Connect with us

China

Who are China’s new consumers?

By 2030, more than 1 billion people in China will be classed as middle-class, earning more than RMB30,000 a year, and they’re spending their disposable income rather than saving as they have done in the past.

Avatar

Published

on

By 2030, more than 1 billion people in China will be classed as middle-class

Throughout the world, we are witnessing a growing middle-class with increased spending power. Nowhere is that more evident than in China, which, Cant says, is one of the largest markets in the world for cars, PCs and smartphones.

Most Chinese households now have basic goods such as TVs and fridges, but with higher salaries and a greater ability to make purchase choices, consumers are moving up the chain and buying premium level products in everything from food and drink to technology. But who are these new consumers?

By 2030, more than 1 billion people in China will be classed as middle-class

By 2030, more than 1 billion people in China will be classed as middle-class

By 2030, more than 1 billion people in China will be classed as middle-class

“For the first time ever there are more people living in China’s cities than in the countryside and this trend will only continue,”

says Cant.

“By 2030, more than 1 billion people in China will be classed as middle-class, earning more than RMB30,000 a year, and they’re spending their disposable income rather than saving as they have done in the past.

“These consumers are educated, skilled, price savvy and internet savvy. In fact the rise of the internet and online spending is one of the biggest success stories in China.

“Foreign brands are very popular with China’s young consumers, particularly those visible products that have status appeal. I also see real opportunities for overseas investors in areas such as vitamins, health foods and medical devices as China’s health system and awareness continues to improve. Beyond that, travel and entertainment are increasingly popular, indeed the rise of the Chinese tourist is one of the most significant trends we will see.”

via China: an ever-changing market — HSBC Global Connections.

Comments

China

RCEP and China: Reimagining the future of trade in Asia

The Regional Comprehensive Economic Partnership (RCEP) could eventually usher in an era of much deeper regional integration: for corporates doing business in the region, their future success may well hinge on how adeptly they manage to navigate the evolution of Asia’s trade landscape under the RCEP.

Avatar

Published

on

Last month, 15 countries in the Asia-Pacific region – including the 10 member states of the Association of Southeast Asian Nations (ASEAN) as well as China, Australia, Japan, New Zealand, and South Korea – signed the landmark Regional Comprehensive Economic Partnership (RCEP) on the final day of the 37th ASEAN Summit.

(more…)
Continue Reading

China

Thailand ready to ink big Chinese-backed trade deal

The RCEP will cover all 10 Asean member states plus five partners: China, Australia, Japan, New Zealand, and South Korea and will take effect from the middle of 2021 if at least six Asean members and three partners agree to its terms.

Olivier Languepin

Published

on

Thailand is set to sign the world’s biggest free trade agreement with Japan, China, South Korea and 12 other Asia-Pacific countries at the 37th Asean Summit this week.

(more…)
Continue Reading

Business

Great Wall Motor (China) takes over GM factory in Thailand

The Thai production hub will become operational in the first quarter of 2021 with automobile production capacity of 80,000 units per annum.

Avatar

Published

on

Chinese carmaker Great Wall Motor (GWM) hosted a ceremony on November 2nd to celebrate the latest milestone in taking full ownership of Rayong Manufacturing Facility in Thailand.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,609 other subscribers

Trending