China’s working-age population will account for 12 cents of every $1 spent worldwide in urban areas by 2030, reshaping the global economy much as the west’s baby-boomer generation did in its prime.
Their annual consumption will more than double, from $2.5tn in 2015 to $6.7tn in 2030, according to the McKinsey Global Institute, the research arm of the eponymous consultancy.
“This generation of consumers in China is more prosperous, more educated and more willing to spend a higher share of their income than previous generations were at the same age.
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