The China’s Female Economic Market Estimated to Reach ¥4.5 Trillion by 2019
Ma Yun once said: “Women are the main force of the consumption, and the main force of the times. Control the women, control the consumption.” The latest release of the Chinese Female Consumer Survey Report shows that Chinese women have strong purchasing power. Chinese female economic market was nearly ¥2.5 trillion in 2014, and is expected to reach ¥4.5 trillion by 2019.
According to the report, women have a strong voice on household expenses: more than 80% of the decisions in the consumer sector are made by women, 88% on garment and cosmetics, 85% on housewares, 84% on relaxation and tourism, and 69% on maternal and infant products.
Even three quarters of women control the household financing, and 27.3% of women said they “made decision alone” on purchase of family financial product. 41.2% said they would make a decision with their husband. Among men, 33.8% said they listened to their wives, and 40.6% said they would make decisions with their wives.
The personal consumption of nearly half of the women accounts for more than a third of the household income. 50% of these women are below 27 years old, 46.6% are between 28 and 39 years old, and 45.7% are over 40 years old.
It can be seen that female economic market is promising, and it is expected to be a “new tuyere” for the continuous growth of future consumption industry. According to the economist, nearly 70% of Chinese urban women are employed, far higher than in Japan and South Korea, and in developed countries such as the US, the UK and France.
Among the married Chinese women, 38% said their incomes were about the same as their husbands’, and 14.4% said their incomes were higher than their husbands’. Among married men, only 35.2% said their incomes were higher than their wives’.
High employment and high incomes provide a foundation for female strong ability to consume and make decision while bring independent economic sources to women. And because of female strong voice on consumption and the market they create ,a noun called “She-Economy” appears.
In the field of e-commerce, among many popular categories, in addition to the 3C digital products which have obvious male characteristics, other products such as garment, suitcases, bags, cosmetics, maternal and infant products, and snacks all shows the characteristics of “She-Economy”.
In the field of cosmetics, 2016 China Cosmetics Consumption Trend Report shows that China’s retail trade volume of cosmetics reached ¥484.6 billion in 2015, maintaining an annual growth rate of about 20%.
In film and television, the proportion of female television audience has exceeded 60%, and the number is still increasing. In recent years, the popular online dramas or IP dramas have been the story whose audiences and fans are women from female perspective. Meanwhile, women are the main consumers of the film consumption. Among couples, lovers and friends who walk into the cinema, women make the decision mostly.
In the field of tourism, women have become an important driving force in China’s tourism market in recent years. In the catering field, according to the data of iResearch, more than 90% of female respondents in 2015 dined out every month, while 35% dined out two or three times a week.
Whether in the fields of e-commerce, cosmetics, film and television, or in other fields, “She-economy” has gradually taken the dominant position. With the continuous improvement of female income and future status, female economy is expected to become the “ new tuyere” for the continuous growth of future consumption industry.