China‘s consumers are cooling towards discretionary spending, preferring to salt money into savings or education for their children, according to a Nielsen survey of Chinese consumer confidence published on Thursday.
Although Nielsen found that Chinese consumer confidence rose in the first three months of 2012 to its highest since 2005, making China the world’s fourth most optimistic nation, willingness to spend remained flat.
Savings and education were the only areas in which survey respondents were more willing to allocate additional cash.
Willingness to spend on clothes, food, entertainment and holidays all dropped compared with the previous quarter, although higher than the first quarter of last year.
Recently released official data for April also showed a slowdown in China’s retail sales growth to 14.1 percent, the lowest in 14 months and well below economists’ expectations, hit by a prolonged credit crunch in the property sector and flagging demand from…
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