emerging consumer survey databook 2014

8/12/2019 Emerging Consumer Survey Databook 2014

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Emerging Consumer

Survey Databook 2014

ResearchInstitute

Thought leadership from Credit Suisse Research

and the worlds foremost experts

February 2014


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Contents

For more information, please contact:

Mujtaba Rana, Vice President

Thematic Equity Research

Credit Suisse Investment Banking

+44 20 7883 3773

[email protected]

3 Introduction

4 Credit Suisse Consumer Survey Universe

5 Brazil

30 China

58 India

85 Indonesia

110 Mexico

136 Russia

162 Saudi Arabia

185 South Africa

211 Turkey

237 Appendix: Methodology

238 About the survey

239 Imprint

240 General disclaimer/Important information


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Credit Suisse Emerging Consumer Survey Databook 2014 Source: Credit Suisse Emerging Consumer Survey 2014

IntroductionThis Credit Suisse Emerging Consumer Survey Databook provides granular detail of the marketresearch that underpins the conclusions and themes highlighted in the Credit Suisse EmergingConsumer Survey2014, a comprehensive and exclusive study of the consumption patterns andplans of individuals residing in nine key economies across the emerging world. Specifically, themarkets we have incorporated in this survey are China, India, Brazil, Russia, Mexico, Saudi Arabia,South Africa, Indonesia and Turkey. In total, these markets account for almost 3.5 billion people.

As comprehensive as this Databookis, we have not provided every aspect of the detail which canbe derived from the survey along the lines of gender, age, city and rural/urban locations. This isavailable on request. The pages that follow have focused on income bands as a source ofdisaggregation of the responses which was a principal feature of the themes we have explored.

This report builds on work Credit Suisse published on consumption trends in emerging marketsover the past 36 months. The Emerging Consumer Surveys in 2013, 2012 and 2011 were inthemselves an extension to the China Consumer Survey, a publication released annually since2005. The survey structure and questionnaire used in this previous work has been used as atemplate for this project, ensuring both a degree of consistency with previous work and acomparable dataset across the different countries.

To conduct the primary research for this project, the Credit Suisse Research Institute engaged theglobal market research firm Nielsen to advise on the questionnaire construction and to undertakethe interview process on our behalf. Using a global firm with local offices has provided a consistentapproach to this multi-region survey, as well as allowing sufficient flexibility to incorporate questionsspecific to the countries concerned.

This survey is designed to capture information regarding the spending patterns (past, present andfuture) and general lifestyles and aspirations of the consumers across these markets. The data isproprietary to Credit Suisse and is based on face-to-face interviews carried out in 91 distinctregional areas, spread over the nine different countries. Data from such a sample will vary in qualitydue to the sampling and non-sampling problems inherent in all surveys. Approximately 1,500respondents were surveyed for each region, with the largest two markets (India and China) havinga larger sample size of 2,500 each. The male-to-female split between respondents was roughly

50:50 in all cases, with rural-to-urban split varying by country.

A total of 16,000 respondents were screened and surveyed on questions within 12 categories: 1)general income and wealth, 2) autos, 3) food and beverages, 4) household and personal care, 5)luxury goods, 6) technology, 7) telecoms, 8) internet, 9) travelling, 10) property, 11) education and12) healthcare. Detailed results from each of the eight markets are shown in the "Country SpecificData" section from page 5 onwards. The survey methodology is described in the appendix.

Although each respondent was asked up to 120 questions during the course of the survey, theDatabook aims to present detailed information on those areas which investors may find mostcompelling and those which garnered the most thought-provoking ideas during the course of ourstudy. Certain topics are more pertinent in some markets than others: questions on holiday plansyielded far more interesting results in Russia and Saudi Arabia than they did in Indonesia, forinstance. Similarly, questions on stock market investments are more pertinent in China than they

are in India. Nevertheless, for the sake of consistency, we have included a standard set of resultsfor each market in this Databook. Numbered references within the tables, such as A7 and D5,allude to specific questions surveyed. More detail is available on request.

Mujtaba RanaEquity Research, Credit Suisse Investment Banking


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Source:CreditSuisseEmergingC

onsumerSurvey2014

Credit Suisse Consumer Survey Universe


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Credit Suisse Emerging Consumer Survey Databook 2014 Source: Credit Suisse Emerging Consumer Survey 2014 6

Brazil: Brand penetrationPenetration of local and foreign brands through each sector, along with parent company details. Defined

as the percentage of respondents who have purchased that brand in the last 3-12 months.

