The report points out that Chinas new middle-class families, in addition to financial indicators such as annual household income of more than 200000 yuan, also meet the following characteristics: generally accepted higher education; more professional or management positions; independent thinking spirit, independent, not blindly following; rational consumption, focusing on quality and practicality; continuous learning and improvement plan.
According to the survey, the cities where the new middle-class families with an annual income of more than 200000 are located are widely distributed, with Beijing, Shanghai, Shenzhen, Guangzhou and other five cities in the top four.
26% of new middle-class families are expected to receive more than 50000 yuan in 2019
Chinas new middle class is transforming all traditional consumption patterns.
For example, the rise of sports tourism, skiing in Japan or Switzerland, and water sports in Southeast Asia have become a new lifestyle.
Of course, different institutions set different standards. The statistical sample of the report is the group whose annual income is more than 200000 yuan. According to the report, most of the new middle classs income in 2019 is the same or slightly increased as that of last year. But the Matthew effect of income is obvious, that is, the higher the income is, the greater the increase of income is.
Specifically, in 2019, nearly half of the new middle-class families annual income increased slightly, accounting for 45.7%, and another 25.1% of the family income was basically the same as last year. The report makes a cross comparison between income growth and income level, and finds that there is an obvious Matthew effect on the income of the new middle class: the higher the income, the greater the income growth. Among the individuals or families with an annual income of more than 500000, the proportion of the income increased significantly is more than 16%, which is higher than the corresponding proportion of the whole sample of 11.8%; while among the families with an annual income of 200000-300000, the proportion of the income increased significantly is only 5%.
The higher the annual income, the higher the annual bonus income.
According to the report, 16% of new middle-class families are expected to receive annual bonus income within 10000 yuan, 35.5% between 10000 yuan and 50000 yuan, and 12.2% between 50000 yuan and 100000 yuan. In addition, 4.6% of them are between 100000 yuan and 200000 yuan, and 9.2% of them are expected to exceed 200000 yuan. In addition, 22.5% of new middle-class families are not expected to have year-end bonus. Through cross analysis, it is found that 31.96% of the new middle-class families with an annual income of more than 800000 are expected to receive more than 200000 year-end bonuses.
Among different industries, the new middle class of energy industry has the highest year-end bonus income, and the financial and real estate industries rank second and third respectively. In the past two years, the year-end bonus of Internet and ICT industry has been more common, and its actual year-end bonus income ranks fourth among all industries.
But the new middle class is under pressure to spend. In 2019, 12.1% of the new middle-class families have no new savings, and 18.1% of the new middle-class families have new savings accounting for less than 20% of their annual income, which shows that the new middle-class families with a large proportion cannot save more income due to the pressure of spending.
The three areas with the highest proportion of expenditure are daily expenditure, rent, housing loan and children education. In contrast, the pressure to support parents is relatively small. In addition, travel, medical and health care, and interpersonal expenses also account for a considerable proportion. This shows that many new middle-class people still attach great importance to the improvement of quality of life and the maintenance of interpersonal relationships.
The higher the income, the greater the investment in childrens education.
In 2019, 55% of the new middle-class families spent between 10% and 30% of their total expenditure on childrens education (excluding the sample without this expenditure). 9.9% of the families spent more than 50% of their total expenditure on childrens education, and most of these families earned more than 500000 yuan a year.
Not only that, in 2020, education expenditure is the category with the highest increase in the new middle class in 2020, far more than other categories. 35.7% of the respondents with incomes of 200000-300000, and 25.77% of the respondents with incomes of over 800000.
Consumer spending is mainly concentrated in housing, childrens education and other aspects, which is related to the traditional concept of the Chinese people. The expenditure is rigid, and will not be eased because the economy is in a downward period. The property income of the low and middle-income groups is insufficient, which mainly depends on wage income. It is very sensitive to economic adjustment, and the pressure of expenditure is great, so the uncertainty is great. Li Huiyong, deputy general manager of Huabao fund, pointed out.
More than half choose Internet financing
The expectation of the new middle class for future income changes is relatively stable. 72.2% of the respondents think that their income in 2020 will be the same or slightly increased with 2019, 38.6% of them think that their income will be slightly increased, 33.6% of them think that they will be the same with 2019.
From the main sources of investment income, in 2019, 31% of the respondents income mainly came from funds or financial products, 30.5% mainly came from investment real estate, most of the new middle-class families achieved profits in investment and financial management, but the overall income was not high, and the investment and financial management income of 40% families was between 0-4%.
Most of the high-income people are engaged in such industries as high-end manufacturing, high-tech industry, and financial industry, and the rising trend of these industries in the economy is more obvious; in addition, the high-income people own more assets, and their property income is more. For example, in this years situation, assets such as stocks have risen by a large margin, and the growth of property income of residents shows their advantages. According to Li Xunlei, chief economist of Zhongtai securities.
In terms of investment and financial management, its good that ordinary domestic residents can get about 4% of their income through fund and financial management, because its obtained on the premise of safety. If they want to further pursue higher income, it means they have to bear greater risks and need professional investment management. Lian Ping, chief economist of the Bank of communications, said.
In terms of the choice of investment channels, in 2019, new middle-class families will mainly conduct financial management through banks and the third-party Internet financial management platform represented by Tencent wealth management. Among them, 60.1% of respondents choose banking channels and 54.6% choose third-party Internet financing platforms, far more than fund companies, securities companies and insurance companies.
In terms of investment and wealth management, 36.4% of respondents said that they are more optimistic about bond funds, monetary funds and bank wealth management products in 2020; 26.8% of respondents said they are more optimistic about real estate; while the least respondents said they are optimistic about stocks, accounting for only 11.8%. This shows that the new middle-class families prefer the asset type with relatively stable income in 2020, while the real estate and stock with high potential income but unclear market trend can only come next.
Li Huiyong suggested that we should develop the concept of diversified financial management, and consider diversified financial products such as bank deposits or fund financial management other than financial management; stocks are assets with high investment risk, so we should not blindly pursue high returns. For families with large amount of investable assets, the domestic financial market is also gradually developing family trust, buyer investment and other models.
As a representative of the third-party Internet financial management platform, Tencents capital stock has reached 800 billion yuan and the number of users has exceeded 150 million. Tencent wealth management is strict in product screening, and cooperates with high-quality financial institutions to screen safe and stable financial products, so as to ensure the safety of user assets in multiple aspects. Tencent wealth management has been online for 6 years, and there has been no delay in product cashing, which is favored by new middle-class families. Based on the qualification of fund investment advisory business pilot obtained by Tencent tengan, Tencent Financial will allocate assets for users through big data, artificial intelligence, risk control and other financial technology capabilities in the future to help users get good long-term benefits. Near the end of the year, the new middle class can allocate the year-end bonus reasonably through wealth management to realize the value-added of family wealth. Source: responsible editor of 21st century economic report: Chen Hequn, nb12679
As a representative of the third-party Internet financial management platform, Tencents capital stock has reached 800 billion yuan and the number of users has exceeded 150 million. Tencent wealth management is strict in product screening, and cooperates with high-quality financial institutions to screen safe and stable financial products, so as to ensure the safety of user assets in multiple aspects. Tencent wealth management has been online for 6 years, and there has been no delay in product cashing, which is favored by new middle-class families.
Based on the qualification of fund investment advisory business pilot obtained by Tencent tengan, Tencent Financial will allocate assets for users through big data, artificial intelligence, risk control and other financial technology capabilities in the future to help users get good long-term benefits. Near the end of the year, the new middle class can allocate the year-end bonus reasonably through wealth management to realize the value-added of family wealth.