, Columnist
The Search for China’s Sixth Consumer Wave
The answer may lie in redistributing income to poorer workers rather than offering incentives to buy more cars and refrigerators.
The real estate swell is spent.
Photographer: Mark Ralston/AFP/Getty Images
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Consumerism in post-1978 China has ridden five waves: from finding a solution to food shortages; to owning the “new big three” (refrigerator, color TV and washing machine); spending more on information; buying automobiles; and finally, real estate. All the swells are now spent, according to Renmin University economist Xiang Songzuo.
What could be the sixth surge?