A new era in Consumption 2014
Welcome to the dawn of the niche-growth era in China.
The mass-growth era, which featured year after year of double-digit GDP growth, is no longer a key theme of Chinese economic growth, Instead, what we see now is a more stable and healthy growth as an outcome of government adjustment.
As China becomes a more mature market, with 7.6 percent GDP growth in 2013 and an expectation of a similar rate for 2014, opportunities are arguably as plentiful as they ever were – if you know where to look.
In fact, from a consumer perspective, we are ushering in a new age: As China shifts away from an investment-led economic model to one driven by the population at large, consumers are taking the reins on consumption.
The country is in the midst of a massive recalibration with considerable opportunity for smart, agile competitors who keep up with the transformative changes to come.
It’s time to take a master class on Chinese consumers – to really understand them – in order to compete and win in this new era.