Women's spending power grows in China
As their incomes rise and self-awareness grows, more Chinese women are pursuing a high-quality life, becoming the main driver of consumption spending in the new era, Chinese financial media outlet Yicai reported.
Moreover, they actively engaged in financial and economic activities, painting a wonderful and promising portrait of the Chinese women.
"She economy" was a term coined by the Ministry of Education in 2007 for the market targeting women. Industry data show that female consumers are driving growth in several sectors of the global economy, such as healthcare, e-commerce and education.
According to global consultancy Accenture, there are nearly 400 million female consumers aged 20-60 in China, who control consumption expenditures of up to 10 trillion yuan annually.
UBS earlier expected China to take a further share of global consumption over the next decade, reaching the current level of the United States in 2030, implying roughly $6 trillion in household consumption growth over the next 10 years.
People's consumption concept has changed since the COVID-19 outbreak, especially a focus on "health"/"ease of purchase" over "brand"/"price" that seems likely to last, UBS said.
The higher ratio of young females to males in education would have a small negative (about 5 percent) impact on consumption growth over the next decade, potentially hitting traditional consumer sectors but benefiting investments.
Improving finances for women in China, along with the rising share of single-person households, could shift the consumption structure, with more spending in sectors such as luxury, pets, healthy food, beer, and autos, UBS said.
Chinese women are consumers, as well as investors.Read More...
