Income and Expenditure: China

July 2022

The Chinese consumer market is forecast to expand and remain the second largest globally by 2040, underpinned by China's shift towards a consumption-led growth model. Nevertheless, private consumption growth is set to remain subdued over the medium term, hindered by strict COVID-19 curbs, economic slowdown and high income inequality. In addition, regulatory uncertainty and looming crisis in the property sector threaten economic stability and wealth creation in China.

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The Country Briefings series examine market potential, economic and consumer trends impacting each country and how they are set to change.

Each Country Briefing covers one of these topics:

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Income and Expenditure: Insights into income, wealth and expenditure of consumers are vital in helping businesses make strategic decisions with regards to which country (or even which region within a country) to enter, which consumer segment to target, which products or services to market, and at which price point. Other factors such as the size and expansion of the middle class and income inequality are also important in helping companies gauge the potential of a country market.

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The briefings cover 103 countries and identify topics of crucial interest to planners, marketers and researchers.

Income and Expenditure: China


Consumer Income
Per capita gross income is forecast to more than double by 2040
Social Classes/Inequality
Social class D to expand at the fastest rate over the forecast period
Consumer Expenditure
China to experience subdued private consumption growth in coming years
Wealth and Wealthy Consumers
Regulatory uncertainty and growing economic challenges could negatively impact wealth creation in China
Chart 1 Annual Gross Income Distribution by Age in China: 2021
Chart 2 Distribution of Income in China - Key Metrics: 2021-2040
Chart 3 Gross Income Growth Index in China: 2021-2040
Chart 4 Average Gross Income by Age in China: 2021-2040
Chart 5 Population by Income Brackets in 2040
Chart 6 Gini Index: 2021/2040
Chart 7 Households by Disposable Income (PPP) over 2021-2040
Chart 8 Overview of China’s Social Classes
Chart 9 Social Class E by Age: 2021/2040
Chart 10 Consumer Market and Spending in China - Key Metrics 2040
Chart 11 Consumer Expenditure in Top Regions: Size in 2040 and Growth over 2016-2040
Chart 12 Urban/Rural Consumer Expenditure in 2040
Chart 13 Household Expenditure in 2021
Chart 14 Consumer Spending by Category in China 2021-2040: USD per Household
Chart 15 Index of Consumer Prices in China over 2010-2021
Chart 16 Household Expenditure by Category in China: 2040
Chart 17 China’s Wealth Landscape: 2021-2030

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