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  • Lazy Economy Is Rising in China
    2019-03-27

    Lazy Economy Is Rising in China

     

    - Sock washing machine, childcare service, etc… Centered on young single-person households -

     

    A report predicts that goods and services for lazy people will be a major trend in Chinese consumption.


     

    According to a report titled "Recent Developments of China's Lazy Economy and Implications’ issued by the Shanghai Branch of the Korea International Trade Association (Chairman, Kim Young-joo) on March 25th, the economy that satisfies the demand for 'lanren', which means 'lazy person' in China, is spreading from products to services. Based on the online payment system used by 596 million people, the market is growing with large cities, young consumers, single-person households, and mobile shopping populations.


     

    Last year, sales of the products for lazy people such as sock washing machines, window automatic cleaners, and huoguo (hot pot) for a single serving on Taobao, China's leading online shopping mall, reached 16 billion yuan. Ele.me and Waimai (food delivery service) and delivery service firms such as Dada, 58 Home’s housekeeping, car wash, babysitting, and other home-visiting service companies have also emerged, and the related market has reached 564.4 billion yuan.


     

    Shim Joon-seok, head of the Shanghai Branch of the Korea International Trade Association, said, “In 2050, single-person households in China are expected to reach 130 million and the lazy economy will be the key driver of consumption patterns.” He also stressed, “Many consumers are concerned about personal information leakage and the safety of visiting services. Therefore, if Korean companies resolve those issues, they will be able to compete to preoccupy China’s lazy economy.”


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