“十五五”规划系列报告(九):提升消费率:亚洲经济体的得与失
Minsheng Securities·2025-11-18 03:31

Group 1: Consumption Patterns in Asia - The report identifies four consumption paradigms in Asia based on GDP per capita and consumption rates: "Enjoyable Consumption," "Cautious Consumption," "Daring Consumption," and "Stable Consumption" [1][11]. - "Enjoyable Consumption" economies like Hong Kong and Japan have high GDP per capita and consumption rates, with Hong Kong relying on "consumption capacity" and Japan on "consumption willingness" [2][14]. - "Cautious Consumption" regions such as Singapore and South Korea exhibit high GDP but low consumption rates, driven by a tendency to accumulate wealth rather than spend [3][32]. Group 2: Economic Insights and Recommendations - "Daring Consumption" economies like Thailand, Indonesia, and Vietnam show strong consumer tendencies despite lower GDP per capita, indicating that internal demand is a significant growth driver [3][52]. - "Stable Consumption" regions, including mainland China, have room for improvement in consumption rates, suggesting that targeted measures could stimulate consumer spending [3][11]. - The report recommends learning from "Enjoyable Consumption" models like Japan to develop service consumption systems and from "Daring Consumption" models to establish inclusive income distribution mechanisms [3][11]. Group 3: Risks and Challenges - The report highlights risks such as differences in data collection methods, regional economic structures, and the limitations of the sample used for analysis [3][59]. - External factors like global economic fluctuations and geopolitical changes could impact consumer behavior and trends in these economies [3][59].

“十五五”规划系列报告(九):提升消费率:亚洲经济体的得与失 - Reportify