Unleashing consumption potential in spring

0 Comment(s)Print E-mail China Daily, February 7, 2022
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China's per capita disposable income stood at 35,128 yuan in 2021, up 9.1 percent year-on-year in nominal terms, the NBS said. After deducting price factors, the figure was up 8.1 percent from the previous year.

In addition, the per capita consumption expenditure came in at 24,100 yuan last year, an increase of 13.6 percent from the previous year in nominal terms and 12.6 percent in real terms.

Wang's views were echoed by Liu Xiangdong, a researcher with the China Center for International Economic Exchanges. Liu said consumption, as a significant pillar of economic development, is expected to maintain growth this year despite challenges brought by the COVID-19 pandemic.

Liu said a series of measures like giving out shopping coupons should be taken to further unleash consumption potential. More supportive policies will be formulated to boost employment, increase residents' income and enhance their purchasing power, Liu said.

Jin Xiandong, a spokesperson for the NDRC, said China will continue to expand domestic demand on the basis of effective prevention and control of COVID-19, deepen the supply-side structural reform and unleash consumption potential.

Final consumption expenditure contributed 65.4 percent of China's economic growth in 2021, driving GDP growth by 5.3 percentage points, Jin said.

The country will promote green consumption, bolster the integration of online and offline shopping, and accelerate e-commerce and logistics systems in rural areas, he said.

The post-90s generation is emerging as the mainstream consumers, and there was a spike in orders for precooked dishes, smart home appliances and nutrition and healthcare products, according to Tmall, the business-to-customer e-marketplace operated by Alibaba.

Bai Ming, deputy director of the international market research department at the Chinese Academy of International Trade and Economic Cooperation, said younger generations are becoming the driving force in the growth of homegrown brands due to their higher disposable incomes, as well as personalized and diversified demand.

A report released by consulting firm McKinsey& Company said China will continue to be the engine that powers global consumption growth.

Chinese consumers are taking the lead in terms of the acceptance of new technologies and demographic and consumer behavior changes. These changes are likely to reshape the global consumption market, the report said.

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