Talk on the Street
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Talk on the Street
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A booming economy combined with positive changes in the Chinese consumer market mean exciting times for U.S. businesses looking to expand into China.
China’s Booming Economy
China’s booming economy, something that has seen staggering growth over the past 30 years, has led to some of the most profitable business opportunities ever experienced.
While some may raise concerns about China’s economy experiencing some slow-down, the rate at which it continues to grow is staggering, especially when compared to the rest of the world’s economies.
China’s GDP is currently at 6.9 percent and, while the Chinese Government recently amended its annual GDP target to 6.5 percent, this revised figure sits comfortably above every other major country throughout the United Kingdom, Europe, Asia, Australasia or the U.S.
Despite what we might consider a slowing of the phenomenal growth of China’s, still booming by world standards, economy, the Chinese consumer market is definitely on the charge onward and upward.
Chinese Consumer Market Changes
Economic experts expect that China’s consumer economy will increase from its current $4.2 trillion to $6.5 trillion by 2020. That is an expansion of about half in less than five years.
This is equal to a growth of $2.3 trillion, larger than the entire U.K. or German consumer market. And what is it that is transforming this consumer shift?
According to All State Franchise Finders CEO and President, Derek Cafferata, this change is predominantly driven by two factors; an emergence of the upper-middle class all throughout China and a change in buyer habits.
“China’s social make-up is experiencing radical change,” says Derek Cafferata. “At the forefront of this change is a massive emerging upper-middle section of the population. Over 80 percent of consumer growth will be from this newly developing and expanding group.”
According to research by the AliResearch Group, it is the younger generation that are changing the face of consumer habits throughout China. Sixty five percent of this growth in China’s consumer economic market will come from buyers who are 35 years and younger.
“This young generation is vastly different from the consumer of a generation ago,” says Derek. “This group have very different buying habits; they are more willing to spend and are far more open to e-commerce.”
With the Chinese Government slowly opening the country up to the Internet, and the immensely powerful sites that have come out of China, such as Alibaba, Internet consumerism is expected to increase to 42 percent of total consumption growth.
“Along with various changes to foreign investment and franchising laws and regulations in China, now is the ideal time to consider actively franchising into the country,” says Derek.
Allstateff.com Helping Business Expand into China
Derek and his experienced franchising team at All State Franchise Finders is helping a number of their more than 250+ franchise clients to open into China and other areas throughout Asia.
With more than 30 years in the franchising industry, All State Franchise Finders offers companies a clear and accurate layout of the process to opening franchise units internationally.
For more information in franchising in China, or other regions of the globe, contact All State Franchise Finders on 1-800-544-2161 or visit allstateff.com today. All State Franchise Finders are your franchising experts.