A seismic shift in the tendency of spending habits of women in China is boosting the "sheconomy" in the country. The business slogan that is getting popular in the second largest economy of the world is that those companies that win over the hearts of women also win all.
According to Guotai Junan, one of the largest investment banks and securities companies in China over the last five years, there has been an 81 per cent increase in spending by Chinese women on the overall.
According to official government figures, China is suffering from a gender imbalance because till the end of last year, the number of males in the country was 31.6 million more than females. But despite this difference, about 55 per cent of the total online spending is done by Chinese women which is significantly more than their share in the population.
And the battle of retailers to create loyal female customers is driving a host of retailers to offer dazzling coupons and discounts to women through a number of shopping events online which have been christened as the “queen festival,” “goddess festival,” or “butterfly festival”.
It seems that those promotional strategies are not working for retailer sin the country.
Retailers have even transformed the International Women’s Day – identified as an occasions for celebrating the rights of women and for pushing gender equality, into a massive shopping extravaganza in China. And on the occasion of the International Women’s Day, there has been a 64 per cent increase in spending of women on Alibaba’s Taobao, China’s biggest online marketplace, over a period of three years till 2017.
According to eMarketer, a New York-based research company, China also accounts for the largest rate of online shopping on the overall at about 35 per cent of all retail sales that happen in the country. The firm says that compared to China, only about 10.9 per cent of U.S. sales is accounted for by e-commerce.
According to China’s Ministry of Commerce statistics, the total online retail sale in China was $280 billion in 2013 which surged to a total of $1.34 trillion in 2018.
The broader cultural trends have driven a "fundamental shift" in women's spending patterns., believes Qiu Xiaodong, an economics professor at Beijing’s Jiaotong University. “The new generation, girls born in the '80s and '90s, live in a time when the country’s economy is growing, their income is growing, and then their parents’ consumption power and consumption concept are changing," Qiu said.
“They (women) are well-educated, have a good taste and powerful consuming ability,” Wei said, adding that women in their 20s and 30s "are now growing to be the new middle-class in Chinese society," says Wei Sijia, 26, a Chinese fashion blogger and influencer, boasts 2 million followers on social media platforms.
(Source:www.nbcnews.com)
According to Guotai Junan, one of the largest investment banks and securities companies in China over the last five years, there has been an 81 per cent increase in spending by Chinese women on the overall.
According to official government figures, China is suffering from a gender imbalance because till the end of last year, the number of males in the country was 31.6 million more than females. But despite this difference, about 55 per cent of the total online spending is done by Chinese women which is significantly more than their share in the population.
And the battle of retailers to create loyal female customers is driving a host of retailers to offer dazzling coupons and discounts to women through a number of shopping events online which have been christened as the “queen festival,” “goddess festival,” or “butterfly festival”.
It seems that those promotional strategies are not working for retailer sin the country.
Retailers have even transformed the International Women’s Day – identified as an occasions for celebrating the rights of women and for pushing gender equality, into a massive shopping extravaganza in China. And on the occasion of the International Women’s Day, there has been a 64 per cent increase in spending of women on Alibaba’s Taobao, China’s biggest online marketplace, over a period of three years till 2017.
According to eMarketer, a New York-based research company, China also accounts for the largest rate of online shopping on the overall at about 35 per cent of all retail sales that happen in the country. The firm says that compared to China, only about 10.9 per cent of U.S. sales is accounted for by e-commerce.
According to China’s Ministry of Commerce statistics, the total online retail sale in China was $280 billion in 2013 which surged to a total of $1.34 trillion in 2018.
The broader cultural trends have driven a "fundamental shift" in women's spending patterns., believes Qiu Xiaodong, an economics professor at Beijing’s Jiaotong University. “The new generation, girls born in the '80s and '90s, live in a time when the country’s economy is growing, their income is growing, and then their parents’ consumption power and consumption concept are changing," Qiu said.
“They (women) are well-educated, have a good taste and powerful consuming ability,” Wei said, adding that women in their 20s and 30s "are now growing to be the new middle-class in Chinese society," says Wei Sijia, 26, a Chinese fashion blogger and influencer, boasts 2 million followers on social media platforms.
(Source:www.nbcnews.com)
