Embracing the World’s Largest Consumer

Feb 11, 2020

China’s explosive growth in the recent years have brought sweeping economic change Worldwide and will continue to grow in years to come.

China’s consumer market will reach USD$6.1 trillion Worldwide

China’s explosive growth in the recent years have brought sweeping economic change Worldwide and will continue to grow in years to come.

According to the latest report conducted by the internationally renowned consulting firm Boston Consulting (BCG), the Chinese consumer market size will grow at an average annual rate of 10%. The market size is also been projected to reach USD$6.1 trillion by 2021. Mckinsey’s research as well suggests that within China’s burgeoning economy, the Chinese market is poised to become the principal engine of consumer spending over the next decade.

How does it affect us?

A consistent strong growth in the size and diversity of China’s consumers will create new market opportunities for both domestic and international companies. Hence, a detailed understanding of what consumers are doing, how their preferences are evolving, as well as the underlying reasons for their behaviour will be essential. With better information, businesses must be able to tailor their products to the needs of the increasingly sophisticated consumers to set themselves apart from their other competitors in order to be consistently ahead of the game.

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