Nielsen: Consumption remained strong in Q2, awareness for local products rose
China's consumption continued to be strong in the second quarter, according to the report prepared by global measurement and data analytics company Nielsen.
The company's consumption trend index for China remained at a high level of 115 points in the second quarter this year, unchanged from the results in the first quarter.
The index, which indicates optimism when it goes about 100, is composed of three sub indicators. The sub-index for the personal finance rose to 71 points from 70 points, a historical high. And the willingness to spend stood at 61, the same as the previous quarter. The job prospects sub-index came in at 77 points.
Nielsen also highlights the rising consumer preference for local products in the report. The research firm attributed that mostly to better pricing by local brands.
There is plenty of room for local producers to expand their businesses, Nielsen China President Justin Sargent said.
Sargent also noted that the government has implemented measures to further cut tax and lower fees, reduced the cost of corporate taxes and fees and enhanced the vitality of enterprises.
"In the meantime, the tax reform has led to a simultaneous increase in household income, which drove social consumption growth."