Today, the rise of middle-class families, especially the growing ranks of Chinese millennials (post-80s and post-90s) are reshaping China's retail sector. According to a recent study by Goldman sachs, the number of young people born between 1980 and 1990 was about 415 million, or 31 percent of China's total population. BCG predicts that millennials, now aged 18-35, will account for 40% of the total population of China's 15-70-year-old cities, and by 2021, the proportion of millennials will increase to 46%.
China's millennials will be the dominant force and most influential consumer group in the consumer market. According to the Boston consulting group, the consumption of young people under the age of 35 accounts for 65 percent of consumption growth. From 2016 to 2021, the consumption of these young people is growing at an annual rate of 11%, twice the rate of consumers over the age of 35. By 2021, the younger generation will consume 69 percent of total consumption, while the older generation will consume 31 percent of the total.