In body, mind, spirit and cash
If you personify China’s consumption upgrade, you could say she is striking a pose full of poise these days.
And the posture, which seems to herald glad tidings for high-end lifestyle, wellness and fitness businesses, is in full evidence at lucrative yoga studios that are mushrooming across China, industry insiders said.
Two figures illustrate well the evolution of consumption upgrade: China’s per-capita consumer spending reached 18,300 yuan ($2,670) last year, 5.4 per cent more than the year before. And consumers such as Christina Zhang, 25, a Beijing housewife, are more than willing to part with 15,000 yuan or more for an annual membership at highend yoga studios.
For Zhang, a typical weekday afternoon is marked by a session at a high-end Yoga studio. In the class she stretches herself in a variety of postures called asanas.
As the inventive poses gradually wring sweat out of her shapely, supple frame, she disappears for a quick shower and emerges from it radiating beauty that seems to arise from an equanimous mind anchored in a contented soul.
Zhang re-energises herself with some pastry, washing it down with a cup of refreshing black tea, while allowing her mind to float with the soothing soft music flowing out of invisible hi-fi speakers embedded in the studio walls.
“I think what I get here is worth the money,” Zhang said. Her 15,000 yuan a year membership contrasts with a yearly fee of about 2,000 yuan at traditional gyms that offer yoga classes. But exclusive yoga studios offer a quieter environment and professional, experienced instructors.
And rising demand for such exclusive services and high-end products is a clear sign that China’s consumption upgrade is gathering steam, experts said.
That steam is propelling new businesses such as Pure Yoga, a high-end yoga centre that opened in WF Central, a premium shopping mall in Beijing, on Aug 5. Pure Yoga is operated by Pure Group, the Hong Kong owner of a popular lifestyle brand.
The Beijing studio is the group’s third venture on the Chinese mainland. Spread over 12,000 square metres and well decorated, the studio in Beijing boasts four group yoga rooms and one private chamber. To ensure that every student gets the best out of their yoga experience, the certified teachers offer all members more than 125 premium classes each week, covering more than 20 types of yoga. The studio also provides bilingual teaching assistance.
People’s sports-related expending is growing continuously, and the consumption levels of Beijing and Shanghai are comparable to those of Hong Kong, said Colin Grant, Pure Group’s chief executive.
“People's income is going up. Plus, their mindsets have shifted to ‘I want a healthier lifestyle’. In the past they may have wanted to spend money on buying fancy clothes and shoes. But now they want to eat healthier, buy sports apparel, and live healthier. People are prioritising consumption related to health.”
A report by the Economist Intelligence Unit says China’s domestic annual personal spending has surpassed $4 trillion, and that the figure will reach $13.7 trillion by 2030.
“It’s obvious that people’s consumption level is moving to medium-to-high-end sectors,” said Xing Zhihong, spokesperson of the National Bureau of Statistics.