The coming of age China’s new class of wealthy consumers THE COMING OF AGE China’s new class of wealthy consumers Yuval Atsmon Jennifer Ding Vinay Dixit Ian St Maurice Claudia Suessmuth-Dyckerhoff The authors wish to thank Glenn Leibowitz, Eugene Lin, Vivian Shen, Hai Ye, Jingyi Zhang and Rachel Zheng, for their contributions to this report. CONTENTS Executive summary 6 The coming of age: China’s new class of wealthy consumers 8 Fast-growing, fast-changing 10 The unique profile of China’s wealthy consumers 14 A needs-based segmentation 20 Conclusion 27 Insights China by McKinsey 31 Sidebars: About the research 9 Retail appeal 13 The power of brand awareness 18 Pricing 26 5 Executive summary Marketers are well aware