China May Become the World’s Second Largest Consumer Market

A recent study by the Economic Intelligence Unit indicates that Chinese consumers only make up 5% of the world’s $36.9 trillion consumption. However, we need to keep in mind that the Chinese consumers barely existed about a decade ago.

The trend in Chinese consumption is significantly moving upward. Retail spending has increased steadily at 15 percent and more in recent years. Chinese consumer confidence remained high even during the worldwide recession in 2008-2009. China has already become the world’s largest market for automobiles, television sets, and cell phones, and the world’s second largest market for luxury goods.

Walking on the streets of China’s bustling cities, one can easily witness prosperity and the consumer boom. Continue reading