Chinese consumers have retained confidence in the economy, bucking a worldwide trend, and won't curb their spending or lower their standards on products they purchase even as the global economic outlook deteriorates, the latest report by the Nielsen Co shows.
After interviewing 26,202 people in 52 nations and regions during the past two months, the Nielsen Co found that global consumer confidence has dropped to a record low this year with 43 of the markets surveyed showing pessimism.
But China was rarity in the study, with consumers indicating they trusted their economy would not fall into a recession.
According to the survey, global consumer confidence fell to 84 in the second half of this year, the lowest since the survey started in 2005. The figure reached a record high of 99 in 2006.
Chinese consumer confidence further bucked the trend by rising a bit from the first half of this year to 96 in the second half.
Other markets showing confidence included India, Vietnam and Russia while South Korea and Japan were listed as the most pessimistic with indices of 36 and 44 respectively.
"It is very encouraging that Chinese consumers are optimistic about the economy. It signals that they won't curb their spending, and is good news for businesses seeking a way to survive in the global economic downturn," said Dale Preston, a senior official and researcher with Nielsen.
According to the survey, more than a third of Chinese respondents said they would spend more in the next year. Traveling was their top choice for large purchases, with 53 percent of respondents saying they would have a vacation if they had time and money. Other popular choices included buying new clothes and dining in restaurants.
Despite the poor performance of China's stock market this year, Chinese people were still willing to invest in it with 42 percent of respondents saying they would buy equities, bonds or mutual funds if they had spare money.
The survey found Chinese would not sacrifice the standard of products for lower prices.
(Shanghai Daily November 13, 2008)
