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China's youth
population holds the answer to future consumption patterns
- 16 Dec 2004
Author: Louise Nicholas After
25 years of the "one child policy", China's population is en route to
stabilisation, with annual growth rates forecast to drop from 1.3% between 1980
and 2000, to 0.6% over the coming two decades. But despite this fall in numbers,
China's youth generation alone, which is expected to hit 560 million in 2005,
exceeds the entire population of most countries in the world and is the core demographic
influencing China's future consumption patterns. According
to new research from Euromonitor International, University graduates are the key
emerging economic force within China's "youth generation", which includes
all those aged between 0 and 29 years old. This graduate segment of the population
has been rapidly expanding since 2000, thanks to state efforts to increase enrolment
at Universities. By the end of 2004, 2.8 million students will graduate from institutions
of higher education, more than twice as many as in 2002 and Euromonitor expects
this number to rise to 3.2 million in 2005. Research
by Euromonitor suggests that university graduates can be typically characterised
by their spending habits - unlike older generations, well-educated young Chinese
people are far less inclined to save as, thanks to their higher qualifications,
they have confidence in their long-term earning potential. Marius Dundulis, global
market research manager at Euromonitor International, comments, "This segment
of the population also exerts influence beyond its own buying power, as many graduates
continue to live at home after University. While they remain there, they have
the ability to persuade their parents to buy new brands and products". This
in-depth demographic data on the Chinese market can be found in The Future Demographic,
a new publication launched this month by Euromonitor International. This new publication
draws together for the first time an unparalleled collection of demographic data,
covering not only China but also a further 70 countries worldwide and 9 major
geographic regions. The
Future Demographic is unique in its future focus, analysing shifts in the global
population over the next 15 years to examine how this will impact consumer lifestyles,
spending patterns and behaviour. The book also contains unique contour charts,
which map the entire past, present and future population structures of any country
or region. Marius
Dundulis, global market research manager at Euromonitor International, comments
"What makes this book unique is that the reader can chose a population target
group and track its future development, comparing it with that of other countries.
With The Future Demographic answers to long-term strategic questions can be found
at a glance, literally, in a matter of seconds". |
