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Beijing is likely to come under more significant pressure to implement stimulus measures as key parts of the consumer economy slow. With growth remaining lethargic in the U.S. and Euro zone, China’s consumers are badly needed to pick up the slack. But the data over the last two quarters suggest that China’s consumer class is also becoming a bit less sure about the future, and guarding their wallets accordingly. For big ticket items, passenger car sales declined by 2% year-on-year (YoY) in the first quarter of 2012 and fell by 2% YoY in the second quarter as well (Exhibit 1). As for small ticket items, Yum Brands has seen same store sales growth slow over the past 6 months. Same store sales growth of 10% would be a great quarter in…