Chinese consumers reported confidence levels at a ten-year high in the first quarter of this year, according to global market intelligence provider Nielsen's latest survey.
The Nielsen's China's Consumer Confidence Index (CCI) climbed one point quarter on quarter to 115 points in Q1, the highest score over the past 10 years.
Nielsen's CCI index measures perceptions of local job prospects, personal finance and immediate spending intentions. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively.
The steady expansion shows China's economy developed in a steady manner as the three main drivers of economic growth -- consumption, investment and exports -- continued their strong run, according to Nielsen.
Official data showed that China's GDP growth remained stable in the first quarter, up 6.8 percent year on year, which laid a solid foundation for CCI's steady growth. Consumption contributed 77.2 percent of the country's Q1 economic expansion.
"As China's economy maintains steady growth, innovation and emerging industries are creating opportunity and improving overall employment expectations," said Tina Ding, vice president of Nielsen China, adding that domestic demand has become the main driver for economic development and continues to be a catalyst behind Chinese consumers' willingness to spend.
Nielsen pointed out that CCI's Q1 increase was a result of a combination of job prospects, personal finance, and willingness to spend.
Specifically, job prospects surged to 77 in the first quarter, three points higher from the last quarter. Personal finance and the willingness to spend maintained steady growth, and both figures increased one point quarter on quarter to 71 and 62, respectively, the Nielsen report showed.
