CBBC China ICT briefing

Overview:
IDC estimates that the Chinese ICT market will grow by 7% annually until 2025, when the market will exceed $6 trillion. The key factors driving this growth are increased consumption by China’s burgeoning middle class, policies to upgrade China’s industrial infrastructure, and an increasingly innovative tech ecosystem.

China currently has 721 million internet users and 46% mobile penetration. Improving mobile coverage in rural areas and continued urbanisation is driving technology adoption among lower-income groups.

Around a third of all internet users live in rural China (approximately 200m people).

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What’s driving the Chinese consumer?

The Chinese consumer has become much more health conscious and more focused on value—although that doesn’t mean they want cheap products.

A new survey by McKinsey finds that Chinese consumers are spending on luxury items as well as services, and often do so when traveling abroad—where they sometimes find better prices.

You can listen to the McKinsey Podcast or read a transcript of the talk with McKinsey’s Glenn Leibowitz about the important trends emerging among Chinese consumers, and the opportunities—and challenges—they offer.

Fang Gong is an Associate Partner at McKinsey & Co., and the leader of their digital practice in Greater China. He is their expert on data analytics as a key to consumer insights. Daniel Zipser is a Partner who leads their Marketing & Sales Practice in China.

 

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