The latest official data points to growth in spending outpacing growth in disposable incomes since the start of 2021.
China’s per capita disposable income was 26,265 yuan for the first three quarters of 2021, for nominal year-on-year (YoY) growth of 10.4%, and inflation adjusted growth of 9.7%, according to data released on 18 October by China’s National Bureau of Statistics (NBS).
Per capita disposable income rose 14.8% compared to the same period in 2019, for a two year annual average of 7.1%, average inflation-adjusted growth of 5.1%.
Urban per capita disposable income was 35,946 yuan for the first three quarters of 2021, for nominal growth of 9.5% and inflation adjusted growth of 8.7%. Rural per capita disposable income was 13,726 yuan, for nominal growth of 11.6% and inflation adjusted growth of 11.2%.
Per capita consumption expenditures was 17,275 yuan for the first three quarters of 2021, for a nominal YoY rise of 15.8%, and inflation-adjusted growth of 15.1%.
Consumption expenditures grew 11.7% compared to the same period in 2019, for a two year annual growth average of 5.7%, and an inflation adjusted growth rate of 3.7%.
