Chinese consumer confidence climbs to strongest in three and a half years: Nielsen survey

Consumer confidence index climbed to the highest level in three and a half years with steady economic recovery.

China's consumer confidence climbed to the strongest level in three and a half years with steady economic recovery, a latest study shows.

Nielsen’s Consumer Confidence Index (CCI) stood at 112 points in the latest biannual survey, suggesting the continuous upward trend of the country's overall economy, the market research firm said in a statement yesterday.

"Both China's domestic reform and the opening-up process are entering into a new stage, buoyed by the coordinated development of Beijing-Tianjin-Hebei region and the ongoing Belt and Road Initiative," said Vishal Bali, Managing Director of Nielsen China.

Globally the consumer confidence index stood at 101 points.

Chinese optimistic perceptions mainly come from the upbeat outlook on local job prospects, personal finances and immediate spending intentions, according to the survey.

Personal finance sub-index surged from 66 to 69,  and the personal finance perception by consumers from the third and fourth-tier cities also improved significantly, thanks to the ongoing supply-side reform and local economic policies aimed at boosting the less-developed regions.

Groceries is the top one category in Chinese consumers' increasing spending, Nielsen study shows, as steady growth of household income is translating into a potential demand for purchase and investment.

In the first six months of 2017, Chinese per capita disposable income amounted to 12,932 yuan (US$1,700), up 7.3 percent from last year, according to the latest data of the National Bureau of Statistics.

"Fast-pace economic growth offers more job opportunities to local residents, and the development of China's rural area and lower-tier cities will become a new driver for the country's future economic growth," Bali noted.

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