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Delhi, New Delhi, India, 2007/11/16 - China has become a lucrative market for global retail players on account of its strong economy, rising personal disposable income and high consumer confidence. RNCOS expects the market to grow strongly in future.
The leading market research company RNCOS has recently launched a comprehensive report "Opportunities in Retail Sector - China (2007-2011)” on the retail industry of China. According to the report, the Chinese retail industry has increased at a CAGR of 12.38% during the last six years.
The fourth largest economy of the world, China, is also the third largest country in terms of retail industry. As the country is developing day and night, its retail industry is also anticipated to increase at a CAGR of 20% during the period 2007-2011.
The report has notified the growth-filliping factors for the Chinese retail market, including the growing population, WTO accession, rising personal disposable income, high consumer confidence and an increasing GDP.
Strong economy, deregulation of retail sector, rising purchasing power of a growing middle class and a high degree of China’s consumerism are further increasing the domestic consumption making China a lucrative market for the global retail players.
During the forecasted period (2007 to 2011), top five fastest growing categories would be cosmetics and toiletries, apparel, furniture, washing machines and computers. Although during the forecasted period, the clothing expenditure will retain its surge, the focus on the fashion apparel will be more, with an increasing expenditure on the toiletries and cosmetics. The growth of telecommunications will be driven by rapid increase in the number of Internet users and the growing availability of broadband services which will also boost the sales of personal computers.
The RNCOS study evaluates different market segments and retail formats existing in the Chinese retail industry, besides studying the consumer behavior in China. The Chinese retail format is governed by the hypermarkets and is anticipated that the sales would increase by 1% by the year 2008 as compared to 2005. Also, the increasing affluence of the urban areas will lead to the emergence of a different segment of large sophisticated consumers, says the report.
"Opportunities in Retail Sector - China (2007-2011)” provides a comprehensive and updated overview and rational analysis on the Chinese retail industry while identifying the key opportunities and challenges vital for the success of the China retail industry.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.