Red= avg. penetration increasing over 12 months, Green= remaining steady, Blue= decreasing over 12 months.

% penetration atLOWER income

% penetration atHIGHER income

average %penetration

Sector Brand 2012 20133-yeargrowth

2012 20133-yeargrowth

2012 2013 ParentListed/Private

Dairy Nestle 55% 51% 12% 78% 64% -2% 66% 58% Nestl NESN VXDairy Danone 45% 33% 1% 46% 47% 1% 45% 40% Danone BN FPDairy Parmalat 25% 34% -6% 47% 42% -4% 36% 38% Parmalat PLT IMDairy Batavo 39% 21% -8% 34% 39% 8% 36% 30% Batavo Cooperati privateDairy Vigor 35% 16% -4% 23% 31% 10% 29% 23% Vigor VIGR3 BZDairy Leco 12% 10% -1% 17% 17% 0% 14% 14% Vigor VIGR3 BZDairy Catupiry 0% 0% 0% 0% 7% 7% 0% 4% Laticnios Catup privateDairy Philadelphia 1% 1% 0% 9% 6% -13% 5% 4% Kraft Foods Gr KRFT USDairy Mller 1% 0% 0% 0% 3% 3% 0% 2% Mller privateDairy Flora 0% 0% 0% 0% 1% 1% 0% 1% Unilever ULVR LNDairy Lactalis 0% 0% 0% 1% 1% 1% 1% 1% Lactalis private

Dairy Anchor 0% 0% 0% 0% 1% 1% 0% 1% Fonterra FCG NZDairy Lurpack 0% 0% 0% 0% 1% 1% 0% 1% Danish Dairy Bo privateDairy Kraft 0% 1% 1% 8% 0% -11% 4% 0% Kraft Foods Gr KRFT USDairy Aviao 1% 0% -1% 1% 0% -6% 1% 0% Gonalves Salles privateDairy Fonterra 0% 0% 0% 1% 0% 0% 1% 0% Fonterra FCG NZDairy Perdigo 0% 0% 0% 0% 0% 0% 0% 0% Perdigo privateDairy Sadia 0% 0% -2% 0% 0% -2% 0% 0% Sadia (BRF-Br) BRFS3 BZDairy Scala 0% 0% 0% 0% 0% -8% 0% 0% Scala Dairy privateCigarettes Free 10% 7% 7% 30% 32% 32% 20% 20% Souza Cruz (BAT) BATS LNCigarettes Hollywood 18% 18% 18% 14% 21% 21% 16% 20% Souza Cruz (BAT) BATS LNCigarettes Marlboro 7% 7% 7% 28% 32% 32% 17% 19% Philip Morris In PM USCigarettes Derby 25% 27% 27% 5% 5% 5% 15% 16% Souza Cruz (BAT) BATS LNCigarettes Dunhill 5% 2% 2% 17% 10% 10% 11% 6% Richemont CFR VXCigarettes L&M 4% 4% 4% 8% 4% 4% 6% 4% Philip Morris In MO USCigarettes Shelton 0% 1% 1% 0% 6% 6% 0% 4% Philip Morris In PM USCigarettes Lucky Strike 2% 1% 1% 3% 4% 4% 2% 2% BAT BATS LN

