Slowdown in growth of consumption
Print Edition
A slower growth in household income in the first quarter has cut the percentage of Chinese consumers planning to keep or raise their spending this year to 75 percent from 81 percent in 2015, research by Boston Consulting Group showed.
The household income grew 8.7 percent in the first three months of the year, down from a 9.4 percent rise a year earlier.
“Even as sentiment moderates a bit, it is important to note that we are looking at a slowdown in consumption growth,” said Jeff Walters, a partner of Boston Consulting Group, adding that consumption is “not pulling into the breakdown lane.”
By 2020, the number of upper-middle class and affluent households is set to double to about 100 million and account for 30 percent of the urban population.
Demand is also being lifted by younger consumers, with the 18-30 years old comprising more than a third of the urban population by 2020. Their consumption is rising by 14 percent annually, twice the pace of consumers aged over 35.
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