WILL CHINESE CONSUMERS KEEP BUYING CARS?
Hana R. Alberts
Forbes, January 12, 2010
China's car sales officially beat the U.S.'s for the first time in 2009. But like so many other success stories in China, from skyrocketing property prices to the viral spread of chain stores like Yum! Brands' KFC, does this trend have staying power?
Yes, according to a Credit Suisse study on Chinese consumer behavior released Tuesday.
Car ownership in China has more than doubled in the last five years, from 12% of households in 2004 to 28% in 2009, the report says. Based on a 40% increase in car ownership in Japan between 1970 and 1980, the report concludes that it's possible for China's percentage to top 50% by around 2015.
To be sure, last year an incenvitve program akin to the U.S.'s Cash-for-Clunkers initiative helped boost sales in China. But research shows the stimulus package wasn't the only factor fueling demand. In the sixth-annual iteration of its consumer survey, Credit Suisse polled 2,700 people in eight major cities about their incomes and spending habits.
Thirty-five percent of households said they "definitely will" or "probably will" buy a new car within the next few years. Moreover, survey respondents said they were willing to spend more on a car purchase than they have said they would in the past. In 2004, they budgeted an average of 130,000 yuan ($19,000) for a new car, while in 2009 they earmarked 185,000 yuan for the same purchase ($27,000).
(...) [artículo aquí]
Forbes, January 12, 2010
China's car sales officially beat the U.S.'s for the first time in 2009. But like so many other success stories in China, from skyrocketing property prices to the viral spread of chain stores like Yum! Brands' KFC, does this trend have staying power?
Yes, according to a Credit Suisse study on Chinese consumer behavior released Tuesday.
Car ownership in China has more than doubled in the last five years, from 12% of households in 2004 to 28% in 2009, the report says. Based on a 40% increase in car ownership in Japan between 1970 and 1980, the report concludes that it's possible for China's percentage to top 50% by around 2015.
To be sure, last year an incenvitve program akin to the U.S.'s Cash-for-Clunkers initiative helped boost sales in China. But research shows the stimulus package wasn't the only factor fueling demand. In the sixth-annual iteration of its consumer survey, Credit Suisse polled 2,700 people in eight major cities about their incomes and spending habits.
Thirty-five percent of households said they "definitely will" or "probably will" buy a new car within the next few years. Moreover, survey respondents said they were willing to spend more on a car purchase than they have said they would in the past. In 2004, they budgeted an average of 130,000 yuan ($19,000) for a new car, while in 2009 they earmarked 185,000 yuan for the same purchase ($27,000).
(...) [artículo aquí]
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