“The Chinese economy grew by 7.4% in 2014, the lowest rate since 1990. According to the government, the goal of economic growth has been adjusted to around 7% a year during the 13th five-year plan from 2016 to 2020. This suggests that slower growth rates than previously recorded will become the norm for the Chinese economy in the near future.
The overall confidence levels of Chinese consumers have remained constant in the last year, indicating that changing macroeconomics conditions have not yet had a direct impact on their lives. In fact, the growing status of consumption sectors in the economy shows that the spending power of consumers has become stronger.”
In this report, Mintel answers the following key questions:
What are the current financial statuses of consumers and how confident are they about these over the next 12 months?
What are the financial priorities of consumers over the next 12 months?
Has there been any change in the way consumers think about saving, spending and managing their financial wellbeing in the current economic environment?
What kind of spending are consumers most reluctant to cut when they have a tight budget?
Do consumers value quantity or quality when making a purchase?
Definition
This report focuses on consumer confidence in their financial prospects and spending on both living necessities and self-indulgence.
Methodology
This is a marketing intelligence report published by Mintel. The consumer research exclusively commissioned for this report was conducted by a Chinese licensed market survey agent (see Research Methodology China for more information).
For the purposes of this report, Mintel commissioned a quantitative research survey carried out online to explore consumer attitudes towards the economy and issues related to their financial wellbeing.
Fieldwork was conducted in December 2014 in four tier-one cities and six tier-two and three cities of 3,000 adults aged 20 to 49 years old. The tier-one cities are Beijing, Shanghai, Guangzhou and Chengdu. The tier-two/three cities are Tianjin, Handan, Suzhou, Hefei, Zhanjiang and Nanchang.
