Source: Credit Suisse Emerging Consumer Survey 2012
The outlook for the Chinese consumer is robust though expectations have softened in the last 12 months. The expectations of the rich and poor remain a marked contrast, despite government policy initiatives aimed at addressing the imbalances. For now, the higher-income consumers look likely to remain the preserve for discretionary spending and the acquisition of higher-ticket items.
By Anthony DeMarco @ Forbes published on October 14, 2011
Affluent consumers in the U.S. and much of the world are pulling back on their spending and attitude toward luxury. However, in China, affluent consumers are choosing luxury in every aspect of the lives, according to a seven-country survey of households earning at least $150,000.
About 57 percent of wealthy Chinese shoppers say that the economic environment has prompted them to spend more on luxury in the past year, and 50 percent plan to boost spending in the next 12 months, according to the survey by the Luxury Institute, a New York-based consulting firm. Restraint is more evident in the U.S., where 10 percent of the wealthy stepped up luxury spending in the past year and 6 percent plan to spend more in the next 12 months. U.S. consumers are twice as likely as those in China (32% vs. 16%) to have trimmed luxury spending last year.