Shanghai tops Chinese cities in consumer spending | Dao Insights

Shanghai tops Chinese cities in consumer spending

Shanghai topped 35 major Chinese cities in consumer spending per capita in 2019, followed by Shenzhen, Beijing and Guangzhou.

On average, Shanghai’s consumers spent 45,605 RMB each in 2019 – up 5.2% compared to 2018.

China’s nationwide consumption expenditure per capita was 21,559 RMB in 2019, up by 8.6% year-on-year.

In total, seventeen Chinese cities spent over 30,000 RMB on average per capita, according to financial media Yicai.com. Most of these cities are located in northern China, as pressure for housing prices is lower compared to the rest of the country.

While COVID-19 may have put a temporary stopper into big spending, the recent National holiday considerably helped to boost consumption.

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