China’s domestic consumer market has grown to a considerable size. However, there’s still much potential in it. China will offer a US$5 trillion consumption growth opportunity in the next decade, according to a latest research by the McKinsey Global Institute.
Citizen’s incomes are increasing at a steady pace. China’s number of households with upper middle income and above (defined as households with annual incomes of US$22,000 or more in 2011 international dollars, on a purchasing power parity basis) is slightly lower than that of Europe’s.
But in just 10 years, this number will grow to about 400 million, as many as Europe and the United States combined.
But the increasing scale and rising incomes are not the full stories of the new chapter of China’s new consumer market.
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