Growth of middle class means major changes for China

chinadaily

Substance, not style, increasingly important for nation’s shoppers

China’s middle class is expanding at an unprecedented pace. According to McKinsey & Co, by 2020 more than three-quarters of China’s urban consumers will earn 60,000 yuan to 229,000 yuan ($9,037 to $34,495) per year. That translates into nearly 400 million people who are considered by the consultancy to fall into the middle-class category.

And thanks to a surging number of higher-paying jobs in service and technology industries, 54 percent of them will be classified as “upper middle” class, meaning they have an annual income between 106,000 yuan and 229,000 yuan. Beneath the topline figures are some significant shifts in consumption dynamics. Using income as the only indicator of spending habits allows some information to slip through the cracks…

Read more : China Daily, 02.10.2017