Multiple factors will continue to drive the growth of the Chinese market and global brands "should definitely have a focus on China", Matthew Nelson, newly appointed global CEO of British market research firm Mintel, told Xinhua in a recent interview.
"I'm very optimistic about the Chinese market growth," said Nelson, adding that China was really the only major market that grew in 2020 and the containment of the COVID-19 pandemic early last year meant that "China's economy wasn't shaken that dramatically".
Nelson said the Chinese economy will see a continuous growth in 2021, which has been "driven on the back of the initiatives of technological self-reliance, lifting the living standard, social security, as well as the green economy."
Founded in 1972, the London-based market intelligence company tracked consumer spending across 34 markets worldwide. "We're also seeing a real confidence from a lot of the reports that Mintel published in consumer spending going forward," said Nelson, referring to the data reports on China.
Nelson said he believes that China's economy, set for continued strong growth, will be a driver for global recovery.
"There is an increase in confidence and consumer spending within the (Chinese) market. I think China booming can only be a very positive thing for the global economy," he said.
Produced by Xinhua Global Service