UBSChina's consumer spending is expected to grow by $5.3 trillion over the next decade, and as women's income increases, they will become the main force driving consumption growth, the group said in a report on Friday.
Christine Peng, head of the greater China consumer division of UBS's global research division, wrote in the report that 80 per cent of consumption growth by 2030 will be driven by an increase in women's income.
"We expect Chinese women to have the greatest impact on the growth of Chinese consumption," she wrote. We hope that the remarkable progress made in women's education in China over the past 20 years will be achieved and improve their social status, especially in the workplace. "
UBS expects the sharp increase in Chinese household consumption over the next decade to mean that China will contribute about 27 per cent of global consumption growth by 2030. By contrast, the proportion in the US is expected to be 19 per cent.
Peng also said that with the increase in the proportion of single households in China, the improvement in women's financial situation may also change China's consumption structure, with spending in areas such as pets, health food and beer more than other traditional consumption areas.