China’s middle class is rising- and appears to be ready to take off by 2023. As reported by Adam Roseman, Founder and Managing Partner at ARC China, approximately half of the urban population in China will be middle class by 2023. At the moment, as documented by the think tank Chinese Academy of Social Science, China’s middle class population is 230 million in the cities, which accounts for 37% of its urban population.
The National Bureau of Statistics determined in 2010 that about 25% of the Chinese population is in the middle class bracket. China has made its intentions clear, hoping to move more citizens into the middle class bracket while also helping to grow the wealth of the current middle class.
One unique feature of China’s rising middle class is its age. They are going to be unusually young. Statistics have pinpointed that Chinese consumers between 18 and 29 are actually those with the highest income on average in the area because of their economic levels and other factors.
Certainly, as Adam Roseman points out, this is one location and one group of emerging people that is worth watching.