By 2022 China’s middle class is expected to rocket to 630 million, an increase from 230 million in 2012. And Chinese consumers have been living higher on the hog over the past five years with average incomes growing 12% annually.
China has always been known as a hungry Red Dragon. But today’s soaring incomes for some segments of the Chinese population means more disposable income. Middle- and upper-class Chinese are bolstering a reputation as voracious spenders.
It’s not just the number of yen Chinese consumers are dishing out. They are also demanding a higher quality of food, goods and services. That all means huge opportunities for Chinese companies that cater to the needs of the middle class, especially those diving into the world of the Internet and online shopping.
Though the China market is not for the newbie investor, these three companies are certainly worth watching as they soar higher on the burgeoning middle class: