Wang Qi, a professor of marketing at China Europe International Business School and vice chairman of the Executive Committee of China Europe Ruian Global Brand Strategy and Fashion Industry Research Fund, led the team to collect nearly 5,000 consumer questionnaires nationwide in June 2020, February 2002/kloc-0 and April 2022 (during the closure of Shanghai due to COVID-19 epidemic), focusing on consumers' income and savings.
Investigation background
Since its establishment, China-Europe Ruian Global Brand Strategy and Fashion Industry Research Fund has devoted itself to tracking and studying consumers' consumption psychology, attitude and behavior in each specific economic environment for a long time. Since the outbreak of COVID-19 epidemic in early 2020, the research fund has paid close attention to the changes of consumers' income, savings and consumption choices in China.
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Consumers generally plan to increase their savings to cope with the uncertainty of future expectations.
According to the survey data in April, 2022, the proportion of people who reported that their personal income increased in epidemic areas was slightly lower than that in non-epidemic areas, accounting for 30.24% and 33.4 1% respectively, while the proportion of people whose personal income decreased was significantly higher than that in non-epidemic areas, accounting for 20.4 1% and 13.23% respectively. (see the picture below)
Question1:What was your personal monthly income in April 2022?
In addition, for different income groups, the population with reduced income in epidemic areas is significantly higher than that in non-epidemic areas. Whether in epidemic areas or non-epidemic areas, the higher the income, the higher the proportion of income increase, and the lower the income, the higher the proportion of income decrease. Generally speaking, people with higher incomes are less negatively affected by the epidemic, while people with lower incomes are more negatively affected by the epidemic. (see the picture below)
Note: Low income means: the monthly income is less than 5000 yuan; Middle income means: the monthly income is 5000- 1 000; High income means: monthly income 1 10,000 yuan or more.
Question 2: How did your personal monthly income change in April 2022?
Judging from the savings rate (the ratio of total savings to total income) in April, the proportion of people with rising savings rate in epidemic areas is lower than that in non-epidemic areas, while the proportion of people with falling savings rate is higher than that in non-epidemic areas, which is not unrelated to the decrease in income in epidemic areas. (see the picture below)
Question 3: In April 2022, what happened to the ratio of your total savings to your total income?
For the savings plan for the third quarter of 2022, nearly 65% of the respondents expect to increase the savings ratio in the third quarter. Compared with non-epidemic areas, this part of the population in epidemic areas accounts for a higher proportion. This reflects that more and more consumers will cope with the uncertainty of future expectations by increasing the proportion of savings. As the saying goes, "Don't panic if you have money on hand." (see the picture below)