World Economy

China Consumer Economy Growing Fast

China Consumer Economy Growing FastChina Consumer Economy Growing Fast

China’s consumer economy is expected to continue to grow fast and may increase by $1.8 trillion by 2021, according to a recent report, Xinhua reported. Even as overall economic growth eases, China’s consumer economy is benefiting from an emerging upper-middle-class and more affluent households, a younger population that is eager to spend, and e-commerce through digital channels, according to a report by Boston Consulting Group and AliResearch, the research arm of Alibaba Group. “Because of these factors, Chinese consumers on average are spending more, and they’re trading up to higher-quality products,” said Jeff Walters, partner at BCG.

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