Consumer spending to climb 15%
By Ding Yining |
January 25, 2013, Friday
|
Print Edition
Print Edition
CHINA'S total consumer spending may grow by a compound rate of 15.2 percent over the next four years to reach US$4.3 trillion in 2016, a latest survey showed.
China will be the fastest growing country among the seven markets studied, including Mexico, India, Turkey, South Africa, the US and Britain, according to a joint research report released yesterday by market research firm Mintel and the Economist Intelligence Unit.
By 2016, China's consumer expenditure would account for a third of US spending, up from about 22 percent now.
"Sluggish economies in western countries has pushed China to shift its own economic development model to rely more on domestic consumption," said Steven Xu, chief representative of the Economist Group in China.
Prepared food is expected to grow by an annual 20.9 percent on average as consumers gradually shift from commodity food as lifestyle changes.
China will be the fastest growing country among the seven markets studied, including Mexico, India, Turkey, South Africa, the US and Britain, according to a joint research report released yesterday by market research firm Mintel and the Economist Intelligence Unit.
By 2016, China's consumer expenditure would account for a third of US spending, up from about 22 percent now.
"Sluggish economies in western countries has pushed China to shift its own economic development model to rely more on domestic consumption," said Steven Xu, chief representative of the Economist Group in China.
Prepared food is expected to grow by an annual 20.9 percent on average as consumers gradually shift from commodity food as lifestyle changes.
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