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Chinese consumers tend to spend more
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As many as three-quarters of Chinese consumers plan to maintain or increase the level of their spending in 2016, down slightly from 81 percent a year ago as a result of slower growth of household income of 8.7 percent in the first quarter, a latest research by Boston Consulting Group pointed out.
Principal drivers of consumption include consumers’ ability and their willingness to spend more, thanks to the rising affluent population.
“Even as sentiment moderates a bit, it is important to note that we are looking at a slowdown in consumption growth,” said Jeff Walters, a partner of Boston Consulting Group, adding that “consumption is moving from the fast lane to the middle lane on the economic highway but they are not pulling into the breakdown lane.”
By 2020, the number of upper-middle class and affluent households are expected to double to about 100 million and would account for 30 percent of the urban population.
A younger generation of consumer is also fuelling demand, with those aged 18 to 30 years old will likely make up more than one-third of the urban population by 2020. Their consumption is growing at 14 percent annually, twice the pace of the consumer group aged above 35.
Consumption willingness are not likely to return to the peak levels seen between 2007 and 2008 with a full recovery of industrial output still not in sight, leading to a more cautious stance among many consumers employed in these sectors, the survey suggests.
Infant and baby products, consumer electronics, and financial services remain the three categories in which consumers are most likely to trade up. Cars and durable goods are moving down, with uncertainty in the current economic environment postponing their trading up in big-ticket categories.
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