China’s consumers are coming under fire for doing their shopping overseas at a time when the country is trying to build up consumption on its home turf. China’s state broadcaster ran a story on Monday highlighting the vast amount of money consumers are spending overseas to buy luxury goods abroad, evading mainland tariffs that increase prices on goods by 30 percent to 50 percent.
Shop and restaurant sales in China during the week-long Spring Festival rose at the slowest pace in four years. Retail sales at outlets monitored by the Ministry of Commerce increased 14.7 percent in the 9 February to 15 February period from the year-earlier break to CNY539 billion (USD86 billion), according to last Friday's statement on its website.
Global research consultancy TNS has found the mood of Chinese consumers as they approach Chinese New Year to be cautious but optimistic.
This was revealed in a survey conducted by the research firm of 5,000 consumers in Greater China, Hong Kong Singapore, Taiwan and Malaysia.
Three-quarters of the survey respondents reported feeling good about the year ahead and show a desire to celebrate, tempered by the need to balance the revelry with financial concerns.
Consumer confidence in China rose in the fourth quarter last year from three months earlier as respondents indicated stable spending intentions for the next six months, according to a latest research report. The Consumer Confidence and Spending Intentions gained 2 points to 108 in the fourth quarter in 2012, market research firm Nielsen said in a statement on Thursday.
China's total consumer spending may grow by a compound rate of 15.2 percent over the next four years to reach USD4.3 trillion in 2016, a latest survey showed. China will be the fastest growing country among the seven markets studied, including Mexico, India, Turkey, South Africa, the US and Britain, according to a joint research report released yesterday by market research firm Mintel and the Economist Intelligence Unit.
China is set to follow Asia-Pacific countries to embrace a cashless society as it taps a boom in e-commerce and electronic payments, with mobile payments likely to soar 52.7 percent annually in 2013, a research firm said on Thursday. Electronic payments are forecast to hit USD31.4 billion this year after growing 20 percent annually for the past four years. However, mobile payments are likely to expand even faster to USD17 billion in 2013, Capgemini, a France-based research firm said.
Shanghai has outperformed Beijing as top fashion city in China, according to a new report on fashion consumption and industry development by China's fashion and lifestyle publisher Trends Media Group.
Tianjin's fashion expenditures, however, grew fastest, ranking No. 3 for consumer goods, passing Shanghai and Beijing. The survey also found that designer brands have been widely adopted and expenditures in Tier 2 and Tier 3 cities are rising, with consumption in some categories even surpassing Beijing and Shanghai.
Marketers in China could benefit from responding to changing tastes in lower tier cities, which offer access to millions of households and CNY8 trillion (USD160 billion) in consumer spending, a study has argued.
According to a report from Ogilvy & Mather, the agency, some 200 million households in second, third and fourth tier cities currently fall into the "consuming class" in the world's most populous nation.
Consumer confidence in Shanghai rose in 2012 from a year earlier on a recovering economy and better products provided in the city, a survey showed on Monday.
The Index of Consumer Sentiment rose to 70.12 last year from 68.89 in 2011, indicating more consumer confidence and better consuming experiences among local residents, according to Shanghai University of Finance and Economics.
Consumer sentiment in China dipped after rising in the previous two months, but stayed at the second highest level since June, a new survey showed on Friday. This indicates that the world’s second largest economy is still on a firm track for a recovery.