An economic force we tend to ignore-Children. They are a society’s smallest members, but might grow into an economic force to reckon with in China and driving domestic consumption.
A report released on Thursday at the first China Children’s Cultural Industry Forum shows that Chinese families with one child set aside 60 percent of their expenditures for their kids.
With more than 16 million newborn babies every year in China, children related industries currently account for 1 trillion yuan. In addition to food, clothing and toys, investors are looking into areas like children’s media, educational experiences and even family activities. Experts also say that children’s economy is crisis-proof.
"Sometimes we say education is a crisis-proof industry. The more sluggish the economy is, the more people tend to invest in education, especially on kids, because as people are facing more pressure from work, they want their kids to get education that will better prepare them for society." said Wang Yang, General Secretary of China Children's Cultural Industry Forum.