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China's consumer market still optimistic

(China Economic Net)

16:20, November 08, 2011

Edited and translated by People's Daily Online

Beijing, Nov.8 (People's Daily Online) --The McKinsey Company, a global management and consulting company, issued the latest China Consumer Investigation Report 2010 in Shanghai on Oct. 31. The report shows that although the inflation rate keeps rising, Chinese consumers' optimism about their incomes in 2011 is still higher than that of 2010.

The McKinsey Company found that the higher Chinese consumer confidence in 2011 promotes spending. Of the respondents, 58 percent believe that their incomes will increase in 2012. The percentage was only 39 percent in 2010.

What corresponds with this confidence is that the number of consumers who have increased their expenditures leveled off in 2011 compared to those of 2010. In the investigation of 2010, it was found that many consumers reduced their expenditures on some items to offset their increased expenditures on other items. But in 2011, the occurrence of these types of behaviors has decreased a lot.

The investigation also found that brand influence on Chinese consumers' purchasing decisions has never weakened. However, consumers' loyalty to any individual brand has not obviously risen.

In the opinion of Chinese consumers, the brand is much more important than the price or channel, and one major reason for this fact is that they believe the products of name brands are safer, more reliable and have higher qualities than those of ordinary brands.

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