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Consumers more ready to spend

By Bi Xiaoning (China Daily)
Updated: 2009-06-04 09:42

Source: BCG Consumer Sentiment Survey ,2008-2009. Graphic by Li Yi

Chinese consumers are more optimistic about the future than their US and European counterparts and are more likely to increase spending in the next 12 months, according to a survey released yesterday by Boston Consulting Group (BCG).

At the same time, the survey said, consumers are also becoming more cautious amid fears that the global economy might worsen.

The survey covered 21,800 consumers in 13 countries between October 2008 and February 2009, including 2,600 Chinese consumers, and found China is the only country where the sentiment is still upbeat.

According to the report, only 23 percent of Chinese consumers felt that the economy would worsen over the next 12 months, while the proportion of US consumers was 56 percent whereas in Europe it was nearly 50 percent.

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"The survey shows that Chinese consumers are not only optimistic, but also confident about the economy in the middle and long term," said Liao Tianshu, partner and managing director, Boston Consulting Group.

The report showed that nearly 75 percent of the Chinese consumers plan to maintain or increase spending during the next year, which nearly doubles or triples the rate in the US and Europe.

"China has maintained a fast growth rate for decades, so the current financial turmoil does not bring bad memories. The country's stimulus package and recovery signs also give them much confidence," said Liao.

Domestic spending would however need to grow substantially to fully cushion the export blow, the survey said. The Chinese government is working on stimulus measures to boost domestic spending and also protect employment, Liao said.

The report also said that demand for quality brands is high in the Chinese market and the power of the brand is far more pronounced in China than in most other countries. Many Chinese consumers tend to believe that local products can offer better value.

"The brand appeal has less to do with status. Chinese respondents believe that well-known brands can assure high-quality products and they are more willing to buy trusted brands for food, children's products and household goods," said Liao.

The report said the Chinese consumers tend to be more rational. People who can afford upmarket items are not decreasing their purchases, but turning more cautious on spending.