“Most large consumer-facing companies realize that they will need China to power their growth in the next decade. But to keep pace, these companies will also need to understand the economic, societal, and demographic changes shaping the profiles of consumers and the way they spend. This is no easy task not only because of the fast pace of growth and subsequent changes in the Chinese way of life but also because of the vast economic and demographic differences across the country.”
The preceding quote is from the latest “DFS Learning e-Blast” article, “Meet the Chinese Consumer of 2020”, by Yuval Atsmon and Max Magni.
In this March 2012 McKinsey Quarterly article, the authors discuss changing demographics, new spending patterns, and the implications on companies. This is one of a series of articles we’re sharing on our growing PRC consumer. It is important for us to understand the context of this critical consumer’s evolving needs, desires, and behaviors as we seek to effectively meet their shopping needs in the markets where we serve them.
More from the article:
“Many of the changes taking place in China are common features of rapid industrialization: rising incomes, urban living, better education, postponed life stages, and greater mobility. Japan saw similar changes in the 1950s and 1960s, as did South Korea and Taiwan in the 1980s.
But some unique factors are also at work, such as the government’s one-child policy and the marked economic imbalances among regions. Our analysis reveals important insights into the likely demographic and socio-demographic profiles of Chinese consumers at the end of this decade.”
Read the short article to learn more!
Mike Osorio, your Dare to be Contagious™ strategist
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