Consumers remain confident
Print Edition
CHINESE consumer confidence remained stable in the second quarter of this year as spending continues to rise due to increasing disposable income.
The China Consumer Confidence Index stayed at 111 points for the third consecutive quarter as the transformation to a consumption-driven economy fueled spending, market research firm Nielsen said in a research report yesterday.
In the three months ended on June 30, willingness to spend reached 46 percent, 2 percentage points higher than the previous quarter. The survey covered 3,500 respondents across the country.
Consumers in third-tier cities reported the most confidence with the sub-index reaching 113 points, followed by 112 points in fourth-tier cities.
“Deepening urbanization is a key driver behind the high level of confidence and new consumers with cash to spend will emerge in the coming decade,” said Patrick Dodd, managing director of Nielsen China.
Respondents showed a rising willingness to spend in a wide range of categories such as clothing, dining out, holidays, children’s education and out-of-home entertainment.
A 14 percent average jump in migrant workers’ salaries last year made it possible for people to spend more, the report said.
The growth of fast-moving consumer goods sales slowed from 7.5 percent in the first quarter to 5.4 percent in the second partly due to migration toward online channels.
“The declining growth of fast-moving consumer goods sales doesn’t conflict with rising purchase intentions,” said Kiki Fan, vice president of Nielsen China. “The key lies in reaching the right consumers and converting confidence and willingness into purchases.”
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