Wealthy Chinese plan to spend more, study finds

By Ding Yining | October 11, 2013, Friday |

Online Edition

More affluent Chinese said they're increasing their spending on non-daily necessities in the next year compared with other countries and regions in Asia Pacific and the Middle East, a study said.

China has the highest affluent index score among 10 countries as a positive economic outlook has bolstered the desire to increase discretionary spending, according to the Visa Affluent Study that was released today.

Evenings out, family holidays, and fine dining were the top three categories affluent Chinese said they would increase spending on, the study said.

Chinese consumers who participated in the study said they set aside an average of 8,415 yuan (US$1,357) every month, with higher income groups saving even more.

"Affluent Chinese are looking for custom-made or exclusive products or services to reflect their affluence and they tend to favor enjoying life with friends and family over materialistic pleasures such as the latest designer handbags or flashy watches," said Jeff Liao, general manager of Visa China.

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Wealthy Chinese plan to spend more, study finds

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