(Yicai Global) June 20 -- China’s burgeoning sharing economy, which is already worth around CNY4.5 trillion (USD695 billion), is on track to grow at an average annual rate of 40 percent over the next few years, according to professional services provider Accenture.
A growing number of Chinese consumers are shifting to a value-based mindset rather than being materialistic, according to the Irish firm’s 2018 China Consumer Study. These people make better use of the products they buy and represent a huge, untapped market, with 63 percent of those surveyed choosing to give their purchases a second life on second-hand trading platforms, the data shows.
As more consumers embrace this value-based economy, more profitable business models will emerge, the report said. It brings to the table a bunch of innovative ways in which companies can grow their business in China, such as by enabling consumers to share, re-use and recycle their purchases to promote sustainable growth.
Fitness has become a major lifestyle trend in China, according to the study, and is likely to become a potent force in the nation’s consumer sector.
The segment is currently valued at around CNY1.5 trillion, and could reach CNY5 trillion by 2025 if Accenture forecasts prove correct. Those who participate in sports are often better educated, earn more money and are more likely to make repeat purchases, data from the study shows.
Fitness firms can use modern technology, like augmented, virtual and extended reality in tandem with artificial intelligence to create immersive exercise experiences for enthusiasts, the report added.
Those who enjoy sports hope to see shared outdoor sports equipment, according to the survey, opening up the possibility of a market the fuses sports and sharing.