Cigarettes Hilton 2% 2% 2% 0% 2% 2% 1% 2% BAT BATS LNCigarettes Camel 1% 0% 0% 0% 0% 0% 0% 0% R. J. Reynolds T privateCigarettes Philip Morri 1% 0% 0% 0% 0% 0% 1% 0% Philip Morris In PM USSoft Drinks Coca-Cola 91% 83% 12% 99% 86% -2% 95% 84% The Coca-Cola KO USSoft Drinks Guaran Ant 43% 59% 23% 74% 65% 10% 58% 62% AmBev AMBV4 BZSoft Drinks Fanta 51% 43% 18% 54% 43% -5% 53% 43% The Coca-Cola KO USSoft Drinks Pepsi Cola 12% 16% 1% 21% 21% 10% 17% 19% The Coca-Cola KO USSoft Drinks Sprite 7% 14% 4% 15% 20% 6% 11% 17% The Coca-Cola KO USSoft Drinks Kuat 10% 18% 9% 15% 13% -1% 12% 16% The Coca-Cola KO USSoft Drinks Dolly 22% 14% -11% 5% 12% -2% 13% 13% Ragi Refrigerant privateSoft Drinks Schincariol 8% 15% 5% 4% 2% 0% 6% 9% Brasil Kirin privateSoft Drinks Conveno 14% 8% -4% 8% 8% 4% 11% 8% Primo Schincario privateSoft Drinks Itubaina 4% 3% 1% 1% 2% -2% 3% 2% Brasil Kirin privateSoft Drinks 7-Up 0% 0% 0% 1% 2% 2% 1% 1% PepsiCo PEP USSoft Drinks Sukita 3% 1% -3% 2% 0% -2% 3% 0% AmBev AMBV4 BZSoft Drinks Del Rey 0% 0% -2% 0% 0% 0% 0% 0% Cia Del Rey private

Soft Drinks Lilt 0% 0% 0% 1% 0% 0% 1% 0% The Coca-Cola KO USBeer Skol 44% 67% 4% 62% 68% -4% 53% 67% AmBev AMBV4 BZBeer Brahma 23% 47% 12% 42% 41% -5% 33% 44% AmBev AMBV4 BZBeer Antarctica 18% 28% 9% 43% 25% 15% 31% 27% AmBev AMBV4 BZBeer Nova Schin 55% 42% 20% 6% 11% 6% 30% 27% Brasil Kirin privateBeer Itaipava 24% 16% 1% 29% 16% -12% 27% 16% Cervejaria Petr privateBeer Heineken 1% 2% 2% 13% 22% 10% 7% 12% Heineken Intl. HEIA NABeer Kaiser 5% 7% 1% 1% 5% -5% 3% 6% Avery Brewing privateBeer Bohemia 3% 1% -1% 13% 11% -11% 8% 6% AmBev AMBV4 BZBeer Budweiser 0% 1% 1% 7% 7% 7% 4% 4% AmBev AMBV4 BZBeer Bavaria 37% 3% 1% 3% 3% -10% 20% 3% Bavaria Brewery DelistedBeer Devassa 0% 3% 2% 0% 2% -1% 0% 2% Brasil Kirin privateBeer Stella Artoi 0% 0% 0% 6% 3% -1% 3% 2% AmBev AMBV4 BZ


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Beer Sol 0% 1% 0% 0% 1% -2% 0% 1% Heineken Intl. HEIA NABeer Malzebier 0% 0% 0% 0% 1% 1% 0% 0% AmBev AMBV4 BZ

Beer Crystal 1% 0% -1% 0% 0% 0% 1% 0% Cervejaria Petr privateBeer Erdinger 0% 0% 0% 0% 0% -3% 0% 0% Erdinger Weibr privateBeer Miller 0% 0% 0% 3% 0% 0% 1% 0% SABMiller and Mo JVBeer Tiger 0% 0% 0% 1% 0% 0% 1% 0% Asia Pacific Bre APB SPSpirits Smirnoff 57% 30% -13% 42% 40% 1% 49% 35% Diageo DGE LNSpirits Johnnie Walk 10% 8% -20% 45% 42% 9% 28% 25% Diageo DGE LNSpirits Absolut 7% 6% 5% 25% 34% 30% 16% 20% Pernod Ricard RI FPSpirits Bacardi 8% 6% 6% 12% 12% 9% 10% 9% Bacardi BACDA USSpirits Cachaa - 51 18% 11% -7% 2% 7% 3% 10% 9% Companhia Mller privateSpirits J&B 0% 1% 1% 7% 9% 9% 4% 5% Diageo DGE LNSpirits Cachaa Vel 6% 3% -2% 0% 7% -4% 3% 5% Indstrias Reuni privateSpirits Campari 7% 3% -11% 4% 4% -1% 5% 4% Campari Grp CPR IMSpirits Chivas Regal 0% 0% 0% 0% 7% 7% 0% 4% Pernod Ricard RI FPSpirits Passaport 2% 1% 0% 5% 5% -3% 4% 3% Pernod Ricard RI FPSpirits Jack Daniels 0% 0% 0% 10% 5% -3% 5% 3% Brown-Forman BF/B USSpirits Nemiroff 3% 1% -11% 0% 4% 4% 1% 2% Nemiroff private

