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Chinese keep morale steady for 4th month
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CHINESE consumers kept their steady confidence for a fourth straight quarter while their views of personal finances and job prospects also stayed favorable, a study showed yesterday.
Nielsen’s Chinese Consumer Confidence Index held steady at 111 points, 1 point higher than the reading in the third quarter of last year, with consumption becoming an important growth engine for the Chinese economy, the consumer research company said in a report.
A reading above and below a baseline of 100 demarcates optimism and pessimism.
“Chinese consumers’ spending habits are switching from basic daily necessities to upgraded products and services,” Patrick Dodd, managing director of Nielsen China, said in a statement.
Spending intentions and sentiment over personal finances were flat from the previous quarter at 46 percent and 70 percent respectively, while the perception of job prospects climbed 2 percentage points from three months ago to 76 percent.
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