China consumer trend index grows in Q4: report
An index measuring China's consumer confidence increased steadily in the fourth quarter of 2018 as the economy continued to see stable growth, a research report showed.
Chinese customers buy fruits at a supermarket in Huaibei city, east China's Anhui province. [Photo: IC]
The country's consumer trend index stood at 113 points in the fourth quarter, up one point from the previous quarter, according to the report by global measurement and data analytics company Nielsen.
Index levels above and below the baseline of 100 indicate consumer optimism and pessimism, respectively. The index measures perceptions of local job prospects, personal finance and willingness to spend.
Andy Zhao, president of Nielsen China, saw a shift in the Chinese economy from high-speed growth to high-quality growth in 2018 due to favorable policies on trade, private firms and micro and small enterprises.
"In the future, the China consumer trend index will remain at stable levels," he said.
The sub-index for job prospects rose to 75 points from 70 points, and that for the willingness to spend went up three points to 60 points. The personal finance sub-index stood at 69, the same as the previous year.
Consumers born between 1990 and 1999 have become the main force of consumption in the internet age, with their willingness to spend measured at 63 points, higher than those born in the 1980s, 1970s and 1960s, according to the report.
Noting that this generation of consumers are deeply influenced by the internet and more digital-savvy, Zhao said the digital economy has transformed the consumption pattern and boosted consumption upgrade.