Spirits Captain Morg 0% 0% 0% 0% 2% 2% 0% 1% Diageo DGE LNSpirits Malibuu 1% 0% 0% 6% 2% 2% 3% 1% Pernod Ricard RI FPSpirits Baileys 1% 0% 0% 0% 0% 0% 1% 0% Diageo DGE LNSpirits Chivas 0% 0% 0% 4% 0% 0% 2% 0% Pernod Ricard RI FPSpirits Jgermeister 0% 0% 0% 0% 0% 0% 0% 0% Mast-Jgermeiste privateSpirits Jim Beam 1% 0% 0% 0% 0% 0% 1% 0% Beam BEAM USSpirits Ricard 0% 0% 0% 0% 0% 0% 0% 0% Pernod Ricard RI FPBottled Water Bonafont 26% 14% 10% 18% 25% 8% 22% 19% Danone BN FPBottled Water Minalba 12% 10% 6% 26% 24% 2% 19% 17% Minalba Alimento privateBottled Water Lindoya 6% 7% -8% 12% 23% -2% 9% 15% Lindoiano Fontes privateBottled Water Schincariol 5% 6% 1% 10% 10% 5% 7% 8% Brasil Kirin privateBottled Water Prata 4% 4% 2% 11% 9% 6% 8% 6% guas Prata Ltda privateBottled Water Aqua 2% 1% 0% 6% 4% 4% 4% 3% The Coca-Cola KO USBottled Water So Loureno 5% 0% -1% 11% 1% -4% 8% 1% Nestl NESN VXBottled Water Vital 1% 0% 0% 3% 1% 1% 2% 0% The Coca-Cola KO USBottled Water Aquafina 1% 0% 0% 2% 0% 0% 2% 0% PepsiCo PEP US

Bottled Water Dasani 0% 0% 0% 1% 0% 0% 1% 0% The Coca-Cola KO USBottled Water Evian 0% 0% 0% 1% 0% 0% 1% 0% Danone BN FPBottled Water Vittel 0% 0% 0% 1% 0% 0% 1% 0% Nestl NESN VXAutos Fiat 48% 38% -2% 32% 32% 6% 40% 35% Fiat S.p.A F IMAutos Volkswagen 18% 41% 11% 18% 15% -15% 18% 28% Volkswagen VOW3 GRAutos GM 7% 14% -1% 8% 13% -4% 8% 14% General Motors GM USAutos Ford 9% 6% -6% 10% 11% 8% 10% 9% Ford Motor F USAutos Citroen 2% 0% 0% 5% 5% 5% 4% 3% PSA Peugeot Citr UG FPAutos Renault 0% 0% 0% 2% 5% -1% 1% 2% Renault S.A. RNO FPAutos Honda 17% 0% -1% 2% 4% -1% 10% 2% Honda Motor 7267 JPAutos Peugeot 0% 1% 1% 4% 3% -3% 2% 2% PSA Peugeot Citr UG FPAutos Hyundai 0% 0% 0% 4% 3% 2% 2% 2% Hyundai Motor 005380 KSAutos Merc-Benz 0% 0% 0% 1% 2% 2% 1% 1% Daimler AG DAI GRAutos Toyota 0% 0% -1% 4% 2% -2% 2% 1% Toyota Motor 7203 JPAutos Audi 0% 0% 0% 0% 2% 2% 0% 1% Audi (Volkswagen VOW3 GRAutos BMW 0% 0% 0% 0% 1% 1% 0% 1% BMW BMW GR

Autos Nissan 0% 0% 0% 6% 1% 1% 3% 1% Nissan Motor 7201 JPAutos Volvo 0% 0% 0% 0% 1% 1% 0% 1% AB Volvo VOLVB SSAutos Mitsubishi 0% 1% 1% 0% 0% 0% 0% 0% Mitsubishi Motor 7211 JPAutos Kia 0% 0% -1% 2% 0% -2% 1% 0% Kia Motors 000270 KSAutos Seat 0% 0% 0% 0% 0% 0% 0% 0% SEAT (Volkswagen VOW3 GRAutos Subaru 0% 0% 0% 0% 0% 0% 0% 0% Fuji Heavy Ind 7270 JPCosmetics Natura 44% 46% 14% 69% 66% 12% 56% 56% Natura Cosmtico NATU3 BZCosmetics Avon 59% 70% 17% 50% 39% -9% 54% 55% Avon Products, I AVP USCosmetics Boticrio 24% 17% 11% 60% 57% 31% 42% 37% O Boticrio privateCosmetics Dove 15% 18% -16% 38% 45% 6% 26% 32% Unilever ULVR LNCosmetics Lux 26% 35% 3% 21% 18% 7% 23% 27% Unilever ULVR LNCosmetics Nivea 19% 9% 2% 40% 40% 24% 30% 25% Beiersdorf BEI GRCosmetics Johnson & Jo 26% 11% -10% 38% 28% 5% 32% 20% Johnson & Johnso JNJ US


