Consumers less confident
Print Edition
PESSIMISM about employment opportunities and personal finances caused the Nielsen Consumer Confidence Index in the first quarter to drop 2 points from the previous three months in China although consumer willingness to spend rose in the same period.
The confidence index ended at 105 points in the first three months.
However, the willingness of Chinese consumers to spend rose 3 points from the fourth quarter last year to 52 points in January to March — the highest level, according to the quarterly survey of 3,500 domestic respondents released yesterday.
The consumer confidence levels above and below 100 points indicate degrees of optimism and pessimism.
Chinese consumers have moved beyond being able to only afford the basics of life. Their discretionary spending has increased, leading to an increased appetite for everything from entertainment to luxuries, said Yan Xuan, president of Nielsen China.
Consumer willingness to spend remained strong across cities in China, especially in lower tier ones, while people’s willingness to spend in first tier cities fell on worries over rising property prices.
Hopes on employment and personal finances fell 3 percent to 62 and 61 points.
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