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Young Chinese consumers bouncing back from global economic meltdown faster than American counterparts

The effects of a global recession continue to be felt around the world, except maybe China, where credit is flowing, consumer confidence is rising and young Chinese consumers are planning to spend money. According to BIGresearch’s 17th China Quarterly (12,641 18-34 year olds; 15,168 total respondents), 64.7% of Chinese Consumers 18-34 are confident/very confident in the chances for a strong economy versus 61.3% in Q2 2009, and up almost 40% from Q4 2008. The improving trend likely reflects the success of the large stimulus package introduced by the government in early 2009.

Further, young Chinese consumers have a higher propensity to buy a new vehicle or make a big dollar purchase than Americans the same age, which could be due to growing credit markets in China. For example, 24% of Chinese Consumers say they are planning to buy/lease a vehicle in the next six months, up 22.0% quarter-over-quarter, and a whopping 64.7% year-over-year. This compares to 13.4% of 18-34 year old Americans who say the same.

"It appears that the young Chinese consumer economic outlook has started to improve," said Vicky (Yue) Pan, Prosper China Analyst. "Not only is their confidence in the economy increasing, but their outlook regarding employment is better, their confidence in the stock market is almost back to pre-recession levels and they are planning to spend money on big ticket items."

For more information and to download complimentary past China Quarterly reports on Chinese consumers (18-34) in both English and Chinese visit http://www.formsite.com/prosper/cqreports/.

The reports provide a detailed overview of economic attitudes, spending habits and media consumption of over 31 different types of media including new media. Also included are key insights on which media influences purchase decisions.

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(Source: Prosper China)

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