Bloomberg on December 28, 2017 to the Chinese consumers now have ruled the world title according to the report, more important is that China's consumption properties change, namely consumption is no longer around the necessaries of life.The increasing disposable income goes to cinemas, tourism and health products.Investors ignore the risk of this huge shift.
According to the latest official figures, China's final consumption as a share of GDP is 63.4%.Household consumption rose sharply, to $4.5 trillion.Retail sales have risen steadily at an annual rate of 10%.In 2017, the double 11 shopping sales volume reached $25 billion, which was impressive, almost double the sales of shopping carnival on black Friday in the United States.The black Friday network has $14 billion in sales for the shopping carnival.
The report says some details are telling.Chinese consumers are becoming more sophisticated and increasingly affluent, and their purchases are escalating.
First, they have shifted from buying daily necessities to buying high-quality goods.Clothes and food consumption share is declining, and health and green food, smart phones and tablets, sports supplies and equipment, fashion and personalized household goods, cars and beauty products consumption of the share is on the rise.
Second, low-end mass goods are gradually exiting the market, while high-end brand products are pouring in.
Third, consumers will reduce their spending on tangible goods, while increasing spending on tourism and services, including health care, education, entertainment, financial planning and tourism.Growing number of Chinese outbound tourism, which not only benefit the surrounding many Asian countries, but also make the Australia, the United States, Canada, New Zealand and the European Union and other developed countries benefit.
So all of this is produced through shopping of various channels, including shopping, online and offline shopping.At present, China's adoption of new Internet and mobile phone technology has far exceeded the speed of some developed countries.Consumers pay more attention to price comparison and reading comments and recommendations from social media.
The report argues that as China's expansion relies more and more on consumption, its growth will be increasingly driven by internal drivers.Imports of high-end products and services will be expanded.This market will have an increasing appeal to multinational companies and investors