Chinese Consumers Will Change the Global Economy

The media is full of talk of China’s economic slowdown, as its GDP growth, in double figures for decades, now hovers at around 6-7 percent according to official figures. But while China’s economic slowdown is real, the growth of the Chinese consumer as a powerful force on the world stage shows little sign of abating and in fact will become more pronounced in the future. By 2020 there will be almost 400 million of what management consultants McKinsey call “mainstream consumers” – consumers with household incomes of $16,000 to $34,000 and therefore part of the “middle class.” It is these consumers that will shake the world. Read more