Hey big spender
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
The Index of China’s Affluent showed that about 93% ofChina’saffluent households spent as much as US$10,000 on leisure and recreationalactivities last year. This is four times more than the per capita annual incomeof Shanghailast year, China Daily reported.
Some 900 respondents with annual incomes ranging fromUS$16,000-$50,000 said domestic and overseas travel were key priorities when itcame to spending time and money.
They were also interested in going to the gym,visiting theme or amusement parks, sports and socializing, China Dailyreported.
“The number of affluent consumers in China isgrowing fast, and their market power is being felt far and wide,” YuwaHedrick-Wong, an economic advisor with MasterCard Worldwide, was quoted in thereport.
“Domestically, new wealth in major cities on themainland is powering spending, lifestyle choices and mindset changes among affluentconsumers, and this has transformed the Chinese market,” he added.
In the survey, which covered Beijing,Shanghai and Guangzhou, 43% of the respondents said theyhad travelled at least three times on the Chinese mainland last year, while 30percent made at least three overseas trips.
Comments are closed.