Table of contents
Executive summary 3
China’s consumer: A myriad of groups, drivers, and opportunities 4
We see mass market as the biggest structural opportunity 13
Capturing the theme with our top Buy-rated mass market ideas 21
Appendix I: Defining the four key groups of Chinese consumers 25
Appendix II: Sector snapshots of mass vs luxury 27
Automobiles 27
Branded apparels, shoes, and accessories 29
Casino and Gaming 31
Food & Beverage / Personal products 32
Handsets/PC 34
Healthcare 35
Internet / Education 36
Media 37
Property 39
Restaurants and Hotels 42
Retail, Dept/Chain stores, eCommerce 45
Sportswear 48
Telecom services 49
Tourism and Travel 50
Appendix III: Consumption names’ comparable valuations 51
Appendix IV: Expenditure premium of different income groups 53
Disclosure Appendix 55