British media said Chinas small town children more willing to spend money will become the main consumer in the future.

category:Global
 British media said Chinas small town children more willing to spend money will become the main consumer in the future.


According to the report of the Reuters April 25 issue, small town children will shape the future of Chinese consumption, according to reports from the Ali Research Institute affiliated to the Boston consulting company and the e-commerce giant Alibaba, about 50 million families will be among the upper class between 2016 and 2020, and half of them may live in the middle class. The top 100 cities in China. Reported that this change has helped inland areas to see a consumption boom. A report by UnionPay and Jingdong said consumption in 234 tier cities surged 59% last year. Together, the total population of these cities is nearly 700 million. It is reported that a large proportion of this consumption is taking place in cities like Xinxiang. Xinxiang has a population of about 6 million, and has benefited a lot from the rapid development of Zhengzhou in the capital of Henan Province in recent years. With the rise of cities such as Xinxiang, the cost of living in metropolis is soaring, especially in the past year and a half. Reported that Beijing and Shanghai are also stepping up control of the external population, with a view to controlling urban expansion and further population growth. Therefore, the so-called town children in all parts of the country are more and more willing to live in their hometown. They spend a lot of money on cars, fashion and entertainment. Their peers in Beijing and Shanghai are fighting against the high cost of living. Reports say that for decades, the population from small cities always went to the big cities that took the lead in the economic boom. The situation is changing. Morgan Stanley expects Chinas consumer market to double from the current $4 trillion and 900 billion to $11 trillion and 800 billion by 2030, of which 2/3 of the growth comes from the three or four - line city. Morgan Stanleys chief Chinese economist, Xing Ziqiang, pointed out that a survey of 3300 families showed that residents in three or four line cities were more willing to spend their holidays, cars and online entertainment than in big cities. He added that most of this consumption was driven by the millennial generation. Theres a lot of people here to drive Cadillac, said Wu Tongxu in Xinxiang. I want to buy a Tesla now, he said, playing with a pair of trendy black frame glasses. The Internet giant Tencent Inc reports that small town children spend more on online games and live streaming media sites than their peers in the first tier cities. Reported that this also triggered a small city cinema boom. Reuters calculates that the box office revenue of the three or four tier cities increased by 22% last year, exceeding the growth rate of 11% in the second tier cities. The 234 tier city has gradually become an important force to stimulate consumption in China, a shopping mall in Xinxiang, Henan. This article source: Reference News Net editor: Zhu Xiaodong _NBJS6126