China: Brewers plan to sell higher prices brands as consumers can pay more
The company, making Snow beer in partnership with China Resources, plans to sell higher-priced imported brands such as Miller Genuine Draft next year as consumers are willing to pay more, Andre Parker, managing director, Africa and Asia for SABMiller Plc announced on September 12, according to Bloomberg.
China's beer market will register an increase of 5 % a year until 2008, compared with growth of 0.7 % for the U.S. and 2.5 %for Europe through 2005, beverage research firm Canadian estimates.
According to the 2005 World Wealth Report compiled by Cap Gemini Ernst & Young, about 300,000 of China's 1.3 billion people are millionaires in U.S. dollar terms. That's up from 287,000 in 2004.
Rising incomes and urbanization are attracting foreign retailers such as Wal-Mart Stores Inc. and Carrefour SA, which are accelerating their expansion in the country after the government abolished restrictions at the end of last year to comply with its World Trade Organization obligations.
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