Coincidentally, a survey of depositors published by the central bank this month shows that the index of residents' confidence in their future income was 53.2 percent from April to June, 1.7 percentage points lower than the previous three months and the lowest level since the survey was first conducted in 1999.
The percentage that remains optimistic about their household income in China is still much higher than other countries, including the US (32 percent), said Magni, partner and head of McKinsey consumer practice in Greater China.
The report also found that the Chinese people are still fond of saving. The average respondent reported saving 22 percent of his income, a full 8 percentage points higher than his counterparts in the US and Great Britain.
However, Chinese people have to spend more because of inflation, the report said. More than 80 percent of respondents cited higher prices as the primary reason for spending more on food. At least two-thirds of shoppers reported spending more in real terms.
The report stays positive on Chinese consumer spending, predicting that a new mainstream shopper will emerge, and Chinese people are "fundamentally more optimistic" about the economy.
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