Chinese Consumers Optimistic About Global Economic Future: Survey

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Last updated at: (Beijing Time) Wednesday, July 09, 2003

Chinese Consumers Optimistic About Global Economic Future: Survey

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Although barely recovered from the SARS crisis, consumers in China are confident that the global economy will regain its vitality within a year, according to a recent survey conducted by global market research company A C Nielsen.

Chinese consumers' confidence ranks second among the sampled respondents from 13 Asian-Pacific countries and regions, according to the survey. Fifty-three percent of the Chinese respondents believe the world economy will strike a strong note within 12 months, and 61 percent of the Indian consumers share the same expectation.

The most pessimistic are consumers from Japan, where 84 percent of the respondents hold that it would take at least 12 months for the global economy to turn for the better from the current depression.

Indonesian consumers also doubt whether the world economy will rebound in the short term, with 82 percent of respondents from the island country expecting no favorable economic turn before the first quarter of 2004.

According to Glen Murphy, board chairman of A C Nielsen China Region, robust growth of China's domestic market stems from consumers' confidence in the future of global economy. Although a number of industries were hit by SARS and consumption dwindled, the Chinese market will rebound and remains one of the most vigorous markets worldwide.

According to the survey, 47 percent of the respondents from the Chinese mainland have postponed purchases of luxuries such as houses, cars, mobile phones and digital cameras during the past half year due to SARS disease.

However, as SARS epidemic was contained in China, consumers in the country are back to their shopping binge.

Of the Chinese respondents surveyed, 37 percent and 35 percent plan to buy mobile phones and digital cameras respectively in the next six months. Other hot sellers will include, among others, wideband Internet access, laptops and desktop computers.

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