Young Chinese Have a Higher Savings Rate and Many Want a New Car, According to BIGresearch’s Q2 China Quarterly Survey
On average, Chinese consumers age 18 to 34 save 14% of their annual income, almost doubling that of Americans the same age (9%). Positive economic growth plus high consumer savings rates is a formula for strong consumer confidence among young Chinese consumers. 65% say they are confident/very confident in the economy (compared to 21.8% of young Americans who say the same), according to BIGresearch’s (http://www.bigresearch.com) latest China Quarterly Survey of over 4,000 young Chinese consumers between the ages of 18 and 34.
Young Chinese are more likely to defer apparel, auto and electronics purchases than their American counterparts, but that doesn’t mean major purchases aren’t on their shopping lists. Planned big ticket purchases index higher for Chinese ages 18-34 than Americans in the same demographic.
In particular, young Chinese haven’t faced a rocky real estate market or soaring gas prices and it shows. The percentage of those planning to buy a house almost doubles when compared to young Americans (8% v. 4.5%) and pump prices don’t appear to be forcing stay-at-home vacations this year. Bolstered by high consumer confidence, 34.1% of young Chinese consumers plan to travel in the next six months, more than doubling that of Americans (12.6%), heating up the summer travel industry.
Other key findings of young Chinese consumers (18-34) compared to their American counterparts (18-34):
-- 16.8% of Chinese Consumers are in the market for a new automobile inline with their American counterparts (16.1%). However, the Chinese are more likely to be buying their first car rather than replacing an existing car. -- Chinese Consumers (83.5%) listed surfing the Internet as their favorite leisure time activity; whereas Americans report that watching TV is their favorite pastime (73.1%). -- The top five sports that 18-34 Chinese Consumers enjoy watching are basketball, table tennis, soccer, badminton and swimming, all of which are represented during the Olympic Games. -- Chinese consumers use their media simultaneously, as do Americans, and marketers should account for this when building ad campaigns. -- Media influence to purchase varies by retail category. For example, when it comes to Electronics, Chinese consumers are most influenced by in- store promotion (25.4%), followed by T.V. broadcasts (20%) and word of mouth (19.9%).
Additional complimentary information on BIGresearch’s 12th China Quarterly survey on the young Chinese market may be accessed at www.bigresearch.com/chinaq.htm.
BIGresearch is a consumer intelligence firm providing unique consumer insights through online surveys. The China Quarterly monitors the purchasing behavior and media consumption of more than 4,000 young adult Chinese consumers between 18-34 years old. The recently expanded China Quarterly includes more detail and greater insights on shopping habits and media consumption. The China Quarterly is available through BIGresearch in report or database format.
Contact: Chrissy Wissinger BIGresearch 450 West Wilson Bridge Road Suite 370 Worthington, Ohio 43085 (614) 846-0146 Email Contact