China’s wealthy citizens will not be cutting back on spending despite trade war and economic slowdown
- More than 80 per cent of consumers in a survey by HSBC with an annual income of at least US$22,341 plan to spend at least the same amount as last year
- Results paint a slightly different picture from headline economic indicators which point to a weakening retail sales growth
China’s wealthy citizens show no sign of cutting back on their spending amid the ongoing trade war and economic slowdown, with a recent survey showing more than 80 per cent plan to spend at least the same amount as last year.
The results paint a slightly different picture from headline economic indicators pointing to a weakening retail sales growth.
The survey, conducted by the HSBC before this month’s Lunar New Year holiday, questioned over 2,000 Chinese consumers with an annual income of at least 150,000 yuan (US$22,341), with more than half the sample women and more than half aged between 18 and 34.
About two thirds of the consumers surveyed have annual incomes ranging from 150,000 yuan to 240,000 yuan (US$35,746) per year, with the remaining third earning more than 240,000 yuan annually.
According to Chinese National Bureau of Statistics (NBS), people with monthly income above 10,000 yuan – or an annual income over 120,000 yuan – are classed as having a high income.