93% of China’s Urban Population Will Reach Middle Class by 2030

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Business Insider has just shared this chart from a research note published by ANZ’s Greater China economists. The article paints an optimistic future for China’s long-term prospects as a rising middle class will boost domestic consumption’s contribution to GDP from 36% in 2014 to 50% in 2030. This trend can already be seen in China’s booming auto market where digitally savvy foreign brands like BMW saw sales jump 16.6% in 2014 making China their largest market. As wealth spreads across second, third, and fourth-tier cities, brands’ abilities to tap into growing demand through ecommerce through social media and digital marketing will take center stage.

See more from ANZ via BusinessInsider.

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