金融资产增加推动汽车市场高质量增中国购车者家庭收支洞察资产负债表（2025年）（英）

Insights on Household Income &Expense of Chinese Car Buyers –Balance Sheet (2025)TengYi Research InstituteRising Financial Assets Boost High Quality Growth of China’s Car MarketAuthorsDirector/Chief Analystzhoulijun1@yiche.comLijun ZhouIndustry Analystshibenya@yiche.comBenya ShiDespite ongoing macroeconomic pressure, the disposable income of Chinese car-buying households has continued to climb – surpassing RMB 200,000 and reaching RMB 204,900 in 2024.This steady rise is driven primarily by internal structural shifts – most notably, older buyers and more middle-class buyers. In 2024, the average age of car buyers exceeded 40, while middle-class households accounted for over 45% of the market. Compared with the earlier base of younger, blue collar buyers, today’s middle-aged, middle-class buyers possess significantly higher earning power. Post-pan-demic trends – including the rebound of China’s equity markets and a surge in gold prices – have further lifted the incomes of financially asset-rich middle-aged families;For more than a decade, mortgage payments have been the biggest expense for car-buying house-holds. Following the pandemic, to revive the property sector and reduce household leverage, policy-makers sharply lowered mortgage rates from around 5–6% to 3–4%, easing monthly burdens and pushing total household spending down slightly to RMB 140,900 in 2024;Under the dual effect of rising income and declining expenses, household’s surpluses rose sharply to RMB 64,000 – setting the stage for the next growth phase of China’s car market.In 2024, the average annual income of Chinese car-buying house-holds exceeded RMB 200,000, while annual spending dropped to RMB 140,900, resulting in a balance that surged to RMB 64,000, setting the stage for a new phase of growth in China’s car marketSource: TYRIBlue Collar: household annual disposable income<RMB 150K; Middle-Class: RMB 150K-500K; Wealthy: >RMB 500K. Youth: <35; Middle-Aged: 35-54; Elderly: 55 & OlderChinese PassengerVehicle (New Car)Market Shareby Social Status2014-2024Chinese PassengerVehicle (New Car)Market Shareby Age Group2014-2024ChinaMortgageRates2015-2024Evolution of Household Income &Expense of Chinese Car Buyers 2020-2024 (RMB 10,000) WealthyMiddle ClassBlue CollarElderlyMiddle-AgedYouth0%20%40%60%80%100%2014201620182020202220242014201620182020202220240%20%40%60%80%100%0%1%2%3%4%5%6%7%20152016201720182019202020212022202320245010152025IncomeExpenseBalance20202021202220232024Over the past decade, mortgage debt has weighed heavily onChinese car-buying households – but as the burden eases, thecar market is poised to become a new pillar of domestic demandOver the past decade, policymakers have sought to expand domestic demand, yet consumption has often resembled a sleeping lion – no matter how hard one calls, it simply refuses to wake up. The main constraint has long been the heavy burden of mortgage debt. In 2020, mortgage payments consumed more than half of many households’ total spending,