Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Policies

    Consumer confidence perks up in nation

    By HE WEI in Shanghai | China Daily | Updated: 2020-07-15 07:09
    Share
    Share - WeChat
    Shoppers buy fruit at a store in Shijiazhuang, Hebei province. JIA MINJIE/FOR CHINA DAILY

    Consumer confidence regained ground in China as work resumption greatly advanced by the middle of the year and more people are expected to increase spending over the next three months, a report by UBS Securities said on Tuesday.

    The international brokerage identified digitalization, health, and consumption upgrade as the dominating trends defining the sequential consumption rebound after a deep plunge caused by the COVID-19 pandemic.

    Tracking 3,000 Chinese consumers from different cities, age and income groups on their finances and consumption pattern, the study conducted in May found that 61 percent of the respondents expect their income to increase, while 58 percent planned to increase consumption in the next three months.

    Such optimism is backed by the fact that an overriding 94 percent of the respondents had reported work resumption by late May, up from just 52 percent in a similar survey in March.

    Areas where most respondents planned to increase spending are sports and gymnasiums, as well as medical and healthcare sectors. Consumption upgrade is continuing with 77 percent of the respondents indicating that they would pay more for better products.

    "While explosive spending for pent-up demand is unlikely, we do anticipate some substantial pickup in spending as people need to perk up their moods after enduring lockdowns and COVID-19 related immobility," said Peng Yanyan, head of China Consumer Sector at UBS.

    This will give market-leaders in each segment a further leg up, securing an even larger share, said Chen Yang, a UBS consumer staples analyst.

    For instance, Chinese milk tea chain HEYTEA opened its 500th outlet worldwide on Monday in Shanghai's downtown East Nanjing Road, as it quickly shed the pandemic-related negative effect strangling many food and beverage enterprises.

    The store decorated in black and golden colors, which the company said indicates "prime design in prime locations", sits adjacent to the city's premier shopping center Shanghai New World Daimaru, suggesting strong bargaining power in securing store location by topper-forming brands.

    "We have witnessed a conspicuous acceleration of new store openings since the second quarter," said Peng. "It's indeed a good timing to obtain an ideal location as business orders are still normalizing."

    The consumption upgrade trend is continuing, albeit blunted by the COVID-19 shock. Over three quarters of respondents said they are willing to pay more for goods of premium quality and services, and over half would choose self-improvement items such as education and sports. This preference is especially noticeable among residents in top-tier cities like Beijing and Shanghai.

    Analysts remain optimistic about prospects of domestic luxury market, though it has inevitably suffered from restrained overseas travel and short-term income uncertainties.

    "Generally speaking, higher-income groups are a lot less vulnerable to the economic shock compared to the lower-income population," said Peng. "So these demands did not simply vanish-people just lack the previous common purchase channels, such as during outbound travel or duty-free shops."

    She expects the luxury segment to recover in the second quarter, especially as steady income growth is back on track and new business entities such as duty-free shops in city centers start to take root in the country over time.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    日韩美无码五月天| 伊人久久精品无码av一区| 无码精品A∨在线观看免费| 久久影院午夜理论片无码| 国内精品无码一区二区三区| 最近的中文字幕在线看视频| 无码国产精品一区二区免费3p | 成年无码av片在线| 国产成人无码AV一区二区在线观看| 欧洲人妻丰满av无码久久不卡 | 久久亚洲日韩看片无码| 精品久久久中文字幕人妻| 97精品人妻系列无码人妻| 亚洲中文字幕无码一区二区三区| 娇小性色xxxxx中文| 中国少妇无码专区| 日无码在线观看| 日韩国产成人无码av毛片| 亚洲av无码专区国产乱码在线观看 | 国产成人无码久久久精品一| 亚洲av无码一区二区三区网站| 中文字幕精品久久久久人妻| 熟妇人妻久久中文字幕| 无码毛片一区二区三区视频免费播放| 无套中出丰满人妻无码| 国产成人无码精品久久久性色| 日日日日做夜夜夜夜无码| 婷婷中文娱乐网开心| 中文字幕亚洲码在线| av无码专区| 久久久无码精品亚洲日韩软件| 久久99精品久久久久久hb无码| 亚洲2022国产成人精品无码区| 亚洲精品无码久久久久sm| 中出人妻中文字幕无码| 亚洲欧洲日产国码无码久久99| 精品久久久无码人妻中文字幕| 中文无码伦av中文字幕| 无码午夜成人1000部免费视频| 亚洲国产精品无码一线岛国| 无码人妻一区二区三区在线|