China is set to change the world of business and consumption over the next ten years in remarkable ways. It will also reflect on the way China will change itself. Thus, a study was conducted by Bain that gas now identified ten key trends that will be shaped by China. The first one of them will be the dominance of the middle-class in consumption patterns, with more than 180 million joining it from the previously lower classes. Newer business opportunities will emerge as a result of the ageing population as 22% of the people in the country are likely to be above 60 years of age by 2027. Children born in the 1990s or 2000s have received greater financial support from their families than earlier ones, so will be less cautious with their spend while being a significant portion of the population soon. Urbanization will continue to rise, but this time the spread will be across the country, away from traditional densely-populated settlements. The cost of long-distance travel of people or logistics will reduce due to super-fast trains and drones. With millennials increasingly in charge, the sharing economy will further spread wings. Retailers will further take digital marketing to a new level by making use of widgets to further align customer journey with data in hand. Personalization will be another key weapon. Data warehousing will be akin to oil reserves, as it will determine several business opportunities. As with the mass use of data, cybersecurity risks will also proliferate. Consumption patterns will now have two models to emulate. One being the western one based around extravagant spending, and the other Chinese with focus on preserving the traditional order.

Source:http://www.bain.com/publications/articles/consumption-in-china-ten-trends-for-the-next-ten-years.aspx

Uploaded Date:24 July 2018