Consumers Keep on Spending in China

30 November 2004

A worldwide consumer confidence survey says those in the Asia Pacific region are feeling best about their economic prospects.

The online questionnaire, carried out by global researcher ACNielsen, asked more than 14,000 consumers across Asia, Europe and the US about confidence and spending patterns.

Topping the list is Singapore, with 66% of people believing their local economy has improved in the last six months, closely followed by China and Hong Kong.

Chinese mainland consumers are most confident about future prospects, with 78% believing the economy will continue to improve through the next twelve months. They are also saving more money after rises in interest rates at the end of October, part of a government bid to curb inflation.

But Chinese consumers are still fuelling the spending boom, with 52% of them using spare cash to buy new technology.

Says Glen Murphy, managing director of ACNielsen China: "A passion for new technology and out-of-home entertainment is a reflection of the 'enjoy it while you can' mentality, quite prevalent among today's youth in China, and will be music to the ears of the technology and entertainment industries in the lead up to the Lunar New Year seasons."

Data sourced from People's Daily Online; additonal content by WARC staff