30 Jun '15, 9am

China slowdown offset by “high-speed” households: report: High-speed households in China are expected to accou...

Rosewood Hotel in Beijing High-speed households in China are expected to account for 90 percent of the increase in consumer spending over the next five years, according to a new report by Boston Consulting Group. This group of consumers is expected to grow from 81 million today to more than 142 million by 2020. Although China has been flagged as a teetering economy, a massive amount of people are being vaulted into the middle class, and affluent consumers are seeing the largest wage gains of all. “These high-speed households will power consumer spending in the years ahead,” said Jeff Walters, a BCG partner and co-author of the report, Shanghai. “The overall economy may be slowing, but these more affluent consumers are optimistic about the future and their ability to increase their spending,” he said. The “A Tale of Two Chinese Consumers ” report draws on information from a...

Full article: http://www.luxurydaily.com/china-slowdown-offset-by-high-...

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