China’s Middle Class Cuts Spending: Is Its Economy At Risk? | Asia's Changing Middle Class | Insight

With over 400 million, China’s middle class is larger than the population of the United States. This group is expected to drive consumption and economic growth. The Chinese middle class, however, have instead tightened their purse strings. Savings hover near record highs. In China, the luxury goods market saw a 20 percent drop in sales last year. It is the sharpest decline in 14 years and spending in this sector is expected to be muted in 2025.

Courtesy of CNA Insider on YouTube. Watch on YouTube ↗

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