CNBC reports that Morgan Stanley analysts predict that Chinese consumer spending is set to more than double in 10 years, with an emphasis on services rather than goods.

By 2030, China’s private consumption is set to reach $12.7 trillion, about the same amount that American consumers currently spend, the report said. That figure is also up from Morgan Stanley’s forecast three years ago of $9.7 trillion, and the $5.6 trillion Chinese consumers spent in 2019.

Spurring this expected growth are: greater government emphasis on policies to support the domestic Chinese economy, increases in household income, further growth of urban areas, changes in technology and demographic shifts, the report said.

The analysts predict disposable income per capita will likely double from $6,000 a year to $12,000 in 2030 as more people grow older and leave the work force.