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Cosmetics LOreal 4% 3% -1% 27% 19% -1% 15% 11% L'Oral OR FPCosmetics Chanel 0% 0% 0% 4% 10% 10% 2% 5% Chanel S.A. private

Cosmetics Mary Kay 0% 0% 0% 0% 10% 10% 0% 5% Mary Kay, 5698C USCosmetics Vult 0% 1% 0% 9% 6% 4% 5% 3% Vult Cosmetics privateCosmetics Vita Derm 1% 0% 0% 3% 5% 3% 2% 3% Vita Derm privateCosmetics Biotherm 0% 0% 0% 1% 4% 4% 1% 2% Biotherm (L'Ora OR FPCosmetics Lancme 0% 0% 0% 8% 4% 0% 4% 2% Lancme Paris privateCosmetics Neutrogena 0% 0% 0% 0% 4% 4% 0% 2% Johnson & Johnso JNJ USCosmetics Olay 0% 0% 0% 2% 3% 3% 1% 2% Procter & Gamble PG USCosmetics Ponds 0% 0% 0% 0% 3% 3% 0% 2% Unilever ULVR LNCosmetics Maybelline 0% 0% 0% 1% 3% 3% 1% 1% L'Oral OR FPCosmetics Este Lauder 0% 0% 0% 1% 2% 2% 1% 1% Este Lauder Com EL USCosmetics Marcelo Beau 0% 0% 0% 2% 2% 2% 1% 1% Marcelo Beauty C privateCosmetics Amway 0% 1% 1% 0% 1% 1% 0% 1% Amway (Alticor) privateCosmetics Artistry 0% 0% 0% 0% 1% 1% 0% 0% Access Business privateCosmetics Clinique 0% 0% 0% 5% 1% 1% 2% 0% Clinique Laborat NYSE ELCosmetics Max Factor 0% 0% 0% 0% 0% 0% 0% 0% Procter & Gamble PG USCosmetics Clarins 0% 0% 0% 1% 0% 0% 1% 0% Clarins Grp private

Cosmetics Covergirl 0% 0% 0% 2% 0% 0% 1% 0% Procter & Gamble PG USSportswear Adidas 24% 67% 52% 22% 44% 19% 23% 56% Adidas ADS GRSportswear Nike 28% 32% 22% 38% 56% 21% 33% 44% Nike, NKE USSportswear Puma 3% 6% 3% 7% 29% 25% 5% 17% Puma SE PUM GRSportswear Reebok 3% 10% -4% 10% 21% 3% 6% 15% Reebok (Adidas) ADS GRSportswear Olympikus 13% 12% 3% 23% 18% 5% 18% 15% Vulcabrasazalei VULC3 BZSportswear Mizuno 2% 6% -4% 2% 24% 13% 2% 15% Mizuno 8022 JPSportswear Penalty 3% 5% 4% 2% 9% 9% 2% 7% Penalty privateSportswear Fila 4% 5% 4% 3% 8% -11% 3% 6% Fila. privateSportswear Topper 3% 5% 3% 8% 6% 6% 5% 6% Topper (Alpargat privateSportswear Diadora 1% 2% 2% 0% 7% 7% 1% 4% Diadora privateSportswear Umbro 0% 3% 2% 0% 6% 6% 0% 4% Umbro (Iconix) ICON USSportswear Wilson 0% 1% 1% 0% 6% 6% 0% 3% Wilson Sporting AMEAS FHSportswear Speedo 0% 1% 1% 0% 5% 5% 0% 3% Speedo Intl. (Pe privateSportswear Le Coq Sport 0% 0% 0% 0% 4% 4% 0% 2% Le Coq Sportif privateSportswear Asics 0% 1% 1% 0% 3% 3% 0% 2% ASICS 7936 JP

