(Fighting against New Crown Pneumonia) Consumer surveys in China and South Korea: Chinese residents have more confidence in economic prospects
China News Service, Beijing, April 16 (Reporter Wang Enbo) A survey report released by Deutsche Bank on the 16th shows that as two countries with more effective global epidemic prevention and control, Chinese and South Korean residents are still on the level of consumption before the outbreak There are certain concerns, but in comparison Chinese residents are more confident in the economic outlook.
Research shows that the epidemic has a significant impact on consumer behavior, especially the economic setbacks that need to be carried out in crowded and closed public places. About one-third of the respondents said that they would not go to restaurants, bars, cafes, movie theaters and entertainment venues and other social occasions in the next 6 months. However, about 51% of Chinese respondents said they would return to the mall within a month, compared with only 35% of South Korean respondents.
It is worth mentioning that although the offline retail industry has been hit hard, online shopping consumption is still strong. Research shows that since the outbreak of the epidemic, online shopping in the two countries has increased by about 10 percentage points year-on-year, accounting for more than 40% of total retail revenue.
The recovery of domestic demand can reflect the economic conditions, expectations and confidence levels of residents. Deutsche Bank further analyzed the survey results and pointed out that although both Chinese and Korean respondents are concerned about the current economic situation, in terms of income levels and job prospects, Chinese respondents are relatively more optimistic and believe that the general environment will gradually For the better.
When asked about financial prospects, 65% of South Korean respondents expressed concern, pessimism, nervousness or frustration; 68% of Chinese respondents were hopeful and more optimistic and confident about the future. When referring to their views on the overall economic prospects of the future, most Chinese respondents expect that despite the short-term impact, the overall economic prospects will be better; while South Korean respondents believe that the economy will remain sluggish in the next 12 months.
In addition, most of the respondents in both countries expressed their acceptance of controlling the epidemic at the cost of economic recession. Although the respondents believe that the positive impact of economic policies is limited, if the government provides subsidies, most households prefer consumer spending rather than savings, which means that cash subsidies will have a strong fiscal multiplier effect. (Finish)