The potential
Winning Chinese consumers: The potential
- Global powerhouse China, the world’s 2nd biggest economy in 2019: 16.3% of global GDP (vs. Germany 4.5%)
- Fastest-growing large economy with officially +6.1% in 2019 (vs. US +2.2%)
- Transition from investment to consumption type economy, consumption biggest growth driver with 76% in 2018
- Most populous country: Over 100 cities with over 1 million residents
- Largest middle class: Forecasted to account for 22% of global spending by 2030 (vs. US 7%)
- Largest and fastest-growing e-Commerce market: >55% world market share
- Largest digital market: > 1.6 billion cellphone and 840 m online users (2019)
- Strongest urbanization in modern times: Increase from 36% (2000) to 60% (2018)
- Most significant increase in economic importance: By 2030, 7 out of 10 cities that will contribute most to global GDP will be in China
