The world is feeling the power of the Chinese consumer. China has the second largest economy but while there are gloomy predictions of an eventual slowdown, Chinese consumers are contributing to global growth. Chinese consumers are flashing their wallets in various forms. The power of the Chinese consumer can be felt from the large number of tourists flocking to Sydney’s Taronga Zoo to the fans clamoring for the new Korean drama or the most recent online payment app.
All roads nowadays lead to China in some way or another and it is responsible for 12% of the world’s GDP. For example, the rapid increase of Chinese tourists in Australia has improved the demand for flights between Australia and China. This has helped Australia to rebalance its own economy as its airlines add new long-haul routes.
The biggest impact however is on investment. At least 30% of global investment demand comes from the Chinese. Investments include retail, property, financial services instead of the more familiar commodities. According to HSBC’s report, Chinese consumers are getting wealthier with more than two-thirds of the population in the urban middle income class.
One of the visceral signs of changes due to the population’s increase in income is the rise of Chinese Super League that has managed to attract the world’s best soccer players from all around Europe. Chinese tourists are making an impact on the economies of countries. Using their newfound money, Chinese tourists can be found in exotic destinations like South America, Africa and the Middle East. With the greater demand for dinner parties, restaurants and bars, exports have shifted from copper to wine.
Chinese demand may eventually boost South Korea’s GDP from 0.2 to 1.8 percent depending on China’s growth pace. China’s influence on the global economy keeps on expanding as they continue to spend their money on different products and services.
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