The Rise of the Chinese Consumer

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In this work, Jonathan Garner and his colleagues at Credit Suisse First Boston contend that by 2014, the Chinese consumer will likely surpass the US consumer as the primary driver of global economic growth. Government policies are shifting demand within China from investment to consumption spending. This transition, combined with robust economic growth, an increasing consumption-to-GDP ratio, and steady currency appreciation, is projected to yield an 18% compound annual growth rate in the US dollar value of Chinese consumption over the next decade, potentially quadrupling China's share of global consumption. To pinpoint the companies and brands poised to thrive in China's evolving mass consumer market, Garner and his team present findings from the first comprehensive survey of consumer attitudes across eight major Chinese cities, involving 2,700 participants. This survey offers crucial insights for business executives and academics regarding various sectors, including automobiles, beverages, electronics, financial services, food, personal care, luxury goods, telecommunications, and travel. As China emerges as a pivotal influence on the prospects of investors and corporations, understanding the motivations of the Chinese consumer becomes essential. Garner’s work provides invaluable insights into this dynamic landscape, reflecting the changing demographics and preferences of this vast market.