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China's consumer confidence remains upbeat

By Ding Yining | March 24, 2016, Thursday | Online Edition

CONSUMER confidence remains upbeat with 55 percent of respondents saying they expect their household income to increase significantly over the next five years, a recent study shows.

With China's economy enters the "new normal", consumer confidence in China has been surprisingly resilient and they're becoming more selective about where they spend their money, shifting from products to services and from mass to premium segments.

The biggest categories that are to see expenditure increase are food, apparel, and leisure entertainment, with consumers allocating more of their income to lifestyle services and experiences, McKinsey's China Consumer Report said.

The survey was conducted between September and November in 2015 and includes face-to-face interview with 10,000 residents aged between 18 to 56 in 44 domestic cities.

They're also planning to upgrade their daily necessities such as cosmetics, alcohol, dairy products and staple food.

“Gone are the days of indiscriminate spending on products as consumers' focus is shifting from products to services, from mass to premium, and from domestic to overseas spending”, said Daniel Zipser, partner in McKinsey's Shanghai office and leader of the company's consumer & retail practice in China.

Consumers' satisfaction towards online shopping is also catching up with supermarkets and department stores thanks to the improvement of delivery services.

They also remain cautious about their financial situations despite generally upbeat sentiment, with the number of consumers that say need to save a significant amount of money rose to 55 percent from 47 percent in 2012.

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