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Beijing (ECNS) -- The massive number of consumers in China are seeking a high-quality life by buying high-end products, said a report on China's consumption by Nielsen.
Today's consumers have multiple demands, said Kiki Fan, vice president of Nielsen China Retail Measurement Service, as they consider shopping a way to reward themselves and seek to attain a high-quality life through buying high-end products.
Lynn Xu, vice president of Nielsen China, said sales of high-end products account for 55 percent of all toothpaste and biscuit sales.
Nielsen found that consumers with moderate incomes are more likely to buy high-end products. About 47 percent of consumers with a monthly salary range of 10,000 to 30,000 yuan ($4,838) said they would save money to buy a luxury car worth 500,000 yuan or more.
The value of retail sales on Nov 11 last year, dubbed "Singles Day," reached $3 billion, a year-on-year growth of 253 percent, triple the sales of US Christmas shopping season, Nielsen data showed.
Chinese consumers have demanded high-end products since the 1990s. Experts said the trend will continue, creating a steady force for China's economy.
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