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China’s Consumer Market

As China’s GDP has increased exponentially over the past 25 years, so have real wages. Even with increasing
wages, China still maintains one of the lowest manufacturing overhead costs in Asia.

 

Increasing wealth is fueling the growth of a sophisticated middle class of consumers with an increase in
disposable income. By 2015, China is forecast to become the second largest consumer market in the world
after the US. China is now the world's second largest importer of luxury goods after Japan. In the next 5 years,
China's projected annual consumption of luxury goods will exceed $14.6 billion, surpassing Japan.

 

Consumer spending:

• Automobiles: 1,000 new cars hit the road in Beijing every day.

• Electronics: China is one of the world’s largest consumers of cell phones, computers, and other

  personal electronic devices.

• Imported Foods: China is now the 5th largest importer of wine even though wine does not play

  as major a role in Chinese cuisine as it does in Western cuisine.

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