BIGresearch China Quarterly Trends: Young Chinese Tightening Budgets
Chinese Consumers 18-34 Say their Personal Financial Situation is Worse Off
BIGresearch China Quarterly Trends: Young Chinese Tightening Budgets
Chinese Consumers 18-34
Say their Personal Financial Situation is Worse Off
COLUMBUS, OH – (MARKET WIRE) – 2/19/09 – 23.2% of young Chinese (ages 18-34)
feel they are worse off financially compared to a year ago, according to
BIGresearch’s Q4 2008 China Quarterly Survey (4,328 participants) (http://www.prosperchina.com/big.htm).
The percentage that feel this way steadily increased each quarter of 2008, while
the percent of those who feel they are better off declined.
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 Confident
With 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
Contact:
Chrissy Wissinger
BIGresearch
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Suite 370
Worthington, Ohio 43085
(614) 846-0146
chrissy@bigresearch.com