Chinese consumer confidence dipped just 1 point to 106 in the third quarter as residents in first-tier cities were generally optimistic over employment and personal finance, Nielsen’s survey showed yesterday.
Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively.
Consumer expectations for employment were stable at 66 percent, while their sentiment for personal finance shed 1 percentage point to 64 percent, according to the quarterly survey of 3,500 respondents in China.
Consumer willingness to spend slipped 1 percentage point to 48 percent, although it was still the second-highest level in the past two years.
“As China continues its transformation to the ‘new normal’ economy, consumer demand will become more sophisticated,” said Kiki Fan, managing director of Nielsen China.
The index for first-tier cities at 110 continued to be the highest, despite a 2-point decline. Consumers in these cities also held a positive outlook over their future prospects.
When asked about their income prospects in the next 12 months, 68 percent of the respondents in first-tier cities said they had good or excellent hopes. Similarly, 62 percent expected a positive personal financial situation.
Residents in first-tier cities aim to spend more on vacation and travel as well as health care in the near future.
Courtesy Shanghai Daily News 11/20/15 – Cathy Ding