Good news for shoppers in the Chinese mainland! A recent survey by Deutsche Bank shows that more people are feeling financially better off this year compared to last.
The survey found that 54% of respondents say they are in a better financial position than a year ago, up from 44% in 2022. Even more promising, 60% expect their income to increase in the next year.
What’s even more exciting is that over half of the people surveyed are ready to spend more on things they enjoy—the highest percentage in a year.
Experts at Deutsche Bank think this boost in confidence comes from the Chinese government’s efforts to stimulate the economy, especially policies introduced last September. These measures seem to have had a big impact on people living in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen.
All of this suggests that China’s plans to encourage people to feel more confident and spend more are working.
