Consulting firm McKinsey & Company said in a report that China's consumer confidence hit its highest in 10 years, partly due to the tech-savvy younger generation born in the age of the Internet.
The power of consumption will likely continue due to improve people's incomes. Morgan Stanley expects China to gain high-income status as early as 2025.
RURAL POTENTIAL
There is also huge consumption potential in less-prosperous rural areas, which are narrowing the gap with cities, as the country moves to revitalize its rural regions.
In 2017, retail sales of consumer products in rural areas surged 11.8 percent to 5.2 trillion yuan, outpacing the 10 percent rate in urban areas, according to the NBS. Online sales topped 1.24 trillion yuan, up 39.1-percent year on year.
The growth was attributed to policies to boost the incomes of farmers. In 2017, per capita disposable income of rural residents increased 7.3 percent, faster than both urban growth and GDP expansion.
In a key report to the 19th National Congress of the Communist Party of China, the strategy of rural revitalization was proposed as a "historic task" essential for accomplishing China's modernization goals and building a moderately prosperous society.
E-commerce is helping the process, with more and more of the rural population going online for business and shopping.
"Internet commerce has restructured production and logistics in rural areas, which has also helped farmers raise incomes, particularly in the country's west," said Mao Risheng, a researcher with Chinese Academy of Social Sciences.
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