Index reveals 鈥榥ew normal鈥 consumer style
Print Edition
A ‘new normal’ is emerging among Chinese consumers as China switches to a consumption-driven economy as their willingness to spend increases, according to a latest study.
The Chinese Consumer Confidence Index added one point to 107 in the fourth quarter of 2015 from the previous three months while their willingness to spend rose two points to 48, the highest level in four years, Nielsen’s survey revealed yesterday.
Consumers are willing to spend due to optimistic job prospects over the next 12 months with 64 percent of them confident that the job market will be excellent or good, and 63 percent positive their personal finance situation to be excellent or good in the coming year, the survey showed.
The willingness to spend among residents in China’s first-tier cities climbed to the highest level in four years to 64 points in 2015 as the burgeoning middle class has been fueling economic growth.
“As China is shifting to a consumption-driven economy, we also witnessed a ‘new normal’ for Chinese consumer sentiment which has largely remained steady,” said Kiki Fan, managing director of Nielsen China.
The rising popularity of online retail has also driven consumption among residents in first-tier cities and rural areas.
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