Booming Affluence In China
China wants its economic engine to be fueled by more domestic demand. That's likely to happen, as there will be 280 million affluent consumers in that country by 2020, which would be more than double the current numbers, per Boston Consulting Group. BCG describes as affluent people with annual household disposable incomes of between $20,000 and $1 million. The upper affluent — those earning between $40,000 and $1 million per year — will account for 40% of the 280 million, the BCG study said. The firm says affluents will propel 40% of China’s consumption growth and comprise 35% of all consumer spending in 2020.