PRC 2nd-largest consumer market by 2015
26 March 2007
China may become the world's second-largest consumer market by 2015,
according to a report released during the weekend. China's booming
economy may boost its share of world spending from 5.4% last year to
14.1% by 2015, AFP
reported, quoting a report from Credit Suisse. This rate of growth
would send Chinese consumer spending past Japan, Germany, Britain and
Italy and put it in second place behind the US, which last year accounted
for 42% of the world's total. China's rise, however, will eat away at
the percentage lead of the US, which is expected to go down to 37.7% by
2015. At the current rate of growth, China's consumption will be behind
the US and Japan by 2010, the bank forecasted. Ironically, despite
economic growth of 10.7% in China last year, spending on many consumer
items actually declined in 2007, the bank reported.