(File photo: Xinhua)
Nielsen, a world-renowned market research company, released a report on China’s consumer trend index in the second quarter of 2019 on Tuesday, saying the index was 115 points, which equals the previous quarter at a high level, National Business Daily reported.
The report showed that in the second quarter of 2019, the three major factors constituting the consumer trend index——the personal economic situation, consumption intention and employment expectations—steadily developed.
As for the reasons why the consumer trend index remained high in the second quarter of this year, Justin Sargent, president of Nielsen China, said that on one hand, China’s macro-economy is generally stable and progressive; on the other hand, domestic brands have risen. He added that “We find that people in first-tier cities are more likely to buy Chinese goods, and the quality, appearance, technology and concept of health are more acceptable.”
With the rise in national sentiment, 68 percent of Chinese consumers prefer domestic brands. Even though 62 percent of consumers buy foreign brands, domestic brands are still their first choice. 61 percent of consumers think that cost performance is a decisive factor in buying Chinese goods. In the next year, 33 percent of consumers will have a stronger purchase tendency in the pursuit of quality, and 26 percent of consumers will choose cheaper goods on the premise of basic functionality.
Furthermore, feelings and consumers’ recognition of brands are the core driving forces for the rise in Chinese goods. Clear and firm brand attitudes of domestic brands have won consumers’ favor. Nielsen’s study found that male and first- and second-tier urban consumers are more emotionally driven.
(Compiled by Cui Chunhui)