China has 5 times the number of millennials the US has

China has more millennials the the total populations of US and Canada combined

TRD WEEKEND EDITION /
Feb.February 18, 2018 03:00 PM

Think the Millennial generation has been a boon to New York City real estate? Well consider this: China has about 400 million millennials. That’s more than the total population (all ages) of the United States and Canada combined.

China has five times as many people born between 1982 and 1998 than the 80 million here in the United States, according to the New York Post.

Some 90 percent of Chinese millennials own a smartphone. And even though only 6 percent of the country’s population has a passport, China represents the largest outbound travel market in the world, in large part due to younger globe trotters.

The country’s international tourism expenditure was $261 billion in April 2017, according to World Tourism UNWTO. That’s compared to the relatively small $122 billion for the U.S.

Yet while China saw its GDP grow 25 times since 1990 – compared to 2.5 times growth here in the states – the younger generation faces economic challenges. Due to the country’s child birth policies, the millennial generation – albeit large in raw numbers – is still relatively small compared to the total population. Older generations are living longer, and there are fewer younger people to take care of them than there had been in past generations.

Chinese cities are growing under the millennial generation and the country’s government is responding by putting policies in place that encourage rental development. [NYP]Rich Bockmann


Related Articles

arrow_forward_ios

Bizarre case of deed fraud complicated Anbang’s $5.8B hotel portfolio deal

General contractors are suffering under Trump’s new tariffs on Chinese goods

In London, WeWork already reaping rewards of planned Brexit: Global property

What China’s warning to students studying in the US means for real estate

How long can Hong Kong’s family real estate dynasties last?

Some in the industry say the situation with China has been up in the air for some time now (Credit: iStock)

U.S.-China trade war escalation leaves real estate in the dark

88 Pine Street wrapped in barbed wire (Credit: Google Maps)

Human rights watchdog has FiDi lease denied… by the Chinese government?

501 Third Avenue and China Overseas Land & Investment CEO Yan Jianguo (Credit: Google Maps and Getty Images)

China Overseas looking to build 31-story tower in Murray Hill

arrow_forward_ios