'High-speed' households to fuel surge in new consumption, says BCG study

The gap between higher-and lower-end consumers in China is widening, according to a Boston Consulting Group report.

The report, released on Monday, described the world's second-largest consumer market as a "two-speed" one in which a relatively small number of upper-and middle-class shoppers have a disproportionate influence. The more affluent households will account for about $1.7 trillion of this year's $3.2 trillion urban consumer market.

The vibrant group of "high-speed" households, defined by BCG as those with a monthly income of more than 12,000 yuan ($1,900), will grow by 18 percent annually in the next five years to a $3.8 trillion market.