Sportswear Champion 0% 0% -9% 3% 3% 3% 1% 1% HanesBrands HBI USSportswear Kappa 0% 0% 0% 3% 1% 1% 1% 1% Kappa privateSportswear K-Swiss 0% 0% 0% 3% 1% 1% 1% 1% K-Swiss, Inc (E- privateSportswear Converse 1% 0% -1% 0% 1% 1% 1% 0% Nike, NKE USSportswear Fred Perry 0% 0% 0% 2% 0% 0% 1% 0% Fred Perry privateSportswear Timberland 0% 0% -1% 6% 0% -7% 3% 0% Timberland LLC VFC USHandsets Samsung 16% 31% 19% 32% 34% 14% 24% 32% Samsung Electron 005930 KSHandsets Nokia 55% 38% 2% 28% 22% -3% 42% 30% Nokia NOK1V FHHandsets Motorola 10% 16% 0% 11% 10% -27% 11% 13% Motorola, MSI:USHandsets LG 11% 9% -9% 12% 13% 4% 12% 11% LG Electronics 066570 KSHandsets Apple 0% 0% 0% 8% 8% 6% 4% 4% Apple AAPL USHandsets Blackberry 0% 0% 0% 6% 4% 4% 3% 2% BlackBerry BBRY USHandsets Sony Ericsso 2% 1% -9% 1% 3% -1% 2% 2% Sony Mobile Com 6758 JPHandsets Alcatel 0% 2% 2% 1% 1% 1% 1% 1% Alcatel-Lucent ALU FPHandsets Huawei 0% 0% 0% 0% 2% 2% 0% 1% Huawei Tech privateHandsets Google 0% 0% 0% 0% 1% 1% 0% 1% Google GOOG US

Handsets Philips 0% 0% 0% 0% 0% 0% 0% 0% Koninklijke Phil PHIA NAHandsets Sharp 0% 0% 0% 1% 0% 0% 1% 0% Sharp 6753 JPHandsets Siemens 1% 0% 0% 0% 0% 0% 0% 0% Siemens AG SIE GRHandsets NEC 0% 0% 0% 0% 0% 0% 0% 0% NEC 6701 JPHandsets Panasonic 0% 0% 0% 0% 0% 0% 0% 0% Panasonic 6752 JPTV Samsung 63% 28% -10% 35% 51% -13% 49% 39% Samsung Electron 005930 KSTV Panasonic 2% 35% 34% 0% 5% 5% 1% 20% Panasonic 6752 JPTV LG 11% 11% 0% 18% 11% 0% 14% 11% LG Electronics 066570 KSTV Sony 8% 2% -14% 23% 17% 6% 16% 10% Sony 6758 JPTV Philips 2% 7% -4% 0% 0% 0% 1% 4% Koninklijke Phil PHIA NATV Toshiba 4% 6% 0% 0% 0% 0% 2% 3% Toshiba 6502 JPTV Sanyo 1% 1% -1% 0% 0% 0% 1% 1% SANYO Electric 6764 JPTV Sharp 1% 1% -1% 6% 0% 0% 3% 1% Sharp 6753 JP


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TV Mitsubishi 1% 0% -2% 0% 0% 0% 1% 0% Mitsubishi Elect 6503 JPComputers Samsung 45% 20% -33% 50% 30% 30% 47% 25% Samsung Electron 005930 KS

