(NECN/CNN) - China's wealthy have a new motto, "if you've got it, flaunt it." Retail sales are up 18 percent from last year. However, the government has a ways to go before consumers change from savers to spenders.
"Can it be done? Definitely. Can it be done overnight? No. This is something which will take at least 3 - 5 years but it's possible."
Consumers are being particularly drawn to expensive, high-end fashion.
Consumption only comprises about a third of China's GDP, but the government needs to get it to 50 percent. As wages rise, experts say that will translate into more spending.
CNN's Stan Grant has the story.