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Total consumption in the children's products market has reached 20 billion yuan ($3.22 billion) with an annual growth of 20-30 percent, reported the First Session and Inauguration Ceremony of the Guizhou Commerce Chamber of Children's Products on March 28.
With people getting richer, parents are buying nicer and more expensive things for their children, said Zhao Shengxiang, chairman of the Guizhou Commerce Chamber of Children's Products. Businesses have noticed the great potential of the children's products market and are working to enter it. The booming children’s product market has attracted several international brands to Guizhou.
The Guizhou Commerce Chamber of Children's Products was established to ensure the healthy development of the business. Roughly 165 members participated in the first session. China Merchants Bank has signed a cooperation agreement with the chamber creating a first line of credit totaling 200 million yuan ($32.2 million).
The baby boom in 1985 will bring about another baby boom in 2015, said Zhao Shengxiang. It is estimated that the total consumption of children's products will double by 2016, and annual sales will reach 40 billion yuan ($6.44 billion) by 2015.
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