China's booming "sheconomy"
Xinhua, March 9, 2017 Adjust font size:
On Wednesday, the International Women's Day, department stores, shopping malls and online shopping sites in China are readying themselves for the holiday to attract women and get them to spend on various gifts, clothing, and cosmetics.
Female consumers have become a key driver in China's consumption market in recent years. According to data released by Guotai Junan Securities, female consumption in China reached 2.5 trillion yuan (about 362 billion U.S. dollars) in 2015 and is expected to hit 4.5 trillion yuan in 2019.
The "sheconomy" appeared as a new word in China in 2007 and refers to the new economy resulting from a rise in female consumers.
Over the past 10 years, the sheconomy has played significant role in boosting China's consumer market in sectors such as e-commerce, tourism, medical cosmetology as well as vocational education.
E-COMMERCE BOOMING
"Queens' Day" and "Girls' Day" are terms put forward by China's online shopping sites ahead of the International Women's Day.
According to Amazon.cn, the number of new cosmetics brands joining this year's sales promotion has doubled from last year. The number of international cosmetics brands also almost doubled over the same period.
"With the upgrade of women's spending power and consumption demand, women consumers are paying more attention to product quality and brands," said a report released by Amazon.cn. "The international brands hope to seize business opportunities in the sheconomy in China by offering products with good quality and reasonable price as well as excellent shopping and service experience."
China's cosmetics market will surpass 800 billion yuan in 2018, including 350 billion yuan of online sales, and the apparel industry is expected to hit 3 trillion yuan by 2017, according to online consulting firm iResearch.
In the catering industry, a survey by iResearch said that more than 90 percent of women dine out at least once a month, and 35 percent two or three times a month. About 75 percent of women drink alcohol, and drinking wine is regarded as a fashion lifestyle by female consumers.