(See Exhibit 1.) Our research also shows that even during the relatively difficult last few years, Chinese consumers demonstrated a strong desire to trade up and an increased willingness to pay a premium for quality across product categories. At the same time, the proportion of the population aged 65 and above reached 14.9%, making China a moderately-aged society by United Nations standards.Īmong the 80 million new MACs, over 70% of this group will be from tier-3 cities and below, making lower-tier cities an increasingly important part of the market. In January, the Chinese National Bureau of Statistics released data showing China’s population decreased by 850,000 in 2021-the first instance of negative population growth in 61 years. Its population structure is undergoing profound shifts, with direct implications for consumer preferences. By doing so, firms can formulate more precise product strategies and optimize their business portfolios.Ĭhina’s demographics are at an inflection point. This entails differentiating among preferences that naturally ebb and flow according to life stage and those that are unique to each generation represented in the larger group. To leverage this growth opportunity, businesses need to understand who these consumers are and how their preferences are shaped.
Nearing 40% of the total population, this segment will become a source of long-term resilience for the Chinese consumer market. New BCG research on the evolving consumer class in China shows that its middle-class and affluent consumer (MAC) population will increase by 80 million by 2030. Technology, Media, and TelecommunicationsĪfter suffering a downturn during the COVID-19 pandemic, the Chinese consumer market is showing signs of recovery-both now and into the next decade.
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