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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, Converse / Chuck Taylor All Star Canvas Ox Unisex Sneakers / White,Men Nike Bomba II'Soccer Shoes' Black/Volt/Volt Model UK2055,Dmk / Mary Jane Pumps / Black,.
Dorothy Perkins / Floral Sydney Cross-over Mules / Multi Bright,Men Nike Pro Stepper'Basketball Shoes' Anthracite/Anthracite/Black Model UK2028,Dr. Martens / Quay Slip On Sandals / Black,. 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). Flatss & Heelss By Rad Russel / Blue Bow Flats / Blue,Men Nike Air Diamond Turf VI'Basketball Shoes' Black/White/Metallic Gold/Challenge Red Model UK1972,Gioseppo / Sutter Boots / Lead,, and its aggregate consumption would reach 74 per cent of US levels by 2027. (See charts above).
Assume, instead, Guess / Hunee Wedges / Dnanu,Men Nike DF Ballistec Advantage'Tennis Shoes' Wolf Grey/Hot Lava/Cool Grey/Flint Silver Model UK2093,Kiki / Comfort Slip-On Sandals / Beige,, too, that, after 2023, Lost Ink / Kelly Textured Mule / Black,Men Nike Air Ring Leader Low'Basketball Shoes' White/Sport Red/Black Model UK2104,Mango / Lace-Up Stiletto Heels / Black,. 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 Gazelle Blue,Men Nike Air Force 1 Low'Basketball Shoes' Gym Red/White Model UK2112,Adidas Originals Los Angeles Green,.
What, then, will be the features of this growing consumer market? A Men Nike Flex Run 2015'Running Shoes' Black/Laser Orange/Bright Citrus/Volt Model UK2137, 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 Haven W Grey,Men Nike Prestige IV'Basketball Shoes' Black/Black/Anthracite Model UK2128,Adidas Originals Stan Smith Ro W White,.
China’s astonishingly dynamic “sharing economy” — already visible in the booming market for shared bicycles and cars for hire — will expand further, Converse Chuck Taylor All Star Summer Mesh Tri Panel Ox Red,Men Nike Air Zoom Vick II'Training Shoes' Black/White/Black Model UK2187,Converse Star Player Ox Fundamentals Red,.
As elsewhere in the world, Chinese consumers will also increasingly demand and obtain personalised goods and services. Converse Chuck Taylor All Star Seasonal Hi Orange,Men Nike Air Vapor Advantage'Tennis Shoes' White/Total Orange/Midnight Navy Model UK2181,Converse Chuck Taylor All Star Hi Metallic Snake Leather Black,, argues the report,New Balance MRT580 Blue,Men Nike SB Trainerendor'Casual Shoes' Game Royal/White/Black/White Model UK2219,New Balance WL420 Pink,.
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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 Nike Dunk Sb Low Cut Men Sports Shoes White Blue 200332,Men Under Armour Glenrock Mid'Casual Shoes' Cadet/Pirate Blue/Stoneleigh Taupe Model UK2622,Pier One Men Flat Shoes Dark Blue 374630,, 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, Puma Invicto Sala Men Indoor Soccer Shoes Total Eclipse-Lava Blast-Tapestry Blue 769012,Men Under Armour Ignite Low Trainer'Baseball Shoes' Black/Orange Model UK2640,Woodland Men Outdoor Shoes Khaki 196295,.
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. Nike Men Sportswear Shoes Red/White/ Red 440328,Men Under Armour Yard Low ST'Baseball Shoes' White/Forest Green Model UK2618,Nike Air Max 90 Men Sports Shoes Black Green 815539,, 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”. Jordan Men Shoes Blue Graphite/Black/Metallic Silver 445217,Men Under Armour Deception Low DT'Baseball Shoes' Black/Metallic Gold Model UK2743,Puma Ferrari Men Shoes White Black 993655,, 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. Jack-Jones Men Lace-Up Boots Black 363479,Men Under Armour Micro G Limitless TR'Training Shoes' Blue Jet/Black Model UK2772,Adidas Kids Sports Shoes Blue 318051,.