中国汽车买家家庭收入与支出洞察（2025）

Insights on Household Income & Expenseof Chinese Car Buyers – Expense (2025) TengYi Research Institute Authors Lijun Zhou Director/Chief Analystzhoulijun1@yiche.com Ying Gao Industry Analystgaoying1@yiche.com Industry Analystshibenya@yiche.com This report breaks down primary consumption expenses ofChinese car buying families into 5 categories: basic, extended,enjoyable, upgrade and guaranteed Consumption categorization: this report, by focusing on the “usage” angle, breaks down primaryconsumption expenses of Chinese car buying families into five categories: basic, extended, enjoyable,upgrade and guaranteed. Basic consumption focuses on consumption of daily life necessities includingeating, living, mobility and other types of essential consumption, and represents the consumption 1.0 era;extended consumption focuses on elevating basic consumption with better quality consumption for life andwork convenience, representing the consumption 2.0 era; enjoyable consumption focuses on elevatingspiritual value by pursuing more fun and beauty, paving a new consumption path along with basic andextended consumption and together establishing short-term consumption fundamentals, representing theconsumption 3.0 era; upgrade consumption focuses primarily on education including nurturing of childrenand self learning, which is conducive to improving long-term consumption capabilities, representing theconsumption 4.0 era; guaranteed consumption primarily focuses on medical care and taking care of theelderly, a basic guarantee whether other categories of consumption can remain sustainable, representingthe consumption 5.0 era; Definition: primary consumption expenditure in this report denotes expense for consumption of items thataccount for 15% or more of total household expenditures, primary consumption expense distributiondenotes distribution of share of car buying families with consumption item expenditure of 15% or more; Research value: spending power decides car buying power, how you spend affects the type of carspurchased, understanding users’ spending power and how they spend is conducive to carmakers’as-sessment of users’ car purchasing power and what they buy, so that they can better improve key areassuch as product definition, model footprint and sales & marketing. Primary Consumption ExpensetCategories of Car Buying Families From 2022 to 2024, the consumption focus of Chinese carbuying families was “nurturing children” as they shifted towardenjoyable, upgrade and guaranteed consumption, how will thistrend affect the Chinese car market? The Chinese like to save money, but they also like to nurture children .From 2022, the last year of thepandemic, to the post-pandemic years of 2023 and 2024, nurturing children (birth, growth and education)had consistently been the biggest expenditure item for Chinese car buying families and that share had beenrising steadily, reaching 64.01% in 2024. In other words, more than 64 out of 100 families had expensesrelated to nurturing children accounting for 15% or more of total household expenditures. It takes time andmoney to nurture children, taking them to vaccine shots and sick visits when they are in kindergarten andtaking them to school, afterschool classes and road trips when they are in elementary or middle school allrequire use of cars, which could result in demand for specific categories of vehicles such as nanny dad cars,study pal (dad) cars and play date (dad) cars; In addition to nurturing children, Chinese car buyers themselves are more conscientious about gaining moreknowledge through further learning. In 2024, 15.25% of Chinese car buying families spent more than 15% ofhousehold expenditures on this item. Since education is highly correlated with income, the investment ineducation from Chinese car buyers is conducive to improving their future income, thereby directly cultivatingChina’s car market; In the past, Chinese people have always been labeled as workaholics and lived a plain life, but in the lastdecade or so, more and more Chinese people began to pursue quality life as enjoyable consumption suchas dressing up, entertainment and travel rose. From 2022 to 2024, the share of Chinese car buying familiesthat spent 15% or more of household expenditures on travel rose to 36.6%, that on dressing up rose tonearly 30% and that on entertainment rose to more than 25%. Spending on travel directly drove road tripconsumption, which stimulated growth of sub-segments such as grand & high-end and off-road & machoproducts; Guaranteed consumption is growing equally as fast as upgrade and enjoyable consumption, the mainreason being the post-60s generation, which represent a big swath of China’s population, is entering their60s, accelerating the aging of China’s population, and expenditures associated with this trend haveincreased. From 2022 to 2024, the share of car buying families with medical care or taking care of theelderly as primary expenditure rose significantly,