How the young Chinese splurge

Economists who believe China's rebalancing is underway, say population trends and income growth are only part of what will trigger a sustained increase in consumption's share of the overall economy, according to Reuters.

Rising disposable incomes coincide with a change in psychology among younger consumers - a shift that means when it comes to money and spending they are decidedly not their parents.

China is likely to lead emerging economies in spending on consumable products, with an estimated average annual increase in total consumer spending of 15 percent every year to 2016, according to a report by the Economist Intelligence Unit.

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Customers shop at a supermarket in Beijing.

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A McDonald's sign is displayed outside its outlet, the first one which opened in China in 1990, at the southern Chinese city of Shenzhen neighbouring Hong Kong. 

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An attendant receives coupons from customers in exchange for free McMuffins at a McDonald's outlet, the first one which opened in China in 1990, at the southern Chinese city of Shenzhen neighbouring Hong Kong . 

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Customers shop at a supermarket in Shanghai.

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A vendor arranges clothes at a garments market in Taiyuan. 

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James Gannaban, a regular consumer of men's skin care products and services, reacts after undergoing a skin care demonstration at a spa in Hong Kong.

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Charles Morgan and his wife Kiera Morgan drive a Morgan sport car at during the opening of China's first Morgan sport cars showroom in Shanghai.

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A man looks at a mobile phone as he shops at a local electronic store in downtown Shanghai. 

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A customer (R) who just bought an iPhone 5 from an Apple store resells the newly released smartphone, to another man who is expected to ship it as parallel goods into mainland China, for at least HK$1,200 ($150) more than the original price, right after the customer left the store in Hong Kong.

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A woman shops for handbags at a Gucci luxury boutique at the IFC Mall in Shanghai.

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A taxi driver drives in a tunnel crossing under the Huangpu River in Shanghai.

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A customer selects trousers at a supermarket in Wuhan, Hubei province. 

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A worker adjusts a display of Mont Blanc watches at the luxury-goods company's new store in Beijing. 

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A sales representative poses behind a nine-tael 24K gold in the shape of a dragon forming the numerals "2012", symbolising the upcoming Year of the Dragon, at a Chow Tai Fook Jewellery store in Hong Kong. 

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A man shops in the detergent aisle at a supermarket in Shanghai. 

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A mainland Chinese visitor feeds his baby as other rest outside a Louis Vuitton store at Hong Kong's Tsim Sha Tsui shopping district.

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A woman pauses as she shops at a wholesale market in Yiwu, Zhejiang province. 

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A customer looks at laptops at a Dell outlet in Beijing. 

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 A waiter is reflected in a mirror as he pours Scotch whisky from luxury brand Royal Salute into glasses at a launch ceremony for the release of the '62 Gun Salute' series in central Beijing. 

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A worker sits in an apartment block still under construction in central Beijing.