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Report: China 'affluent' population to hit 280 million by 2020

By Juwai, 17 December 2012
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By 2020, China is expected to have 280 million affluent customers, defined as those with annual household disposable incomes of between US$20,000 and US$1 million.

Of the 280 million, 40% are upper affluent — those with incomes between $40,000 and $1 million per year. It is estimated that the affluent will be resonsible for 40% of China's consumption growth and will make up 35% of all consumer spending in 2020, a 24% rise from last year.

Other projections about China's future affluent consumers:

  • 75% will be from China's smaller, lower-tier cities.
  • These newbies will want all the glimmer, as opposed to the veterans who are no longer interested in flashy, logo-laden products.
  • 30% will be the silver spoon set — those who inherited their wealth instead of accumulating it on their own.

Read the full story on The Wall Street Journal.

Tags: china