2022
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China Consumer Spending Sentiment – 1H Market Report 2022
2022-08-04T04:26:46+01:00
OX1103227
3695
153960
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Report
en_GB
“The steady recovery of China’s economy was disrupted by the large-scale COVID-19 resurgence in March 2022. Although economic development has been severely challenged, consumers’ financial situation and long-term confidence remain…

China Consumer Spending Sentiment – 1H Market Report 2022

£ 3,695 (Excl.Tax)

Report Summary

“The steady recovery of China’s economy was disrupted by the large-scale COVID-19 resurgence in March 2022. Although economic development has been severely challenged, consumers’ financial situation and long-term confidence remain stable. Although the current economic indicators have basically returned to positive in June, the economic recovery in the second half of the year is still full of uncertainty.”

– Blair Zhang, Research Analyst

Key issues covered in this Report

This is a half-yearly Report that examines China’s macro-economic status, as well as consumers’ sentimental attitudes towards spending. It looks into:

  • China’s economic performance
  • Changes in consumer spending confidence
  • Consumers’ financial status and priorities
  • Which factors may influence consumers’ spending confidence
  • Arrangements for extra money: plans vs reality.

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
      • Executive Summary

          • China’s economic development is under pressure
            • Figure 1: Summary of key economic indicators, China, 2020-22
            • Figure 2: Monthly growth of total retail sales of consumer goods in China, 2018-22
            • Figure 3: Growth rate of retail sales, by key sectors, 2019-22
          • Impact on consumer spending
            • Financial situation remains stable
              • Figure 4: Current financial situation, 2016-22
            • Salary and bonus are still the main source of income for consumers
              • Figure 5: Changes in source of income, 2019-22
            • Long-term confidence remains stable, but short-term declines
              • Figure 6: Confidence in improving future financial situation, 2019-22
            • Consumers put more importance on saving for medical emergencies
              • Figure 7: Financial priorities in the next 12 months, 2022
            • Confidence level is closely associated with financial status
              • Figure 8: Factors influencing confidence, 2022
            • Consumers invest less in financial management than originally planned, but more in children’s development and daily diet
              • Figure 9: Plans for spending extra money in the last year, 2022
          • State of the Economy

            • China’s economy is growing but under pressure
              • Figure 10: Quarterly growth of GDP in China, 2000-22
            • PMI returned to the expansion range
              • Figure 11: Monthly Purchasing Managers’ Index, China, 2018-22
            • Import-export regained rapid growth
              • Figure 12: Year-on-year growth in the total value of imports and exports, China, 2007-22
            • Employment situation is under pressure
              • Figure 13: Monthly surveyed urban unemployment rate, China, 2018-22
            • Consumer prices rose moderately
              • Figure 14: Consumer Price Index, China, 2000-22
            • Disposable income continued to grow steadily
              • Figure 15: Growth of per capita disposable income (price-adjusted), China, 2019-22
            • Retail sales hit by the outbreak
              • Figure 16: Monthly growth of total retail sales of consumer goods in China, 2018-22
              • Figure 17: Growth rate of retail sales by key sectors, 2019-22
          • COVID-19 China Context

            • The new wave’s outbreak brings challenges to people’s lives
              • COVID-19 vaccination rate reaches high
                • Figure 18: China’s COVID-19 vaccination status, 2021-22
            • Current Financial Situation

              • Financial situation remains stable
                • Figure 19: Current financial situation, 2016 to 2022
              • High income groups are facing financial pressure
                • Figure 20: Current financial situation, by monthly personal income, 2019 to 2022
              • Willingness to save increases in tier 2 or lower cities
                • Figure 21: Current financial situation, by city tier, 2019 to 2022
              • Young consumers face the tightest financial situation
                • Figure 22: Current financial situation, by age, 2019-22
            • Changes in Source of Income

              • Salary and bonus are still the main source of income for consumers
                • Figure 23: Changes in source of income, 2019-22
              • More young people joined the investment market
                • Figure 24: Changes in source of income from gains from investment products, by age, 2021-22
              • The trend of being a ‘slashie’ is still going on
                • Figure 25: Changes in source of income from offline part-time jobs, by city tier, 2021-22
            • Confidence in Future

              • Long-term confidence remains stable, but short-term declines
                • Figure 26: Confidence in improving future financial situation, 2019-22
              • Confidence fluctuated between cities but overall stable
                • Figure 27: Confidence in improving future financial situation, by city tier, 2019-21
              • People with no savings also have confidence in the future
                • Figure 28: Confidence in improving future financial situation, by current financial situation, 2021-22
            • Financial Priorities

              • Consumers hope to gain sense of control through financial plans
                • Figure 29: Financial priorities in the next 12 months, 2022
                • Figure 30: Financial priorities in the next 12 months ranked as ‘very important’, 2019-22
              • Young consumers put more importance on saving for older years
                • Figure 31: Selected financial priorities in the next 12 months ranked as ‘very important’ – saving for my older years, by age, 2021-22
            • Factors Influencing Confidence

              • Confidence was mostly impacted by the financial status
                • Figure 32: Factors influencing confidence, 2022
                • Figure 33: Factors influencing confidence, 2022
              • 18-24 year olds are yet to feel the impact of macroeconomic changes
                • Figure 34: Factors influencing confidence – Any selected, by age, 2022
              • Males are impacted more by personal marriage and family plans than females
                • Figure 35: Factor influencing confidence – personal marriage or family planning, by age, 2022
            • Plans for Spending Extra Money

              • Consumers invest less in financial management than originally planned, but more in children’s development and daily diet
                • Figure 36: Plans for spending extra money in the last year, 2022
              • Women overspend more than men on children’s education
                • Figure 37: Plans for spending extra money in the last year – spend more on children’s education, by gender, 2022
                • Figure 38: Plans for spending extra money in the last year – spend more on children’s education, by family structure, 2022
              • Young consumers are pursuing pleasure
                • Figure 39: Top 3 original plans and actual spending – 18-24 year olds, 2022
            • Appendix – Methodology and Abbreviations

              • Methodology
                • Abbreviations

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