Consumer Behavior

China consumer spend to double in 9 years

Photo by istock.com

February 1, 2021

China consumer spend will more than double by 2030, hitting $12.7 trillion, according to a Morgan Stanley analyst report.

Spurring the spend are a slew of factors: household income increases, technology, demographic shifts and growth of urban areas, according to a CNBC report on the data findings.

The majority of spend will be on services compared to goods. The $12.7 trillion is about what Americans are now spending.

"We think the average Chinese consumer will be a driver of change rather than merely a recipient of Western consumption trends," stated the analyst report. "Part of that change will be informed by certain cultural values and consumption needs to support those values. These include strong family ties and the prioritization of education."