China : yet more stats to sweep you off your feet
Unless you've seen it all before !
Today I was at a conference on luxury tourism in China and had the usual fill of amazing stats on the potential that this country has. I thought I'd share a few :
1. This country has 430 million mobile phone users and 111m high speed internet connections
2. There are 106 billionnaires, 345 000 high net worth individuals and a middle class of 250 million
3. 22% of affluent consumers own a Rolex
4. China produces 90% of the worlds lighters, 80% of the worlds duvet covers, 80% of the worlds ball pens and buttons....
Well if you're not impressed or have seen it all before, what is more amazing than these statistics is the speed with which things have changed here. Andrew Wu, GM of LVMH China gave a very interesting presentation on the generational change that has taken place here putting emphasis on the speed with which it has happened. In the space of 30 years per capita income has gone from 78$ to 2280$. According to Wu 'speed creates intensity' so things are necessarily going to slow down. In 1999 to be in the top 50 fortunes in China you needed to have $6 million ; today to be in the bottom half of the top 50 you need to have earnings of $1.2 billion. In the last 6 years the retail market has doubled. There is now a whole generation of young people who were born post the cultural revolution and have seen nothing but economic growth. 43% of the population are under 30...and moving gradually into economic and political significance...
Watch this space ...
Ecrit par Caroline
le Dimanche 15 Juin 2008, 19:21
dans "News"
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