Consumer Attitudes Towards Savings - China - January 2014
“The pressure to save money and improve financial status is still paramount for Chinese consumers. This provides a major market opportunity for financial service providers to develop different savings and investment solutions to help consumers of all income levels to meet their savings goals.” - Ruyi Xu, Deputy Research Manager.
Chinese consumers are well known for their propensity to save. Total household savings reached RMB46.5 trillion by the end of 2013, equivalent to about RMB34,000 per capita, exceeding the annual average per capita disposable income.
This report focuses on the discussion of household savings, which is the portion of disposable income left over after the consumption of goods and services. This usually takes the form of a deposit in the bank for later use or can be put into investments with the purpose of generating further income.
Figure 12: National Social Security Fund System in urban China 2012