Consumer spending to soar 40% by 2021
Print Edition
CHINA’S consumer spending will increase by US$1.8 trillion by 2021 fueled by favorable macro-economic factors and upbeat sentiment, a new report by Alibaba’s AliResearch and the Boston Consulting Group said.
The consumer market will grow more than 40 percent over last year’s level to an estimated US$6.1 trillion over the next four years.
Younger people are a driving force, with those aged 18-35 expected to contribute US$2.6 trillion of consumer spending by 2021 compared with US$1.5 trillion in 2016.
“Digital technology is one of the underlying drivers that will continue to spur purchases,” said BCG partner Jeff Walters.
The report suggested that by 2021 as many as 90 percent of all purchases in China will involve digital at some point in the shopping process, including browsing, comparing prices or actual purchasing, rising from 70 percent in 2016.
“We believe the rising trend of a seamless convergence between the online and offline worlds will become an important driving force for the growth of consumption going forward,” said Gao Hongbing, dean of AliResearch and vice president of Alibaba Group.
Chinese shoppers are increasingly aware of environmental issues and sustainability.
AliResearch data shows up to 16.2 percent of consumers on Alibaba’s China retail platforms bought five or more green products in 2015, up from just 3.4 percent in 2011. Natural skin care products are also growing 2.5 times faster than the industry average.
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