Consumption by the generation born in the 1990s will reach 8.8 trillion yuan by 2020, accounting for 22 percent of China's consumption, and it will drive up the country's consumption growth rate by 0.3 percentage points to 8.7 percent, says the latest report released by the CITIC Securities.
In terms of the consumption structure, the report believes that spending in services especially in entertainment will help the tertiary sector lead the country's economy with its contribution to GDP growing to 52 percent.
The cultural industry will benefit from the growing consumption by the post-90s generation, and the report expects the industry's annual growth rate to stay at 20 percent by 2020, while movie industry and Internet gaming industry will grow 33.5 percent and 25.6 percent respectively.
The report also says catering, house keeping service and tourism will also be boosted and further transform to the online-to-offline (O2O) commercial model.
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