As opposed to the middle class in Western countries, which tends to shrink under the effects of a slowing economy, China’s middle class is growing rapidly to the point that it will exceed 600 million individuals within ten years. Here is a huge reservoir of consumers able to spend beyond their primary needs and to access branded products which explains why China has long been and continues to be a very strategic market for international brands.
China’s middle class evolves at a scale and speed with no equivalent in the history of humanity. Currently estimated between 220 and 380 million people, it is joined by about 2 million new individuals every month, it is spreading across the interior of the country, towards Tier 3 and Tier 4 cities, among younger age groups and towards ever more connected daily habits.
Along with this transformation new aspirations arise, which companies need to fully grasp and understand if they want to be able to develop their business in the direction of Chinese consumers.
In our next 4 articles on China Inside we will share with you some of the new aspirations that shape the behavior today’s Chinese middle class.
Article written by Christophe Jourdain, Ifop International Director.