“Chinese people who will be at retirement age on or before 2015 have been witness to massive social upheavals and change. In order to understand what shapes the way they behave as consumers, we need to first grasp the scope of the changes they have witnessed, and how these affect their lifestyle, place in society and planning for their futures.”
– Matthew Crabbe, Asia-Pacific Research Director
Some questions answered in this report include:
- How significant a consumer segment are the elderly to China’s domestic consumer economy, and how will that change?
- What are the major financial considerations that Chinese consumers have regarding retirement and old age, and how are they preparing their finances for when they retire?
- How important is home ownership as a means of security in old age, and how are retirees and those yet to retire planning to ensure they have a roof over their head in retirement?
- Keeping healthy and active is important to elderly people in China, but how are they going about doing this, and just how important is the health issue to them?
- What do retired people buy and what are the key factors determining what they buy?
- How are companies successfully marketing to elderly and retired Chinese people, and what more can be done?
Chinese people who will be at retirement age on or before 2015 have been witness to massive social change. Those who are older have lived through a period of history that has included foreign invasion, wars, famine, political anarchy and a shift from economic disaster to the situation now where China is currently forecast by The Economist to become the world’s largest national economy, as measured by GDP, by 2018.
Their lifestyles have leaped from real poverty to one where they are living in relative luxury. The Chinese are now able to own property, where property ownership used to be forbidden. They are able to own luxury products and private enterprises, having lived through times when owning such things could have landed them in prison, or worse. They are able to travel for leisure throughout China and to many overseas destinations that were previously denied to them.
In order to understand what shapes the way these people behave as consumers, we need to first grasp the scope of the changes they have witnessed, and how these affect the way they view their lives, their place in society and their planning for their futures.
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