China to add nearly two trillion dollars by 2021 – the power of Chinese consumer

China to add nearly two trillion dollars by 2021Jul. 5 – China becomes a world class market nowadays, the enormous number of Chinese people making China market attractive, import to China gain momentum, various foreign products get into China market, especially food and beverage products. China’s consumer economy is expected to continue to grow fast and may increase by 1.8 trillion U.S. dollars by 2021, according to a recent report.

China’s consumer economy

The main reason for such a lifting – higher income and increasing spending. As experts indicate that an emerging upper-middle-class are the driving force, and growing number of more comfortable Chinese households, especially with younger generation modern consumers expecting better life, they are the big spender, and they’re trading up to higher-quality items, especially imported products, the power of e-commerce added more values in China’s consumer economy. Analysts indicated that China is growing number of purchasing online, and Chinese consumer are more at ease ordering online than people in other countries, and by 2021, 90 percent of all purchases in China will involve digital technology at some point in the process.

The power of brand in China

In addition, Chinese consumers are sensitive to the brand of the products, higher quality account, there is a need for companies to understand the emerging consumer profiles, along with their distinct preferences and needs. Chinese shoppers are also gradually alert with Eco-friendly issues, purchases supposed to be good for both the consumers and the planet is becoming concerned day by day in China. it is reported that there were more green or sustainable products were purchased in 2015 than 2011 in China.

The role of China Imports

China imports goods and services from the EU to a value exceeding 200 billion euros. Of that amount, 45 percent is on account of Germany; the Netherlands’ share is 5 percent. Machinery and transport equipment form the most important group of EU export products to China. Some of these products are used in China’s manufacturing industry but the group also includes passenger cars. Evidently, the EU is only one among many players on China’s import market. Not much more than 16 percent of China’s imports comes from the EU. The EU’s share is no larger than 20 percent in any group of goods. The highest percentage share of EU goods is found in machinery and transport equipment, which is also the largest commodity group among EU export products for the Chinese market. Imports into China is mostly dominated by Asian countries, with a combined share of around 30% of total imports. Purchases from Europe and the U.S. account for 12% and 8%, respectively. As a major global buyer of commodities, imports from Africa, Australia, the Middle East and South America have increased strongly in the last decade to represent a combined share of around 50%, as a China source indicated.

Promising products to import to China

There are identified seven strategic businesses as high priority in China: biotechnology, information technology, new energy, environmental maintenance, new materials, high-end manufacturing, and alternative fuels. Huge money are being made in these areas. A different industry worth keeping an eye on is the Chinese health care sector. The rise of the middle-class and urbanization has caused a large demand for health care services, better food, beverage, nutrition products, China boasts one of the fastest-growing healthcare sectors in the world, imported products with higher quality is in demand in China. For various list of Chinese Importers for imports/exports trading companies available upon request, please contact with DCCC, or email to: info@dccchina.org

Bookmark the permalink.

Comments are closed.