Chinese Consumers 18-34 Say Their Personal Financial Situation Is Worse Off
Personal Financial Situation Compared to Last Year (Chinese Consumers 18-34) Q1 2008 Q2 2008 Q3 2008 Q4 2008 Better off 44.5% 41.6% 37.4% 28.0% Worse off 13.4% 14.0% 19.2% 23.2%For complimentary data and charts: http://www.prosperchina.com/big.htm Further, despite China's strong economic growth in recent years, consumer confidence in the Chinese economy has declined for the 4th quarter in a row among young consumers, likely fueled by the collapse of the financial markets, decrease in exports and recession in the U.S. and Europe.
Confidence in China Economy (Chinese Consumers 18-34) Q1 2008 Q2 2008 Q3 2008 Q4 2008 Confident/ 74.3% 65.0% 60.2% 47.4% Very ConfidentWith young Chinese feeling the pinch when it comes to their personal finances and uncertainty in their economy, it appears they are also pulling back on spending. The number of consumers planning to spend more in key retail categories such as Women's Clothing and Grocery also decreased each quarter while those planning on spending less increased.
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Women's Dress Clothing More 33.7% 34.1% 31.9% 28.7% Less 18.3% 17.0% 19.8% 21.3% Groceries More 25.8% 25.5% 22.8% 21.6% Less 16.5% 18.1% 19.5% 19.5%Source: BIGresearch, China Quarterly Q1-Q4 2008 About BIGresearch BIGresearch is a consumer intelligence firm providing analysis of behavior in areas of products and services, retail, financial services, automotive, and media behaviors. The China Quarterly monitors the purchasing behavior and media consumption of more than 4,000 Chinese consumers between the ages of 18-34 years old. The China Quarterly is available through BIGresearch in report or database format. BIGresearch conducts the biggest surveys with sample sizes from 4,000 to 15,000 and employs unique computer intensive statistical methods to give highly accurate consumer information with a margin of error of +/- 1 percent. http://www.prosperchina.com
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