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Survey shows consumers in China show more optimism than in the West

According to Ernst & Young, more than half of Chinese respondents expressed confidence that their lives will get better in the next three years

HAIKOU, July 30. /TASS/. Consumers in China showed a higher level of optimism about the economic situation compared with residents of Western countries. This was said in an Ernst & Young (EY) report, TASS correspondents received at the 2nd China International Consumer Products Expo on Saturday.

"According to the survey, consumers around the world are more cautious and the trend toward greater attention to affordability [prices] is strengthening again, while in China consumers are more optimistic about the economic outlook despite the uncertainty," the document said.

As the company notes, more than half of survey participants in China (62%) expressed confidence that their lives will get better over the next three years. That figure was significantly higher when compared to countries such as the United States (46%), Australia (43%) and the United Kingdom (35%), where it did not exceed the 50% mark.

"The report shows significant pessimism about the economic outlook on the part of Western markets when compared to emerging and other markets, driven by uncertainties such as inflation and the COVID-19 pandemic," the consulting firm points out. The survey was conducted from May 18 to June 7 this year. It was attended by 18 thousand respondents from 24 countries.

The 2nd China International Consumer Products Expo will be held from July 25 to 30 and will feature over 2,800 brands from more than 60 countries and regions around the world. Over 600 kinds of products will be unveiled during the expo. As expected, the exhibition will be visited by more than 40 thousand businessmen. France is the guest of honor at this year's event.

The opening ceremony marked the start of the Expo's business program. The exhibition itself started on Tuesday: from July 26 to 28 the exhibition will be open only for the business community and mass media, and on July 29-30 it will open its doors for the general public.

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