According to the study, the Chinese consumer has finally come of age. The traditional drivers of China’s economy, investment and exports, are struggling, but the country’s consumers keep spending. Private consumption is now the main driver of economic growth in China, and The EIU expects it will grow in real terms by 5.5% a year on average in 2016-30.
The rapid evolution of China’s consumer market will make it tough for companies to keep up. In the latest EIU whitepaper, EIU’s analysts show how income distribution is set to change radically over the next 15 years, as more consumers move into the middle-class income bracket. They also identify the regions of the country that will see the highest concentrations of high-income individuals, and use cross-country comparisons to identify parts of the Chinese consumer market that are set for “take-off” growth.
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