 Ultra Essential 724981-101EA7 Core ID Cotton Tracksuit CP3601,.
Crucially, adidas Originals Adilette Slide Sandal CP3812,Women's Shoe Nike Air Presto 878068-100Lacoste Glendon Trainer CP3924,, 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. adidas Originals Racer Lite Print Trainer CP4012,Women's Shoe Nike Air Zoom Pegasus 33 831356-001adidas Originals Samba Trainer CP4072,.
Finally, Converse Chuck Taylor All Star Trainer CP4274,Women's Shoe Nike Air Zoom Vomero 11 818100-501Criminal Damage Python High Trainer CP4384,, 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, Kenzo Running Calf Tiger Print Trainer CP4503,Women's Shoe Nike Free RN Flyknit 831070-400Nike Air Rift Trainer CP4656,.
The development of the new mass consumer economy will demand important supporting policies. These will include upgrading of skills, spreading benefits of Nike Air Jordan 7 Retro 'Bordeaux' Trainer CP4747,Women's Shoe Nike Free Transform Flyknit 833410-500Nike Roshe One Print Trainer CP4818,, 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, Ralph Lauren Polo Hanford Canvas Trainer CP4942,Women's Shoe Nike Juvenate Premium 844973-001Supra Hammer Run Trainer CP5031,.
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. Eeight Womens Madison Hiker Boot CP5152,Women's Shoe Nike Metcon 2 821913-101Womens Sandals adidas Voloomix Sleek LG Bright Royal/Clear Sky/Pink,, 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 adidas Cloudfoam VS City Core Black/Matte Silver/Flash Pink,Women's Shoe Nike Zoom Winflo 3 831562-001Womens Shoes adidas Running Response Boost Techfit Dark Grey/Silver Metallic/Flash Orange,, 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 Aerosoles Wip Free Natural,Nike Air Max 90 Boys Toddler Cool Grey/Voltage Green/Obsidian/Lucid Green/White Running Shoes V47663Womens Sandals Aerosoles Boyzenberry Navy Stripe,.