Chinese consumers remain optimistic, even as their economy experiences a temporary slowdown, according to The Boston Consulting Group (BCG).

This optimism is in stark contrast to US and the UK consumers, whose confidence in their personal future, and the future of their country in the global economy, remains at low levels.

BCG found 40 per cent of Chinese consumers said they are planning to spend more money in the next 12 months than they did in the past 12 months, suggesting Chinese consumers will continue to drive the global economy. By contrast, fewer than one in 10 consumers (nine per cent) in both the US and the UK said they plan to spend more in the next year.

“Chinese consumers are a beacon of hope. They believe they will earn more, they will spend more, and their children will have a better life. They don’t see a global conflict on the horizon,” said Michael Silverstein, a senior partner based in BCG’s Chicago office.

“US and UK consumers, on the other hand, remain guarded, stressed, and anxious. They are suffering the consequences of four years of recession and continued talk of a ‘double dip’,” he added.

The survey found that 60 per cent of US consumers and 55 per cent of UK consumers are anxious about the future – compared with 34 per cent of Chinese consumers. They are also more fearful about the prospect of a global conflict: nearly 70 per cent think that there will be a conflict, compared with 43 per cent of Chinese.

GB