Survey: American Consumers More Stressed, Anxious Than Chinese
A new survey by The Boston Consulting Group found that even as their economy slows, Chinese consumers remain far more optimistic than those in the United States and United Kingdom in several areas.
According to the survey, 40 percent of Chinese consumers said they plan to spend more money in the next 12 months than in the previous 12 months, up from 36 percent in 2011 and 23 percent in 2010. That's in stark contrast to consumers in the U.S. and U.K., of which only 9 percent say they expect to spend more. The survey also found that 60 percent of U.S. consumers and 55 percent of U.K. consumers are anxious about the future, compared 34 percent of their Chinese counterparts.
The study coincides with a new book by BCG consultants, "The $10 Trillion Prize: Captivating the Newly Affluent in China and India."
The consultants found that by the end of this decade, consumers in India and China are predicted to spend $10 trillion annually, or three times what they spent in 2010.
"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 J. Silverstein, a senior partner at BCG and coauthor of the book. "U.S. and U.K. 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.' "
Further widening the gap between China and the U.S. and U.K. were other indicators, BCG said. According to the firm, 19 percent of the survey's Chinese respondents said they were not financially secure, compared to 51 percent in the U.S. and 42 percent in the U.K. And while 86 percent of Chinese respondents said they think life will improve in the next 10 years, 67 percent of U.S. respondents said the same. Also dismal were Americans' outlooks on whether their children will have a better life than they had. While 80 percent of Chinese think it will happen, only 24 percent of Americans said the same.
Americans also had a significantly higher concern about global conflict, with nearly 70 percent expecting it, compared to 43 percent of Chinese.
Despite all their optimism, Chinese consumers were beat out by Americans on current happiness. While 18 percent of Chinese respondents said their happiness exceeded their expectations, 31 percent of Americans felt that way.
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