Senior citizens, smaller families, urbanization reshaping consumption

An affluent aging population, accelerating urbanization and smaller families will be growing consumption engines in the next decade in China, which will use new technologies including 5G for retail development, said top industry leaders.

Pei Liang, president of the China Chain Store and Franchise Association, said during its annual retailing convention in Qingdao between Nov 7 and 9 that consumers in China will be a changing factor and the decision-makers in the next decade of the retail market in the country.

Pei estimated that in the next 10 years, about 258 million people, or 17.8 percent of the total Chinese population, will be aged above 65, and that they will be the beneficiaries of the opening-up and reform policies.