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Shanghai consumer sentiment improves in Q4

By Wang Yanlin | January 28, 2015, Wednesday | Online Edition

THE confidence of Shanghai consumers improved in the final quarter of 2014 despite the economic slowdown in the city, a survey showed today.

The Index of Consumer Confidence in Shanghai, compiled by Shanghai University of Finance and Economics, landed at 117.6 in the fourth quarter of last year, up from 116.1 in the July-September period. A reading above 100 means optimism among local residents.

Xu Guoxiang director of the university’s Applied Statistics Research Center, said Shanghai’s economic growth remained stable albeit the slowdown, which helped to sustain people’s confidence.

“With the pilot free trade zone and other key projects injecting new vitality into the economy, Shanghai consumers are positive about the future,” Xu said.

In 2014, Shanghai’s gross domestic product expanded 7 percent from a year earlier, below both 2013’s growth of 7.7 percent and the national average of 7.4 percent.

However, Shanghai has achieved a better economic structure, with the services sector contributing 64.8 percent of the total economic output.

Xu said slower growth with optimized industries would become Shanghai’s “new normal.”

At the same time, the university released indices measuring people’s sentiment over various products and services in 2014. They showed people were most satisfied with the quality of home appliances such as refrigerator and air-conditioner, and least satisfied with the quality of medical services.

With the fast expansion of high-speed train, people’s sentiment towards railway service improved quickly. But the level of satisfaction weakened in dairy products and restaurant after scandals of contaminated food in these sectors.

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