Consumer confidence in China’s cities fell last month as consumers became increasingly nervous about the state of the global economy, the South China Morning Post reported. About 45% of consumers in Beijing, Shanghai, Guangzhou, Chengdu and Shenyang said that they had already cut back on spending, according to a survey by market research consultancy DDMA. A further 15% had not yet reduced spending, but had plans to do so. The survey polled 602 mid- to high-level consumers in the five cities, and found that job security was a key concern, with 26% fearing layoffs. However, 43% of respondents expected an improvement within six months.
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