Computers Apple 2% 6% 5% 6% 22% -5% 4% 14% Apple AAPL USComputers Positivo 11% 15% 15% 0% 4% 4% 5% 10% Positivo Inform POSI3 BZComputers HP 2% 3% 1% 11% 10% 10% 7% 6% HP HPQ USComputers Sony 0% 2% -1% 0% 6% 6% 0% 4% Sony 6758 JPComputers LG 0% 1% 1% 0% 7% 7% 0% 4% LG Electronics 066570 KSComputers Acer 13% 5% 4% 0% 0% 0% 7% 3% Acer 2353 TTComputers ASUS 0% 3% 3% 0% 2% 2% 0% 2% Asus 2357 TTComputers Philips 2% 1% -5% 0% 3% -8% 1% 2% Koninklijke Phil PHIA NAComputers DELL 5% 1% -1% 0% 2% -9% 2% 2% Dell privateComputers Toshiba 1% 1% -2% 0% 2% 2% 1% 2% Toshiba 6502 JPComputers Motorola 0% 0% 0% 0% 2% 2% 0% 1% Motorola, MSI:USComputers Sharp 0% 1% 0% 0% 0% 0% 0% 0% Sharp 6753 JPComputers Compaq 1% 0% 0% 0% 0% 0% 1% 0% HP HPQ USComputers Itautec 1% 0% 0% 6% 0% 0% 3% 0% Itautec ITEC3 BZComputers Semp Toshiba 1% 0% 0% 0% 0% 0% 1% 0% Toshiba 6502 JPFashion C & A Marisa 48% 54% 17% 36% 30% 8% 42% 42% C&A privateFashion Renner 12% 27% 7% 29% 34% 13% 20% 31% Lojas Renner S.A LREN3 BZFashion Lacoste 2% 13% 13% 6% 25% 20% 4% 19% Lacoste privateFashion Calvin Klein 1% 3% 3% 10% 18% 10% 5% 11% Phillips-Van Heu PVH USFashion Hering 7% 5% 4% 24% 13% 2% 16% 9% CIA HERING HGTX3 BZFashion Levi's 0% 2% 2% 0% 16% 16% 0% 9% Levi Strauss & privateFashion Forum 1% 1% 0% 10% 17% 3% 5% 9% Colcci privateFashion TNG 4% 3% 3% 16% 15% -3% 10% 9% TNG Comrcio de privateFashion ZARA 0% 1% 0% 5% 15% 12% 3% 8% Industria de Dis ITX SMFashion Louis Vuitto 0% 0% 0% 5% 15% 15% 3% 8% LVMH MC FPFashion Dolce & Gabb 1% 2% -1% 10% 12% 7% 6% 7% Dolce & Gabbana privateFashion Hugo Boss 1% 3% 3% 8% 10% 6% 4% 7% Hugo Boss AG BOSS GRFashion Armani 0% 0% 0% 2% 13% 11% 1% 7% Giorgio Armani S privateFashion Gucci 0% 1% 1% 9% 12% 12% 5% 7% Gucci Grp GUCG USFashion Polo Ralph L 0% 1% -6% 10% 11% 7% 5% 6% Ralph Lauren RL USFashion Guess 0% 1% 0% 2% 11% 11% 1% 6% Guess GES USFashion Tommy Hilfig 0% 0% 0% 3% 11% 11% 2% 6% Phillips-Van Heu PVH USFashion Pierre Cardi 0% 2% -2% 8% 8% 4% 4% 5% Socit de Gesti privateFashion Christian Di 1% 0% 0% 2% 7% 2% 2% 4% LVMH MC FPFashion Carmim 0% 0% 0% 2% 7% 2% 1% 4% Carmim privateFashion Dunhill 0% 1% 1% 0% 6% 6% 0% 3% BAT BATS LNFashion Kenzo 0% 2% 2% 5% 4% 4% 3% 3% LVMH MC FPFashion Prada 0% 0% -3% 7% 4% 4% 3% 2% Prada S.p.A. 1913 HKFashion Hermes 8% 1% 0% 2% 2% 2% 5% 2% Herms Intl. S.A RMS FPFashion Givenchy 0% 0% 0% 2% 3% 3% 1% 1% LVMH MC FPFashion Goldlion 0% 0% 0% 0% 2% 2% 0% 1% Goldlion Holding 533 HKFashion H&M 0% 1% 0% 0% 1% 1% 0% 1% H & M Hennes & M HMB SSFashion Mango 0% 0% 0% 3% 1% 1% 2% 1% Punto Fa, S.L. privateFashion Escada 0% 0% 0% 0% 1% 1% 0% 1% Escada ESC GRFashion Idice 0% 0% 0% 4% 1% 1% 2% 1% Valdermar Iodice privateFashion Osmoze 1% 0% 0% 0% 1% -2% 0% 1% Osmoze Grp privateFashion Y.S.L. 0% 0% 0% 0% 1% 1% 0% 0% Yves Saint Laure privateFashion Burberry 0% 0% 0% 0% 0% 0% 0% 0% Burberry Grp BRBY LNFashion Levis 1% 0% 0% 15% 0% 0% 8% 0% Levi Strauss & privateFashion Valentino 1% 0% 0% 4% 0% 0% 2% 0% Valentino SpA VLNT IMFashion Versace 0% 0% 0% 6% 0% 0% 3% 0% Gianni Versace S GIAN IM


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Brazil: Demographics

Figure 1:A6. Could you please tell me your age? Figure 2:N2. What is your total after tax monthly income?

