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Affluent Chinese likely to spend more

2013-10-12 11:17 Shanghai Daily Web Editor: Wang Fan

A rising number of affluent Chinese consumers intend to increase their spending on non-daily necessities next year compared with other countries and regions in Asia-Pacific and the Middle East, a survey said Friday.

China has the highest affluent index score of 143 among 10 economies surveyed as the Chinese expressed a positive outlook on the economy and intention to lift their discretionary spending, according to the Visa Affluent Study released yesterday.

A higher index suggests a larger tendency to increase spending in the next year. Japan is the only country with a reading below 100, suggesting little change in Japanese willingness to spend.

Chinese consumers surveyed said they set aside an average of 8,415 yuan (US$1,357) every month. Evenings out, family holidays and fine dining are the three most common indulgences for affluent Chinese.

"Affluent Chinese are looking for custom-made or exclusive products or services to reflect their affluence, and they tend to favor enjoying life with friends and family over materialistic pleasures such as latest designer handbags or flashy watches," said Jeff Liao, general manager of Visa China.

"Affluent Chinese are more optimistic about the country's economic growth due to rapid expansion in China," he added.

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