Chinese consumers continued to be willing to spend and were optimistic about personal income growth and job opportunities due to a stabilizing economy, a survey said.
China’s Consumer Confidence Index rose two points from the first quarter of the year to 112 points in the second quarter to notch the highest score since the fourth quarter of 2013, according to the survey from global market research firm Nielsen.
Nielsen’s CCI measures perceptions about local job prospects, personal finance and immediate spending intentions. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively.
Nielsen’s CCI in the second quarter showed the steady growth of China’s economy, which grew 6.9 percent in the quarter, unchanged from the first three months.
China’s development strategies, including development of the Beijing-Tianjin-Hebei region, and the Belt and Road Initiative, help the Chinese economy grow steadily, and upgraded consumption is accelerating as more Chinese are willing to spend, said Vishal Bali, managing director of Nielsen China.
The survey showed personal finance grew to 69 from 66 while perceptions about local job prospects gained to 68 from 66. Immediate spending intentions rose from 55 to 56.