Chinese movie market set to overtake US
The rising middle class on the mainland is not only good news for luxury goods retailers and restaurant operators, but also the country's booming film business. Top-grossing films in China are expected to equal the revenue of those in the United States within five years.
The rising middle class on the mainland is not only good news for luxury goods retailers and restaurant operators, but also the country's booming film business.
Top-grossing films in China are expected to equal the revenue of those in the United States within five years.
"For many youngsters in China, particularly those born in the 1980s and 1990s, going to the cinema is something very trendy and stylish. They think it is cool to go the cinema to enjoy a movie with friends and family," said Dong Ping, the chairman of the Hong Kong-listed ChinaVision Media.
The average annual income on the mainland rose to US$3,000 per capita in 2010, which means a family of three had about US$9,000 available a year, according to official government statistics.
Household income has increased four times since 2000, and 10 times since 1980, expanding discretionary spending of the middle class.
"China now is like the Hong Kong film market in the 1980s. Mainland youngsters can afford to go to the cinema," Dong said.