Consumer Attitudes Towards Savings - China - January 2014
“The pressure to save money and improve financial status is still paramount for Chinese consumers. It is driven by both the desire to provide a comfortable long-term future, as well as the ability to meet the various big spending occasions associated with their life aspirations. This provides a major market opportunity for financial service providers to develop different savings and investment solutions to help consumers of all income levels to meet their savings goals.”
– Ruyi Xu, Deputy Research Manager
In this report, we answer the key questions:
- What is the level of consumer savings and why do people save?
- How do people manage to achieve their savings goals and how does this affect their decisions towards spending, saving and investing?
- What are the considerations for choosing where to save and what makes people switch banks?
- What are consumers’ attitudes towards savings in a time of price increases, innovations in the market, and what are the opportunities for financial service providers?
- How can financial service providers come up with more efficient solutions and marketing to target different consumers segments, based on their needs and demographic profile?
- The fundamental driver of savings is associated with people’s desire for better retirement and medical care.
- The rising cost of big-ticket purchases and spending occasions such as housing, child education and marriage put more Chinese consumers under pressure to save.
- Investments are seen as a way to combat the rising cost of living as consumers are wary that low deposit interest rates may not keep up with living costs.
- Commercial banks experienced a cash squeeze in June 2013 following the government’s decision to tame credit growth. This has led to competition of wealth management products among banks in order to attract more cash inflow.
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