Westpac, MNI launch China consumer sentiment index

PUBLISHED : Wednesday, 07 May, 2014, 1:08am
UPDATED : Wednesday, 07 May, 2014, 1:08am

A new monthly report tracking the rapidly growing influence of Chinese consumers on the mainland's economic development will be launched later this month by Australian banking giant, Westpac, and Deutsche Bourse unit, MNI Indicators.

The Westpac MNI China Consumer Sentiment Survey will deliver a headline indicator focused on a range of activities in Chinese households including personal finance, spending, housing, cars, equity investments and employment, the firms said in a joint statement yesterday.

"This survey will complement the official data, with an easy to interpret monthly report underpinned by a pre-existing and well understood research methodology," Westpac's senior international economist, Huw McKay said.

The index, which builds on information MNI has gathered since 2007, has a databank of more than 100,000 reference points to enable analysis of mainland consumer activity by city, region, income, gender and age.

The survey is based on methodology underpinning the globally-watched US consumer sentiment index developed by the University of Michigan that has been in use since 1946.

The sample size, however, is substantially larger in the Chinese survey and will reduce its sampling error to 3.5 per cent from the 5 per cent in the comparable US survey, the statement said.

The survey will be taken 10 working days from the first business day of each month on the mainland. It will gather information from a minimum of 1,000 respondents aged between 18 and 64 across 30 cities in the first, second and third tier of Chinese city rankings.