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Experts say that fears about China’s slow- ing economy growth are overblown and that Chinese consumers will continue to increase their wealth.
Unlike many other developing Asian economies that just borrow money from foreign countries， China’s early growth was based on savings， investment， and exports. One of the downsides of its investment-first approach is that it makes consumption look small and often seems as if it is shrinking.
In these days， you can’t find a newspaper， a website， or a TV program that does not continually moan about the country’s slowing economic growth and the need for “rebalancing.”
The reality is that Chinese consumers are going to continue to increase in wealth. In other words， the low consumption ratio does not mean China’s consumption is weak. On the contrary， China has experienced dramatic consumption growth in the past decade.
Particularly， the rising discretionary spending， which refers to money spent on non-essential purchases， has made experts more optimistic about the country’s potential tremendous purchasing power. Discretionary spending is buying the stuff you like but do not need or that you only sort of need. And， fortunately， people seem to have an endless appetite for everything from entertainment to skiing to café lattes. Chinese citizens are now moving beyond being able to only afford the basics of life， and as a result， their discretionary spending is taking off. According to experts， discretionary spending in China is expected to grow more than 7 percent a year between 2010 and 2020， which is a faster growth rate than that of the spending on actual necessities， which is estimated to grow around 5 percent a year.
In addition， household income is a more important gauge of a country’s future economic performance， as“you can’t have consumption without income.” China’s household income is huge. It is now likely above $5 trillion a year. Plus， a lot of income is unreported， so this is really the minimum boundary for true household income. Developing economies， especially the BRIC nations of Brazil， Russia， India， and China， are frequently grouped together， but Chinese consumers dwarf all the others in terms of household income.
With GDP growth slowing and household income and consumption remaining robust， there is no doubt that the consumption share of GDP in China will increase in the future.
This is the year of the Chinese consumer. They are buying more often， in more places， and becoming brand-savvier on a daily basis. A large number of brands have found that Chinese consumers are driving their sales – not only in China， but abroad.
Unlike many other developing Asian economies that just borrow money from foreign countries， China’s early growth was based on savings， investment， and exports. One of the downsides of its investment-first approach is that it makes consumption look small and often seems as if it is shrinking.
In these days， you can’t find a newspaper， a website， or a TV program that does not continually moan about the country’s slowing economic growth and the need for “rebalancing.”
The reality is that Chinese consumers are going to continue to increase in wealth. In other words， the low consumption ratio does not mean China’s consumption is weak. On the contrary， China has experienced dramatic consumption growth in the past decade.
Particularly， the rising discretionary spending， which refers to money spent on non-essential purchases， has made experts more optimistic about the country’s potential tremendous purchasing power. Discretionary spending is buying the stuff you like but do not need or that you only sort of need. And， fortunately， people seem to have an endless appetite for everything from entertainment to skiing to café lattes. Chinese citizens are now moving beyond being able to only afford the basics of life， and as a result， their discretionary spending is taking off. According to experts， discretionary spending in China is expected to grow more than 7 percent a year between 2010 and 2020， which is a faster growth rate than that of the spending on actual necessities， which is estimated to grow around 5 percent a year.
In addition， household income is a more important gauge of a country’s future economic performance， as“you can’t have consumption without income.” China’s household income is huge. It is now likely above $5 trillion a year. Plus， a lot of income is unreported， so this is really the minimum boundary for true household income. Developing economies， especially the BRIC nations of Brazil， Russia， India， and China， are frequently grouped together， but Chinese consumers dwarf all the others in terms of household income.
With GDP growth slowing and household income and consumption remaining robust， there is no doubt that the consumption share of GDP in China will increase in the future.
This is the year of the Chinese consumer. They are buying more often， in more places， and becoming brand-savvier on a daily basis. A large number of brands have found that Chinese consumers are driving their sales – not only in China， but abroad.