中国购车用户家庭收支洞察报告之收入篇(2025版)

Insights on Household Income &Expense of Chinese Car Buyers - Income TengYi Research Institute Authors Lijun Zhou Director/Chief Analystzhoulijun1@yiche.com Ying Gao Industry Analystgaoying1@yiche.com Industry Analystshibenya@yiche.com Average household disposable income of new car buyers rosesteadily over recent years, topping RMB200,000 in 2024 despiteeconomic challenges as China’s new car market is increasinglybecoming a “rich man’s car market” The Chinese economy in recent years has confronted numerous challenges including the pandemic and itsaftershock as well as an intensifying U.S.-China trade war, resulting in weak economic and job growth. Carbuyers in China therefore are supposed to have less spending power. Yet our research shows that averageand median household disposable income of Chinese car buyers in recent years have risen steadily fromRMB164,500 and RMB114,900 in 2020 to RMB204,900 and RMB150,400 in 2024, respectively; Data from the National Bureau of Statistics showed that the average and median disposable income ofChinese residents in 2024 reached RMB41,300 and RMB34,700, respectively. Based on an average of2.82 people per household, that equates to an average and median household disposable income of lessthan RMB120,000 and less than RMB100,000 respectively, or about RMB80,000 and RMB50,000 less thanthe average and median household disposable income of Chinese car buyers. In a way, Chinese new carbuyers are “rich,” and the Chinese new car market has become a “rich man’s car market.” Newhigh-end brands like Tesla, Li Auto, AITO, Xiaomi, Denza, TANK and Fang Cheng Bao that primarily sellvehicles priced above RMB200,000 have emerged over recent years and their sales have broadly risen,while many mainstream brands like VW, Nissan, Honda, Buick and Haval that primarily sell vehicles pricedbelow RMB200,000 have experienced significant fall in sales, some rather severe. This further proves ourconclusion that China’s new car market is increasingly becoming a “rich man’s car market;” In 2024, middle-class and wealthy buyers together accounted for over 50% of China’s new car sales forthe first time. If we treat these two groups of buyers as “rich people,” then China’s new car market hasofficially entered a new era of “rich man’s car market.” This conclusion if proven will catch manycarmakers by surprise. Right now, the core strategy at many mainstream carmakers still revolves around“low-income families” with a strategic pursuit of popularizing car consumption. But many of thesecarmakers are unknowingly losing to used cars in this effort: compared to new cars, used cars are actuallyeasier to popularize. Chinese Household Disposable Income2020-2024 (RMB10,000) China PV (New Car)Sales by Social Status2014-2024 Chinese PV (New Car) BuyerHousehold Disposable Income2020-2024 (RMB10,000) In terms of the source of household income of car buyers, it’smuch more diversified for middle-class and wealthy buyers,which is conducive to China’s new car market to better with-stand economic pressure and achieve high quality development Though the median and average household disposable income of Chinese new car buyers in 2024topped RMB150,00 and RMB200,000 respectively, their source of income has been rather singular:salary and year-end bonus was the primary source of household income for 73.72% of car buyers,followed by operational income at a much lower 11.97% and financial income at 11.95%. Worth noting isthat pension/retirement fund was the primary source of income for 7.85% of car buyers, which is of greatreference for understanding the development of the elderly car market. New forms of personal onlinee-commerce and livestreaming has become the primary source of household income for 3.41% of carbuyers, making it a top 10 source of primary income. Even red packet/cash/gifts has moved into the top10 as a primary source of household income for 2.05% of car buyers; It’s even more interesting if we peel the onion back a bit further: the source of household income forblue collar new car buyers in 2024 was also very singular, with salary/bonus accounting for most of thesales, followed by service fee at a much lower proportion at 11.29% and agricultural income at 9.4%.Other sources like operational, financial and rental income accounted for very small proportions; thoughsalary/bonus also was the primary source of household income for middle-class and wealthy new carbuyers, even higher than that for blue collar buyers, the overall structure is more diversified and hashigher quality, as operational income was the primary source of household income for nearly 20% inboth groups. Unsurprisingly, financial income was the source of primary household income for 36% ofwealthy car buyers, compared to 18% for middle-class buyers and only 5% for blue collar buyers.Rental and asset sale also accounted for a higher share as a primary source of household income forwealthy buyers… From 2020 to 2024, the Chinese econo