China's Growth Opportunities and Offshore Investing
Chinese Consumer & Habits
Contribution to global consumption growth
Household consumption, constant U.S. dollars
100%
90%
■China
■ U.S.
■Europe ■Rest of world
China's contribution to global spending on luxury goods
Chinese consumers, % of total, both domestic and overseas spending
50%
40%
30%
26%
19%
20%
42%
10%
0%
2012
80%
39%
50%
70%
58%
15%
60%
35%
32%
2018
2020
40%
2025F*
18%
50%
11%
China's Singles' Day vs. U.S. holiday sales
Gross merchandise value, U.S. dollar, billions
$90
■Prime Day
13%
40%
36%
7%
■Cyber Monday
$84.5
$74.1
$75
25%
■Black Friday
30%
16%
35%
26%
20%
$60
■Thanksgiving Sat. & Sun.
■China Singles" day
$44.8
$45
$38.4
$40.0
$35.7
$14.5
$28.5 $30.8
$9.2
$30
$11.6
23%
10%
22%
20%
$9.0
$8.9
$10.2
$7.4
10%
8%
$15
$6.2
$10.8
$10.7
$9.4
0%
$7.9
$7.2
$10.4
$11.2
2000
2005
2010
2015
2019
$0
$4.2
2018
2019
2020
2021
*
Source: (Left) World Bank; (Top right) McKinsey & Company "China Luxury Report 2019"; (Bottom right) Alibaba, Adobe Analytics, Amazon; J.P. Morgan Asset Management. Forecasts, projections
and other forward-looking statements are based upon current beliefs and expectations
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