China has fallen from top place to fourth in Credit Suisse consumer confidence scorecard, with most barometers slipping closer to mid-range among emerging market countries.
Chinese middle-class earner with income in the range of RMB 5,500–9,000 showed the greatest change, with optimism declining 7%–16%.
China’s anti-corruption measures have had a significant impact on “grey income” and related expenditures, resulting in the declining optimism from personal finance improvement over the next six months according to Credit Suisse Emerging Consumer Survey 2015.
Implicit “hidden welfare” like expenditure coupons, holiday allowances and other subsidies has been largely removed, especially in the state-owned enterprises, which account for over 20% of retail sales
The expenditure on automobiles in 2014 was rising with 37% respondents having bought or owned automobiles according to Credit Suisse survey.
Also read: China Economy Statistics for 2014