31% of Millennials in a KPMG survey expect a significant increase in their income over the next five years compared to just 18 percent of non-Millennials. Their rise to become a key component of China’s retail market is therefore underway.
Millennials: A generational shift
Currently, the average monthly income of Millennials (RMB 11,738) is lower than the rest of the population (RMB 12,423), with close to two-thirds of Millennial respondents earning less than RMB 10,000 a month. In addition, their average monthly spending is also lower at Rmb5,565 a month. It also goes to show that Millennials in China are, in general, quite prudent spenders, with their average monthly spending at less than half of their income.
To cater to a wider audience, businesses operating in China are incre...
Already subscribed? Sign in.
Don't Miss Out.
Invest with as little as one bottle of water per week.
Join other top analysts and business executives and navigate the unique market with China Internet Watch.
Cancel at any time