A strong desire to consume high-quality products and try new experiences has bolstered China's retail and consumption sector and encouraged companies to innovate and boost their marketing efforts, China Daily reported Thursday.
China will remain a top consumption market in the next 10 years, a report by Bain &Company, a global consultancy, was quoted as saying by the paper. For those who missed the chance to get into the Chinese market, the flexible Chinese market still has a lot of opportunities to offer.
In another report by Nielsen, a global data analytics company, Chinese consumer confidence in the first quarter of 2019 topped its record high hit in the past year.
Mintel Group, a global provider of market research, was quoted as saying that spending on snacks has grown to a larger portion of overall consumption and grew significantly compared to other sectors in the food and drinks industry.
Mintel estimates that total revenue of snack foods will accelerate 5.1 percent annually in the next 5 years and reach 1,050 billion yuan (152.7 billion U.S. dollars) by 2023.
Mondelez International Inc, a leading snack company, said earlier in the year that China will become one of its biggest engines for growth in the next 5 to 10 years. It said about 25 percent of global snack growth will come from China, the paper reported.
Mintel was quoted as saying that the sportswear market is another driving force for expansion, with estimated annual growth of 8 percent from 212 billion yuan in 2018 to 312 billion yuan in 2023.
