In 2024, the average annual per capita disposable income of households in China amounted to approximately 41,300 yuan. Annual per capita income in Chinese saw a significant rise over the last decades and is still rising at a high pace. During the last ten years, per capita disposable income roughly doubled in China. Income distribution in China As an emerging economy, China faces a large number of development challenges, one of the most pressing issues being income inequality. The income gap between rural and urban areas has been stirring social unrest in China and poses a serious threat to the dogma of a “harmonious society” proclaimed by the communist party. In contrast to the disposable income of urban households, which reached around 54,200 yuan in 2024, that of rural households only amounted to around 23,100 yuan. Coinciding with the urban-rural income gap, income disparities between coastal and western regions in China have become apparent. As of 2023, households in Shanghai and Beijing displayed the highest average annual income of around 84,800 and 81,900 yuan respectively, followed by Zhejiang province with 63,800 yuan. Gansu, a province located in the West of China, had the lowest average annual per capita household income in China with merely 25,000 yuan. Income inequality in China The Gini coefficient is the most commonly used measure of income inequality. For China, the official Gini coefficient also indicates the astonishing inequality of income distribution in the country. Although the Gini coefficient has dropped from its high in 2008 at 49.1 points, it still ranged at a score of 46.5 points in 2023. The United Nations have set an index value of 40 as a warning level for serious inequality in a society.

In 2023, the gross median household income for Asian households in the United States stood at 112,800 U.S. dollars. Median household income in the United States, of all racial and ethnic groups, came out to 80,610 U.S. dollars in 2023. Asian and Caucasian (white not Hispanic) households had relatively high median incomes, while the median income of Hispanic, Black, American Indian, and Alaskan Native households all came in lower than the national median. A number of related statistics illustrate further the current state of racial inequality in the United States. Unemployment is highest among Black or African American individuals in the U.S. with 8.6 percent unemployed, according to the Bureau of Labor Statistics in 2021. Hispanic individuals (of any race) were most likely to go without health insurance as of 2021, with 22.8 percent uninsured.

Key information about China Household Income per Capita

• China Annual Household Income per Capita reached 4,805.935 USD in Dec 2013, compared with the previous value of 4,273.467 USD in Dec 2012.
• China Annual Household Income per Capita data is updated yearly, available from Dec 1985 to Dec 2013, with an averaged value of 711.353 USD.
• The data reached an all-time high of 4,805.935 USD in Dec 2013 and a record low of 262.918 USD in Dec 1986.
• In the latest reports, Retail Sales of China grew 12.700 % YoY in May 2023.

This graph shows the average size of households in China from 1990 to 2023. That year, statistically about 2.8 people were living in an average Chinese household. Average household size in China A household is commonly defined as one person living alone or a group of people living together and sharing certain living accommodations. The average number of people living in one household in China dropped from 3.96 in 1990 to 2.87 in 2011. Since 2010, the figure was relatively stable and ranged between 2.87 and 3.17 people per household. The average Chinese household still counts as rather large in comparison to other industrial countries. In 2023, an average American household consisted of only 2.51 people. Comparable figures have already been reached in the bigger cities and coastal areas of China, but in the rural provinces the household size is still much larger. According to the National Bureau of Statistics of China, the household size in China was diametrically correlated to its income. Birth rates and household sizes The receding size of Chinese households may be linked to the controversial one-child policy introduced in 1979. The main aim of the policy was to control population growth. While the fertility rate in China had been very high until the 1970s, it fell considerably in the following decades and resided at only 1.7 children per woman in 2018, nearly the same as in the United States or in the United Kingdom. A partial ease in the one-child policy was introduced in 2013, due to which couples where at least one parent was an only child were allowed to have a second child. In October 2015, the law was changed into a two-child policy becoming effective in January 2016.

According to Cognitive Market Research, the Global Household Refrigerators and Freezers Market Size will be USD XX Billion in 2025 and is set to achieve a market size of USD XX Billion by the end of 2033 growing at a CAGR of XX% from 2025 to 2033.

