(ECNS) – The consumption of information products and services grew at a much faster pace than retail sales in China in 2015, becoming one of the major forces driving the country's consumption growth, according to a blue paper released by a government think-tank.
The Chinese Academy of Social Sciences also states in its blue paper that consumption by Chinese citizens is more personalized and diversified than before.
An online poll of 2,002 netizens conducted by China Youth Daily last week showed that 43 percent of the respondents spent 1,000 to 5,000 yuan ($150-$750) on consumption of information products and services in the past year, and 32.5 percent purchased hardware and software products.
Spending on hardware concentrated on smartphones, at 76.8 percent. Others included tablets at 32.9 percent, intelligent TVs at 25.3 percent, smart wearable gadgets at 14 percent, microcomputers at 13.8 percent, electronic navigation products at 12.9 percent, and IPTV set-top boxes at 12.4 percent.
With regard to software, respondents were most willing to spend money on movies, TV and music memberships, at 45.1 percent, and novel-reading memberships at 30.2 percent, while spending on mobile games and software VIP memberships took up 29.5 percent and 29 percent, respectively.
The survey also found that 59.4 percent of the respondents sought relaxation and entertainment from consumption of information products and services, 56.2 percent looked for information and resources, 44.8 eyed social networking, 35.5 percent wanted to improve themselves, and 17.7 percent were influenced by other people in their surroundings.
When purchasing information products, 57.2 percent focus on emotional and practical needs, 50.5 percent value user experience, 47.1 percent look for good quality, 44.4 percent pay attention to price-performance ratio, and 23 percent want guaranteed after-sales services.
While 29.9 percent of those surveyed reported total consumption spending to be between 10,000 and 20,000 yuan last year, clothing and food topped respondents' spending last year, accounting for 73 percent and 69.2 percent, respectively.
By contrast, transportation and communication costs took up 48 percent; educational, cultural and entertainment spending accounted for 42.3 percent; cosmetics 41.9 percent; and tourism 39.8 percent. Medical and health spending was the same as housing expenditure, at 32.2 percent.
Liu Yuanchun, a senior researcher at Renmin University of China, said Chinese citizens' expenditure on life necessities – especially housing, transportation and food – remain relatively high, while spending on cultural products and services is still low.
However, he said consumption of information products and services has become an important driving force behind the country's consumption, and will continue to support upgrading and acceleration of China's consumption.
