According to McKinsey’s 2016 Global Sentiment Survey of more than 22,000 consumers in 26 countries, China’s working-age population has the world’s highest propensity to spend additional income, rather than save it or use it to pay off debt.
Just like Western baby boomers, Chinese urban consumers – who have grown up in post-reform China and have different views from their parents about saving versus spending – will make a generational break from the past. That shift in mindset will fuel China’s transition to a consumer-led economy.…The coming replacement for the legendary American consumer who is not tapped out?
Why China’s Cities Will Drive Global Growth
Chang Ka Mun, managing director of the Fung Business Intelligence Centre of the Li & Fung group of companies, and Jaana Remes, a partner at the McKinsey Global Institute, based in San Francisco