>* A study of affluent Chinese by Oliver Wyman found 22% were negative about the economy. It just exceeds the 21% seen in October 2022.
>* Young people recorded the greatest drop in sentiment in May this year from April 2024.
>* But many affluent Chinese are more keen to travel overseas than they were just before the pandemic.
>“That to us is a fundamental shift in mindset,” Imke Wouters, partner at Oliver Wyman, told CNBC. “If you think, ‘I’m not having a good financial situation now,’ your spending, saving patterns will be very different.”
>“The longer this [drags] on, the more negative they become about the long term future and the more cautious they come on spending,” Wouters said.
>These findings come as China recorded a slowdown in retail sales growth, and persistent deflationary pressure as businesses slash prices to compete. Sliding prices in property, which accounts for the majority of household wealth, have also weighed on sentiment.
evnaczar on
Where do rich people in China invest their money? Real estate, bonds, stocks, or foreign assets?
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Technically even more pessimistic
>* A study of affluent Chinese by Oliver Wyman found 22% were negative about the economy. It just exceeds the 21% seen in October 2022.
>* Young people recorded the greatest drop in sentiment in May this year from April 2024.
>* But many affluent Chinese are more keen to travel overseas than they were just before the pandemic.
>“That to us is a fundamental shift in mindset,” Imke Wouters, partner at Oliver Wyman, told CNBC. “If you think, ‘I’m not having a good financial situation now,’ your spending, saving patterns will be very different.”
>“The longer this [drags] on, the more negative they become about the long term future and the more cautious they come on spending,” Wouters said.
>These findings come as China recorded a slowdown in retail sales growth, and persistent deflationary pressure as businesses slash prices to compete. Sliding prices in property, which accounts for the majority of household wealth, have also weighed on sentiment.
Where do rich people in China invest their money? Real estate, bonds, stocks, or foreign assets?