China Market: Outlook remains weak for Car, Property, White Goods, Personal Computer and Mobile Phone Sales in 2009
Chinese consumers continued to defer purchases across a range of product categories as consumer sentiment continued to decline in February 2009. Private property, automobiles, Investment products, TVs, air conditioners, white goods, laptop computers and mobile phone sales are all being impacted.
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DDMA is a Shanghai based market research and consulting company. Each month DDMA conducts the Chinese Consumer Sentiment Study with 600 respondents across Shanghai, Beijing, Guangzhou, Chengdu and Shenyang. Respondents are males and females, aged 21 – 45 years old and are drawn from medium to high personal income groups. Key Feb 2009 Purchase Deferment Results: Just below 30% of the sample were considering to purchase a house in 2009, of this group almost 50% will defer the purchase of property. The auto market is also facing difficult times as 40% of the consumers that were considering on buying a car in 2009 have decided to defer this purchase. Investment based insurance products have also been impacted. 19% of consumers considered purchasing one of these products in 2009 and almost 40% of these consumers will now delay this purchase. Medical insurance products were in the consideration set of one third of consumers for 2009, however now 30% of these consumers plan to defer purchase. Over one quarter of consumers were considering buying a laptop computer in 2009, however, now 26% of these consumers have deferred purchase. |
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Large household items, such as TVs or air-conditioners or refrigerators, are also being impacted with one quarter of consumers that were planning to make a purchase from this category in 2009 deciding to defer and delay purchase. Just over 20% of the sample was planning to purchase a new mobile phone in 2009; however, now 14% of this group has decided to defer purchase. The complete table showing levels of consideration and subsequent purchase deferment is included below. “As long as uncertainty about the outlook for the economy remains, purchases across a range of product categories will be delayed. It will now be very interesting to observe the changes in sentiment in March after the government stimulus package announcements of this month” says Sam Mulligan, Director of DDMA. Feb 2009: Summary table of purchases considered and now deferred.
The DDMA Chinese Consumer Sentiment Study is conducted each month by DDMA. For further information, please contact: Sam Mulligan |
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