Consumers Around the World Grip Money Tightly

Wednesday 24th of August 2011 08:02:33 PM

Consumers Around the World Grip Money Tightly

Shanghai citizens are big savers compared to consumers in the Western counrries. Approximately two-thirds of households in Shanghai are saving as much as 25 percent of their income. It seems that this group of people who were big savers before the recession are now saving even more.

The reluctance to spend is seen among consumers around the world but China has seen economic growth despite the recession. Yet the residents continue to save their money and spend cautiously when they do decide to shop. In fact, the Financial Times reported on a survery that was conducted by the Economist Intelligence Unit. The EIU said that, “Chinese consumers, both urban and rural, although optimistic about the future, remain big savers and cautious spenders, despite their government’s concerted effort to stimulate domestic demand.” The people responding to the survey are optimistic but they still continue to save their money.

Another interesting piece of information was the fact that Chinese consumers are also becoming savvier shoppers. They don’t shop only for brand name polo shirts or t-shirts anymore. They are looking for value now. Though still brand conscious, the Chinese shopper is dealing with the same concerns consumers in Western nations face. The future is uncertain so wise shopping that nets the best prices for the best quality products helps make households recession proof.

No one seems to know when the global economy will turn around again. In the meantime, when you’re shopping for t-shirts, school clothes, work uniforms or any other clothing, it wouldn’t hurt to follow the lead of the Chinese. You should remain optimistic, save your money and shop wisely.