BIGresearch®
China Quarterly: Young Chinese Confidence in Personal Finances Highest
Reading Since Before Global Financial Meltdown
Complimentary
Reports on Young Chinese Consumers Online; Available in both English
and Chinese
COLUMBUS,
OH – (MARKET WIRE) – 2/3/10 – Although confidence in the China economy
among Chinese consumers (18-34) is flat quarter-over-quarter (64.7% are
confident/very confident; Q3-09 and Q4-09), confidence in their
personal finances continues to improve, according to BIGresearch’s 18th
China Quarterly (13,975 18-34 year olds; 16,582 total respondents
18-54). 37.3% say they are better off than they were a year ago,
compared to 28% who said the same in Q4 2008. This reading is a 12.4%
increase over last quarter (33.2%) and the highest since Q3 2008, prior
to the financial crisis.
Even though confidence in their
personal financial situation is on the rise, young Chinese consumers
are less likely than their American counterparts to believe they are
saving enough to meet future needs. 18.3% believe they are saving
enough compared to 30% of Americans the same age. Young Chinese adults
say that they save 15.1% of their annual income. Further, 61.9% of
Chinese (18-34) say that over the last six months they’ve become more
practical in their purchases (compared to 47.6% of Americans 18-34).
Other
key changes over the last six months:
Chinese 18-34
Americans 18-34
Focus
more on needs over wants
44.7%
55.1%
Have
become more conscious about food
safety 46.2%
14.9%
Have become more
environmentally responsible
37.9%
15.1%
Source:
BIGresearch® China Quarterly, Q4-09; BIGresearch® CIA™, Dec-09
“Given
socioeconomic variables between China and the U.S., key differences
exist between young Chinese and American consumers,” said Vicky (Yue)
Pan, Prosper China Analyst. “The Chinese are taking a more pragmatic
approach to personal finances by increasing their savings and being
more practical in their purchases. Plus they are more aware of food
safety and environmental issues.”
For more information and to
download complimentary past China Quarterly reports on Chinese
consumers (18-34) in both English and Chinese, CLICK HERE.
The
reports provide a detailed overview of economic attitudes, spending
habits and media consumption of over 31 different types of media
including new media. Also included are key insights on which media
influences purchase decisions.
About ProsperChina.com
ProsperChina.com
is an information bank & online forum for firms marketing
products
& services to Chinese consumers. ProsperChina.com partners with
leading marketing resource companies to provide marketers unique
insights on Chinese consumers as well as share innovative ways to
improve marketing effectiveness. Visit
http://www.prosperchina.com.
About BIGresearch®
BIGresearch®
is a consumer intelligence firm providing analysis of behavior in areas
of products and services, retail, financial services, automotive, and
media. The China Quarterly monitors the purchasing behavior and media
consumption of more than 15,000 Chinese consumers, focusing on
consumers between the ages of 18-54 years old. The China Quarterly is
available through BIGresearch in report or database format. BIGresearch
also conducts the monthly Consumer Intentions and Actions® Survey (CIA™) of 8,000+ respondents and the
semi-annual Simultaneous Media®
Survey (SIMM® ) of 20,000+ respondents. More information is
available at http://www.bigresearch.com.
Contact:
Chrissy Wissinger
BIGresearch
(614) 846-0146
chrissy@bigresearch.com