As global companies have entered China, many of them focused mainly on serving its urban-affluent consumers. However, if these companies continue to use this strategy they risk missing the real opportunity - the emerging middle class.

During the next 20 years we expect a huge middle class, with enormous spending power, to emerge in China's cities, following two distinctive waves of growth.

As income increase, the spending patterns of this consumer group will evolve, fueling various levels of growth across consumption categories.

Although it will be difficult, companies should broaden their focus to include this swiftly evolving middle class. Since this segment is a hard one to serve, companies must think creatively to succeed.