Multi-sector How has Chinese consumers' financial situation and behavior changed during the pandemic?

UBS Evidence Lab asked 1,000 consumers across China how they have been affected by the Covid-19 outbreak. The survey was conducted on April 1-6.

17 Apr 2020
  • Most Chinese consumers expect their financial situation to improve or stay the same in the next 12 months, though one in three expects it to deteriorate.
  • The majority of Chinese from top- and middle-tier cities who work in a different city have travelled back to resume work. About 20% of those from lower-tier cities remained in their home city.
  • Though more young adults experienced an income decline than other age groups, they are more optimistic that their income will increase in the second half of the year.
  • Since the relaxation of movement restrictions, 40-60% of consumers have been spending less than half of the pre-outbreak level on in-store shopping, outdoor entertainment, and dining out.
  • About 25% spend at least 1.5x more on online shopping and home online entertainment.

Expected financial situation in next 12 months

Source: UBS Evidence Lab

Travel to another city to resume work 

Source: UBS Evidence Lab

Expected income change in 2H

Source: UBS Evidence Lab

Change in spend vs before the outbreak 

Source: UBS Evidence Lab