A new report by Morgan Stanley analyst Joshua Lu took an in-depth look at how the maturation of more than 415 Chinese Millennial consumers will drastically change global consumer market dynamics for years to come.

The size of the demographic is staggering, representing 31 percent of the total population of China and more than the entire combined working population of the United States and Europe.

The Numbers

According to Lu, the aggregate income of Chinese Millennial consumers will grow by $3 trillion over the next decade. “To put this in context, such an increase in spending power would amount to more than half of the estimated US$5tn ($5 trillion USD) that would be added to U.S. total private consumption expenditures over the coming decade if the U.S. were to sustain the 3.7 percent CAGR that it achieved over the last 10 years,” he added.

Unique Generation

Lu explained…

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