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Chinanews, Beijing, August 7 – According to a report by Earnest & Young China, women have become more and more important in leading the trend of consumption in China.
“Many women today play a decisive role in family consumption, even when buying cars, houses or luxuries,” said Li Gangwei, who was in charge of writing the report.
Nowadays, most Chinese women are free to budget their income, as only 2% of them let their husbands arrange financial affairs. At the same time, 65% of women usually spend 60% of their wages. That is to say, Chinese women form a huge potential market. In 2005, the purchasing power of unmarried women in China was $180 billion, and the figure will increase to $260 billion by 2015. Even elderly women, when their children become self-supporting, will generate a purchasing power of $150 billion by then.
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China today has become one of the most important luxury consumers in the world, and young women born in the 1980s have contributed a lot in this aspect. “Now China is the third largest luxury market, and many young Chinese women have become faithful luxury buyers, with the help of the Internet,” said Long Yongxiong, who is also from Earnest & Young China.
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