Rich, Young, and Chinese


China’s rapidly growing wealthy class — its 1.6 million households could grow to 4.4 million by 2015 — differs not only from less affluent Chinese consumers, but also from other wealthy customers around the world. For one thing, they’re younger: 80% are under 45, compared to 30% in the United States and 19% in Japan. Also, McKinsey research suggests they’re less influenced by what a luxury brand says about them than they are about the product’s function and how well it might last — a wise consideration given that they’re likely to live with it for longer.

Source: Understanding China’s Wealthy (Harvard Business Review)

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