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China to see robust consumer spending driven by lifestyle upgrades: Report

Xinhua, March 28, 2017 Adjust font size:

China is expected to see robust consumer spending driven by lifestyle changes this year, according to a report released Tuesday.

China leads emerging countries in expectations for robust real wage growth in the next six months, while average consumer confidence scores 64 percent, compared with only 49 percent in the last survey, according to Credit Suisse Research Institute's (CSRI) seventh annual Emerging Consumer Survey.

The CSRI survey provides an analysis of the profile, mood and behavior of consumers across eight major emerging economies -- Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey.

The survey highlighted some developing consumption patterns including more "conscious spending" among emerging market consumers with a focus on healthier, more environmentally-friendly choices.

This means greater outlay on skin care, quality foods and sportswear and greater willingness to use car-sharing services than to own a vehicle.

By 2035, the share of the population aged 65 or older in China is projected to be similar to that in countries such as the U.K. and the U.S., resulting in increased demand for healthcare services.

About 40 percent of Chinese consumers intend to increase the time spent on playing sports, while almost 80 percent agree that they have started to eat more healthily, the survey showed.

As they become wealthier, Chinese consumers will continue to improve their lifestyles. Growth in spending on large-ticket items continues to outstrip that on more staple items.

Meanwhile, entertainment spending among Chinese respondents has risen by more than 50 percent since 2010 and now represents over 10 percent of monthly household income, the highest among the surveyed countries.

The relaxation of the family planning policy will benefit sportswear, children's clothing, home improvement, appliance manufacturers, education and healthcare. When asked how consumers intend to spend incremental disposable income, 41 percent expect to spend it on their children and 40 percent on their parents.

As the emerging market consumer has developed, local brands are increasingly gaining leading market share in lucrative consumer segments previously the preserve of large global brands owned by Western multinational companies, the survey pointed out. Endi