For at least 50 years, the world's salesmen have been mesmerized - largely to no avail - with the idea of 1.3 billion Chinese consumers, a market so vast it is almost unimaginable. It has also mostly been a market too tough to crack.
Today, however, as the government actively pushes for a shift away from an export-led economy, China is expected to become the world's second-biggest consumer market, with enough purchasing power to buy nearly a seventh of the world's total products by 2015 - two years from now, finally providing vast opportunities for both global and domestic merchants.
These new consumers are a unique class. Hundreds of millions of them have migrated from farm to city where they are working in assembly and other industries. They are also the "young emperors," the fruits of the country's one-child policy, put into place in 1979 by the Communist Party in an attempt to alleviate social and economic problems by slowing the growth of its enormous population.
(...)
These new consumers have been given almost unimaginably far more opportunities than their predecessors to broaden their horizons and become exposed to different cultures, with the one-child policy giving them more comfortable financial prospects and larger budgets.
As their western counterparts have for generations, they judge themselves and others by what they buy. They have been exposed to foreign and domestic brands and they look for brand names and have the means to do so. Parents can and want to give their child financial support and credit is available to them through credit cards and bank loans, which are no longer taboo as they were to their elders. Full story...
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Today, however, as the government actively pushes for a shift away from an export-led economy, China is expected to become the world's second-biggest consumer market, with enough purchasing power to buy nearly a seventh of the world's total products by 2015 - two years from now, finally providing vast opportunities for both global and domestic merchants.
These new consumers are a unique class. Hundreds of millions of them have migrated from farm to city where they are working in assembly and other industries. They are also the "young emperors," the fruits of the country's one-child policy, put into place in 1979 by the Communist Party in an attempt to alleviate social and economic problems by slowing the growth of its enormous population.
(...)
These new consumers have been given almost unimaginably far more opportunities than their predecessors to broaden their horizons and become exposed to different cultures, with the one-child policy giving them more comfortable financial prospects and larger budgets.
As their western counterparts have for generations, they judge themselves and others by what they buy. They have been exposed to foreign and domestic brands and they look for brand names and have the means to do so. Parents can and want to give their child financial support and credit is available to them through credit cards and bank loans, which are no longer taboo as they were to their elders. Full story...
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