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Young, middle class lead retail shift

(Global Times)

08:13, May 09, 2012

According to Guo Geping, chairwoman of the China Chain Store and Franchise Association, the nation's retail industry is transitioning away from scale expansion to internal growth.

In previous years, increased competition led to changes in the retail world, however, with the growing spending power of people born in the 1980's and 90's and China's burgeoning middle class, retailers have had to modify their strategies to attract these consumers, Guo explained.

According to recent data from the National Bureau of Statistics, total retail sales of consumer goods in China grew 14.8 percent year-on-year to 4.93 trillion yuan ($781.54 billion) in the first quarter.

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