China’s robust growth in the past three decades has brought about incredible change in Chinese society. Businesses around the world are looking to China as an emerging economic powerhouse and, therefore, as an expanding market for investors and entrepreneurs. Their success, however, is dependent on this powerful new demographic, that more than ever, is driving this swelling economy—the modern Chinese middle class.
Two important sub-segments of this middle class are China’s modern women and “double income with no kids” households (DINKs). They are among the most dynamic drivers of China’s consumer market—spending on luxury goods, property and travel—and will number 100 million households by 2016.
Recognizing the immediacy of this trend, MasterCard teamed up another knowledge leader, HSBC Holdings PLC, to perform the research to best understand the promise this market holds. Working together, we have taken a close look at the consumption behavior, attitudes and the lifestyles of the Chinese middle class. The resulting report provides insight to the immense commercial opportunities at hand, and vital information for businesses to plan their competitive strategies.
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