In 2016, the Chinese GDP per capita reached 8,100 US dollars. The "World Fortune" report published by Credit Suisse in 2017 showed that the Chinese share of the worlds middle class of 1.1 billion people (private assets between $ 10,000 and $ 100,000), grew from 12.6% in 2000 to 35% in 2017. By 2022, the Chinese share of the middle class, then 1.2 billion people, will grow to 40%.
The current middle class in China, which developed during the time of China's reforms and opening, has a comparatively high purchasing power and high quality standards. These factors lead to a lasting change in consumer behaviour in China.
In addition, the purchasing behaviour of the Chinese was is influenced by the sheer size of the country and market. On the one hand, the market for luxury brands and other luxury goods is growing steadily, on the other hand, a good quality-price ratio is also being considered by a broad group of buyers. Overall, the development in China lead to Chinese consumers being much more open to new things and models.
• Clothing/ready-to wear
• Household electrical appliances
• Kitchen and bathroom products
• Distributors, wholesaler etc.