The June-July issue of IBI magazine featured China’s key economic indicators including growth in the country’s luxury car sales market as barometers of boating potential. Below is a preview of China’s market data.

Demand

Despite slower growth in property and industrial sectors, demand for consumer goods in China particularly luxury products has remained robust due to strong income growth.

  • Premium-car sales in China rose more than 30% last year and continued to surge through May this year, in keeping with the growing ranks of China’s millionaires.
  • Imported cars are up 20% this year, compared to the same period in 2011. Top imports are BMW, Mercedes Benz and VW, followed by Audi and Lexus.

Economic

  • After achieving average annual GDP growth of 10.5% over the last five years, China’s economy slowed to 9.2% in 2011 and slipped in the first quarter of 2012 to 8.1%.
  • Recent economic data suggests the slowdown has continued through Q2 2012, but strong exports to the US, new bank lending, and strong car sales point to a more positive second half, with real GDP growth forecast to be 8.2% for the year.
  • The government has been ramping up fiscal spending while the Central Bank announced two cuts in bank reserve requirements and 25-basis-point cut in interest rates to stimulate private consumption and lending.


For more data and analysis visit ibi-plus.com