Chinese consumer morale high

Chinese consumer confidence hit a record high of 111 points in the fourth quarter of last year and ended the year 3 points higher than it started, according to a latest study.

Their confidence translated into the highest intention to spend in more than three years of 47 percent in the fourth quarter, market research firm Nielsen said yesterday. Their perception about job prospects also jumped to the highest level since mid-2012 to 75 percent.

The sales growth of fast moving consumer goods slowed to 7 percent year on year in 2013, compared with 15 percent in 2012, as the growth in the economy weakened.

But the sales of these goods in the fourth quarter contributed 32 percent of the total sales volume in the past year due to a shopping spree during the Singles Day shopping splurge in November and ahead of the New Year.

Patrick Dodd, managing director of Nielsen China, called for efforts to identify new demand by taking advantage of consumers’ changing needs and shopping behavior.