North America held largest share of XX % in the year 2024 
Europe held share of XX % in the year 2024 
Asia-Pacific held significant share of XX % in the year 2024 
South America held significant share of XX % in the year 2024
Middle East and Africa held significant share of XX % in the year 2024

Market Dynamics

Household Refrigerators and Freezers

Key Drivers of Household Refrigerators and Freezers

The rise in the nuclear families is fueling the refrigerator market-

Growing nuclear families, along with rising disposable incomes and changing lifestyles, are fueling demand for domestic refrigerators and freezers, as the appliances are needed for food storage and preservation in small households. For instance, the joint family was the nucleus of Indian society — an institution that not only maintained cultural practices but also operated as an economic unit. Joint families shared labour and capital for farming work, family businesses, and child care. NFHS-5 data show the proportion of nuclear families in India increased to 58.2% during 2019–21 from 56% in 2016, while the size of the average household declined to 4.4 members from 4.6. In southern states, nuclear families already constitute almost 69% of all households. (Source- https://www.policycircle.org/) Further, For instance, The nuclear family, as per Taeube~5 accounts for 92.4% of the white and 83.5% of the non-white families in the United States of America. based on sample surveys, that approximately 6) % of families amongst Chinese farmers are of the nuclear type. Thus, the number of nuclear families are growing. The demand for the refrigerator and household freezers also increases. (Source- https://iris.who.int/bitstream/handle/) With the growing popularity of nuclear families, the demand for convenient and efficient means to store food rises, which raises demand for freezers and refrigerators. With hectic lifestyles and a love for convenience, individuals are more and more dependent on freezers and refrigerators to hold prepared foods and groceries. The market is witnessing advancements in refrigeration technology, with more energy-efficient versions, smart features, and higher capacities gaining greater popularity. The worldwide household freezers and refrigerators market is expected to continue expanding, based on factors such as increasing disposable incomes, urbanization, and shifting consumer behaviors. Rise in the number of nuclear families. Because Increased household income and educational levels tend to be linked with a higher probability of nuclear family forms, particularly in urban settings where there is a growing desire for economic independence and individual space. Mostly in united states, Canada, Germany. Thus, the increasing popularity of nuclear families, combined with increasing disposable incomes and changing lifestyles, is fueling high demand for household refrigerators and freezers. These products have become a necessity for food storage and preservation. As urbanisation and changing consumer trends reshape the world, the demand for innovative and adaptable refrigeration solutions will continue to increase.

Key Restraints of Household Refrigerators and Freezers

Higher initial outlay and issues with affordability as a hindrance to the household refrigerators and freezers market

Although innovation in smart technology, sustainability, and energy efficiency has benefited the refrigeration and freezing business significantly, one of the major constraints of advanced models is their high cost of purchase. Although consumers' interest in greener and smarter appliances is increasing, the price of these highly advanced refrigerators and freezers may prove a stumbling block to many prospective purchasers. For instance, July 2021, Smart Home Program - Technology Assessment Study and Pilot Design- models with cutting-edge technology such as smart features (touchscreens, voice controls, and Wi-Fi connectivity) or energy-saving compressors will cost more than basic, conventional models. Such high-tech refrigerators are usually several hundred or even a thousand dollars more expensive, out of budge...

This data package includes the underlying data files to replicate the data, tables, and charts presented in Why Trump’s tariff proposals would harm working Americans, PIIE Policy Brief 24-1.

If you use the data, please cite as: Clausing, Kimberly, and Mary E. Lovely. 2024. Why Trump’s tariff proposals would harm working Americans. PIIE Policy Brief 24-1. Washington, DC: Peterson Institute for International Economics.

In the academic year 2023/24, there were 331,602 international students from India studying in the United States. International students The majority of international students studying in the United States are originally from India and China, totaling 331,602 students and 277,398 students respectively in the 2023/24 school year. In 2022/23, there were 467,027 international graduate students , which accounted for over one third of the international students in the country. Typically, engineering and math & computer science programs were among the most common fields of study for these students. The United States is home to many world-renowned schools, most notably, the Ivy League Colleges which provide education that is sought after by both foreign and local students. International students and college Foreign students in the United States pay some of the highest fees in the United States, with an average of 24,914 U.S. dollars. American students attending a college in New England paid an average of 14,900 U.S. dollars for tuition alone and there were about 79,751 international students in Massachusetts . Among high-income families, U.S. students paid an average of 34,700 U.S. dollars for college, whereas the average for all U.S. families reached only 28,026 U.S. dollars. Typically, 40 percent of families paid for college tuition through parent income and savings, while 29 percent relied on grants and scholarships.

In 2023, roughly 1.49 billion adults worldwide had a net worth of less than 10,000 U.S. dollars. By comparison, 58 million adults had a net worth of more than one million U.S. dollars in the same year. Wealth distribution The distribution of wealth is an indicator of economic inequality. The United Nations says that wealth includes the sum of natural, human, and physical assets. Wealth is not synonymous with income, however, because having a large income can be depleted if one has significant expenses. In 2023, nearly 1,700 billionaires had a total wealth between one to two billion U.S. dollars. Wealth worldwide China had the highest number of billionaires in 2023, with the United States following behind. That same year, New York had the most billionaires worldwide.