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China headed for place as No. 2 consumer market

A booming economy will lift China to second place behind the US as the world's biggest consumer market by 2015, a research report said yesterday.

Consumption in China is expected to make up 14.1 percent of the total among major world economies in 2015, surpassing that of Japan and Germany, Britain and Italy, a report by the Credit Suisse bank showed.

The US, which last year accounted for 42 percent of global consumption, will account for 37.7 percent by then, the report said.

China's consumption last year made up 5.4 percent of the global total, putting it on par with Italy, but behind Japan at 11.1 percent, Germany at 7.3 percent and Britain at 6.6 percent, the report said.

Credit Suisse forecast China's consumption to move in behind the US and Japan by 2010.

The survey showed that despite economic growth of 10.7 percent last year, budgeted and actual spending on many consumer items declined last year.
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