Post by pling on Dec 3, 2015 17:18:14 GMT
Fra goldmansachs.com
The rise of China's new consumer class
- Across Asia, rising incomes are creating an enormous new class of consumers. Much of that growth is coming from China, whose working population is larger than those of the US and Europe combined. As more Chinese consumers gain purchasing power, their needs and preferences will have a powerful effect on the global economy. Today’s China consumer market is dominated by a relatively narrow middle class. Less than 2% of workers earn enough even to pay income tax. So what the world has seen so far is only a preview of the opportunities to come.
It is 770,4 mill. workers in China while in the US it is 146 mill. workers.
- The “average Chinese consumer” does not exist. China’s consumers can be divided into four tiers. Future growth will come from two key groups—the white-collar “Urban Middle”, and the blue-collar “Urban Mass”.
MOVERS & SHAKERS
- China’s wealthiest citizens already make up a large part of global demand for high-end goods. Their spending patterns will continue to influence trends as the country grows.
1,4 millioner mennesker tjener årlig $500 000 eller mer.
URBAN MIDDLE
- This is China’s narrow middle class. Nearly half of them are on the public payroll, so policies to increase income will have a strong effect here.
146 millioner mennesker tjener i snitt $11733 pr. år
URBAN MASS
- This group—blue-collar workers and migrant workers who have moved to cities to find better-paying jobs—is expected to see the biggest rise in income. This will allow them to broaden their spending beyond consumer staples.
236 millioner mennesker tjener i snitt $5858 pr. år.
RURAL WORKERS
- Half of China’s workers still live in rural areas. With lower incomes and fewer available jobs, their spending is concentrated on essentials such as food and housing.
387 millioner mennesker tjener i snitt $2000 pr. år.
- The Chinese consumer market has seen enormous growth—and only 11% of the population has reached the middle class. As their ranks swell, so will their effect on the global economy. There will be huge opportunities for the entertainment, food service, technology and other industries. But to take advantage of them, businesses will need to understand China’s Urban Mass and Urban Middle, and align pricing, offerings and other practices to the groups’ specific needs.
Source: 2013 data from China NBS, CNPolitics, Goldman Sachs Global Investment Research, US Bureau of Labor Statistics, US Department of Defense
The rise of China's new consumer class
- Across Asia, rising incomes are creating an enormous new class of consumers. Much of that growth is coming from China, whose working population is larger than those of the US and Europe combined. As more Chinese consumers gain purchasing power, their needs and preferences will have a powerful effect on the global economy. Today’s China consumer market is dominated by a relatively narrow middle class. Less than 2% of workers earn enough even to pay income tax. So what the world has seen so far is only a preview of the opportunities to come.
It is 770,4 mill. workers in China while in the US it is 146 mill. workers.
- The “average Chinese consumer” does not exist. China’s consumers can be divided into four tiers. Future growth will come from two key groups—the white-collar “Urban Middle”, and the blue-collar “Urban Mass”.
MOVERS & SHAKERS
- China’s wealthiest citizens already make up a large part of global demand for high-end goods. Their spending patterns will continue to influence trends as the country grows.
1,4 millioner mennesker tjener årlig $500 000 eller mer.
URBAN MIDDLE
- This is China’s narrow middle class. Nearly half of them are on the public payroll, so policies to increase income will have a strong effect here.
146 millioner mennesker tjener i snitt $11733 pr. år
URBAN MASS
- This group—blue-collar workers and migrant workers who have moved to cities to find better-paying jobs—is expected to see the biggest rise in income. This will allow them to broaden their spending beyond consumer staples.
236 millioner mennesker tjener i snitt $5858 pr. år.
RURAL WORKERS
- Half of China’s workers still live in rural areas. With lower incomes and fewer available jobs, their spending is concentrated on essentials such as food and housing.
387 millioner mennesker tjener i snitt $2000 pr. år.
- The Chinese consumer market has seen enormous growth—and only 11% of the population has reached the middle class. As their ranks swell, so will their effect on the global economy. There will be huge opportunities for the entertainment, food service, technology and other industries. But to take advantage of them, businesses will need to understand China’s Urban Mass and Urban Middle, and align pricing, offerings and other practices to the groups’ specific needs.
Source: 2013 data from China NBS, CNPolitics, Goldman Sachs Global Investment Research, US Bureau of Labor Statistics, US Department of Defense
