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Consumer Spending Priorities - China - March 2016

“Although confidence levels remain high, the negative impact from the slowdown in the economy and the sluggish financial market is starting to affect spending behaviour. Consumers are optimistic in a cautious way; however the need for self-indulgence is driving growth of discretional categories.”
– Gordon Gao, Senior Research Analyst

This report examines the following areas:

  • Varying priorities across ages
  • Young people to drive the consumption market growth
  • Internet rephrases consumers’ spending habits
  • Buying overseas

This report examines consumers’ changing financial status, spending confidence, and the affecting factors behind these changes against the background of economic slowdown. Also, potential methods for budget control are also discussed in this report.

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Table of contents

  1. Overview

    • What you need to know
      • Covered in this report
      • Executive Summary

          • The market
            • Figure 1: GDP growth rate in China, 2010-15
            • Figure 2: Urban unemployment rate in China, 2008-15
          • The consumer
            • Healthy financial status
              • Figure 3: Current financial situation, November 2015
            • Ambitious Youngsters vs worrying mid-ages
              • Figure 4: Confidence about improving future status, November 2015
            • Planning for big items, the employment rate and the performance of investment products matter most
              • Figure 5: Factors that affect spending confidence, November, 2015
            • Eye catchy discretional categories
              • Better control dominates consumer budgeting
                • Figure 6: The way of cutting expenditure, November, 2015
              • What we think
              • Issues and Insights

                • Varying priorities across ages
                  • The facts
                    • The implications
                      • Young people to drive the consumption market growth
                        • The facts
                          • The implications
                            • Internet rephrases consumers’ spending habits
                              • The facts
                                • The implications
                                  • Buying overseas
                                    • The facts
                                      • The implications
                                      • Economy Background

                                        • Downward GDP
                                          • Figure 7: GDP growth rate in China, 2010-15
                                        • Shrinking exports
                                          • Figure 8: China exports in value, February, 2016
                                        • A new engine to drive the economy
                                          • Figure 9: Annual total retail sales of consumer goods, February, 2016
                                        • Strong job market
                                          • Figure 10: Urban unemployment rate in China, 2008-15
                                        • Robust disposable income rising
                                          • Figure 11: Annual urban disposable income, February, 2016
                                      • The Consumer – What You Need to Know

                                        • Confident youngster vs worrying mid-ages
                                          • Conservative gene rules the roost
                                            • The need for self-indulgence is strong
                                            • Current Financial Status

                                              • Continuous improving of financial status
                                                • Figure 12: Current financial situation, November 2015
                                              • Rising of the young generations
                                                • Figure 13: Current financial situation, by demographic, November 2015
                                              • Education is the key
                                                • Figure 14: Current financial situation, by demographic, November 2015
                                            • Confidence in Future Prospects

                                              • Slight drop in confidence
                                                • Figure 15: Confidence about improving future status, November 2015
                                              • Ambitious youngsters vs worrying mid-ages
                                                • Figure 16: Confidence about improving future status, by age group, November 2015
                                              • The potential in low tier cities
                                                • Figure 17: Confidence about improving future status, by city tier, November 2015
                                            • Factors Affecting Spending Confidence

                                              • Steady and conservative consuming culture
                                                • Figure 18: Factors that affect spending confidence, November, 2015
                                              • What do those in their 20s care about?
                                                • Figure 19: Factors that affect spending confidence, and have a great impact, by category, November, 2015
                                                • Figure 20: Factors that affect spending confidence, and have a great impact, by category, November, 2015
                                              • Sophisticated consumer: eyes on everything
                                                • Figure 21: Factors that affect the spending confidence, and have a great impact, by confidence level, November, 2015
                                            • Changes in Spending

                                              • Discretionary categories
                                                • Unwavering necessities
                                                  • Figure 22: Changes in spending, November 2015
                                                • The recreational cost is first to be cut
                                                  • Figure 23: % of consumers spending less in different categories, November 2015
                                                • More spending is still a trend
                                                  • Figure 24: Repertoire of changes in spending, November, 2015
                                                • Open wallets of young consumer and those living in tier one cities
                                                  • Figure 25: Changes in spending, by spending more, November 2015
                                              • The Reason behind Changes in Spending

                                                • More frequent out-of-home recreational activities
                                                  • Figure 26: The reasons behind the changes of spending, by increased amount/frequency, November, 2015
                                                • Upgraded consumption for durable items and beauty category
                                                  • Figure 27: The reasons behind the changes of spending, by upgraded consumption, November, 2015
                                              • Financial Management

                                                • Controlled spending in a smart way
                                                  • Promotion still rules
                                                    • Figure 28: The way of cutting expenditure, November, 2015
                                                  • Potential for financial tools
                                                    • Figure 29: Ways of cutting expenditure, by income group, November, 2015
                                                • Meet the Mintropolitans

                                                  • More sensitive to the macro economy
                                                    • Figure 30: Current financial status and future prospects, by consumer classification,
                                                    • Figure 31: Factors that affect spending confidence, by demographic, November 2015
                                                  • More spending on recreational categories
                                                    • Making smart savings
                                                      • Figure 32: The way of cutting expenditure, by consumer classification, November 2015
                                                  • Appendix – Methodology and Abbreviations

                                                    • Methodology
                                                      • Mintropolitans
                                                        • Why Mintropolitans?
                                                          • Who are they?
                                                            • Figure 33: Demographic profile of Mintropolitans vs Non-Mintropolitans, by gender, age and personal income
                                                            • Figure 34: Demographic profile of Mintropolitans vs Non-Mintropolitans, by marital status, city tier and education level
                                                          • Abbreviations

                                                          Consumer Spending Priorities - China - March 2016

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