Young Chinese Have a Higher Savings Rate and Many Want a New Car, According to BIGresearch's Q2 China Quarterly Survey

Wed Jun 18, 2008 9:41am EDT

* Reuters is not responsible for the content in this press release.

  COLUMBUS, OH, Jun 18 (MARKET WIRE) -- 
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.

    About BIGresearch

    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

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