A growing number of consumers, especially young urbanites, are adopting more Western habits when it comes to spending money. According to a new survery, they are favoring credit cards over savings.
The Nielsen Company questioned 11,500 people in 18 cities around China.
They found the credit card market had witnessed a major shift in recent years.
Bega Ng said "Today's consumer is clearly not interested in saving for a rainy day, as may have been the case in the past." He is director of financial services research with the company.
He continued: "Consumers have been adopting Western habits and attitudes in almost every way - including saving and spending habits. Consumers in their 20s spend tomorrow's cash to fund today's needs."
The report found consumers aged 18 to 24 were the most avid credit card users.
The report cited the example from Xiamen, a coastal city in Fujian Province. Consumers there put an average of 50 percent of their monthly incomes into their credit card accounts to indulge in cashless shopping.
Included in the survey for the first time, Xiamen is reported to have a fast growing penetration rate for credit cards. Four in 10 consumers now own at least one card.
With more than half of cardholders in Xiamen owning two or more cards, it is catching up with key "tier one" cities, the report said.
However, the report did not reveal figures for major cities such as Beijing, Shanghai and Guangzhou.
Last year, the same Nielson survey showed Shanghai had the highest population of credit card holders, with residents there owning 1.8 credit cards on average.
Half of them use their credit cards at least once a week, the survey said.
Yunfei, for example is a 30 year old woman from Beijing. She spends at least 2,000 yuan a month on credit cards, most of which went to provisions and dining out.
Questions:
1.The Nielsen survey included 11,500 people in how many cities?
2.Consumers from what age group are most likely to use credit cards?
3.What percentage of their monthly income do Xiamen consumers spend using credit cards?
Answers:
1.18.
2.18 to 24.
3.50 percent.
（英语点津 Celene 编辑）
About the broadcaster:
Jonathan Stewart is a media and journalism expert from the United States with four years of experience as a writer and instructor. He accepted a foreign expert position with chinadaily.com.cn in June 2007 following the completion of his Master of Arts degree in International Relations and Comparative Politics.
