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Confidence over economy tops 66%
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More than 60 percent of Chinese consumers are optimistic about economic prospects next year that they are willing to spend more, a survey found.
Around 66 percent of respondents were optimistic that China’s economy will get better in 2016 while 24 percent believed it will be the same and 10 percent expected it to be worse, according to a survey by brokerage and investment group CLSA.
The survey was conducted among 520 consumers from middle-class families, who shared their views on the economy, currency, employment, spending, property and investments.
Although most respondents described the current business conditions as average or bad, 58 percent were optimistic that they would improve next year.
Despite a slowing economy, respondents’ retail consumption was relatively stable with a quarter of them likely to spend more on clothing and shoes and another 24 percent planned to upgrade to better brand. Only 7 percent said they would cut spending on clothing and shoes and 3 percent planned to switch to cheaper brands.
For big items, travel was the top choice with 94 percent of respondents making travel plans next year, followed by home appliances, cars, children’s extracurricular classes and life insurance.
Respondents, however, were cautious about the property market with 68 percent having no plans to buy a house next year as they believe that property prices are high and worry they could drop next year. Only 19 percent of respondents would invest in property.
Investment in stock and wealth management products tied as joint top with each drawing 25 percent of respondents.
The stock market attracted 75 percent of respondents willing to make investments.
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