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Latest developments/key facts and trends in the retail sector in China - November 2007
Population and development
The population in China was over 1.3bn in 2006. In the future 10-year period from 2006, the age group between 25-29 years old is expected to show the biggest increase of all age groups, at almost 75%, and the forecast numbers aged from 15-19 will show the biggest decrease.
Women are getting married at a later age than ever before. The average age of women at first marriage exhibited an increasing trend over the past few years. Noticeably, Young people and working women are the fast-rising purchasing power in China.
Economy and diposable income
Economy in China has been booming since economic opening-up starting from early 90’s, with GDP surging by 10.7% in 2006, thanks to climbing capital investment and exports. China is the fourth-largest economy in the world, which has grown at double-digit rate for four years in a row.
Personal disposable income has demonstrated a sharp growth in recent 10 years, while the gap in incomes is becoming wider. Disposable income can vary from nearly RMB 20,000 in Beijing to only RMB 8,000 in Ningxia province in Northwest China in 2006.
Legislative environment
Effective in March 2006, a new Circular was issued on issues regarding foreign-invested commercial enterprises, in an attempt to simplify the approval procedures for foreign investors with applications of setting up retail business in China.
The retail sector has been opened up to foreign investment since 2004, in fulfilment of WTO commitments. The new Circular has provided foreign investors more efficient access to China’s retail sector, launching a wave of merger and acquisition activities and outlet-opening in the sector, especially in chained supermarket segment.
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