The rising Chinese middle class

The Wall Street Journal details the rising proportion of China’s population that now qualifies as middle class, which typically means that they spend between $10-$100 per day on consumer goods.

However, this is a very different middle class than many companies are accustomed to, both in terms of spending patterns and cultural mores. For example, Mattel had to close down all of the Barbie stores it opened when it became apparent that Chinese parents wanted their girls to model themselves after serious students, not something associated with the iconic American toy.

The piece contains examples of how companies are altering their strategies for success in this booming market.