Note: Sample size: 1,500 respondents across 5 geographical regions

Figure 3:Urban / Rural split Figure 4:Male / Female split

Figure 5:A9. How many people live in your household?% of respondents(by income

bracket)

Total Lessthan

R$ 489

R$ 490 -1,142

R$ 1,142- 1,630

R$ 1,631- 3,260

R$ 3,261- 4,890

R$ 4,891- 6,520

R$ 6,521- 8,150

R$ 8,151- 11,410

Morethan R

$ 11,411

Wouldprefer not

to answer

D.K

1 5 0 15 8 4 4 0 0 0 0 6 22 17 25 21 19 18 15 17 12 6 7 17 12

3 29 38 26 29 31 31 34 20 24 23 24 23

4 29 38 20 24 30 29 27 43 30 28 30 26

5 or more 21 0 19 20 17 20 23 25 40 42 24 37

Mean 3.46 3.13 3.06 3.29 3.40 3.47 3.56 3.80 4.04 4.05 3.49 3.84

32

41

17

10

0

10

20

30

40

50

18-29 30-45 46-55 56-65

%o

fresponde

nts

8

15

34

14

85

3 3

0

10

20

30

40

BetweenR$

490-R$

1,1

41

BetweenR$

1,1

42-R$

1,6

30

BetweenR$

1,6

31-R$

3,2

60

BetweenR$

3,2

61-R$

4,8

90

BetweenR$

4,8

91-R$

6,5

20

BetweenR$

6,5

21-R$

8,1

50

BetweenR$

8,1

51-R$

11,4

10

Morethan

R$11,4

11

%o

frespon

den

ts

30

70

0

20

40

60

80

100

Rural Urban

%o

frespondents

50 50

0

10

20

30

40

50

60

Male Female

%o

frespondents


11/240

February 2014


Figure 6:A15. In your opinion is now a good time to make a major purchase?

Figure 7:A15 (b) In your opinion is now a good time to make a major purchase? Percentage of respondents who are positive

minus percentage who are negative..

Figure 8:A16. Do you think the state of your own finances over the next 6 months will be better, worse or about the same?

Figure 9:A16 (b) Do you think the state of your own finances over the next 6 months will be better, worse or about the

same? Percentage of respondents who are positive minus percentage who are negative..

Source: Credit Suisse emerging markets consumer survey.

NB: Income brackets based on average monthly household income.

0 6 725 26 27

42 45 41 50 40

38

50 55 58

46 43 4644

47

21 18 12 10 9

0%20%

40%

60%

80%

100%

Less than R$ 489 R$ 490 - R$1,141

R$ 1,142 - R$1,630

R$ 1,631 - R$3,260

R$ 3,261 - R$4,890

R$ 4,891 - R$6,520

R$ 6,521 - R$8,150

R$ 8,151 - R$11,410

More than R$11,411

%

ofrespon

den

ts

Excellent time Good time Not such a good time A bad time

-42-46

-40

-12

-4-9

12

-7

-60

-40

-20

0

20

Less than R$ 489 R$ 490 - R$1,141

R$ 1,142 - R$1,630

R$ 1,631 - R$3,260

R$ 3,261 - R$4,890

R$ 4,891 - R$6,520

R$ 6,521 - R$8,150

R$ 8,151 - R$11,410

More than R$11,411

%o

frespondents

6345

56 63 58 72 69 72 70

3850

42 33 4127 30 28 30

0%

20%

40%

60%

80%

100%

Less than R$ 489 R$ 490 - R$1,141

R$ 1,142 - R$1,630

R$ 1,631 - R$3,260

R$ 3,261 - R$4,890

R$ 4,891 - R$6,520

R$ 6,521 - R$8,150

R$ 8,151 - R$11,410

More than R$11,411

%of

respon

den

ts

Better About the same Worse

63

40

54 59 57

70 68 72 70

0

15

30

45

60

75

90

Less than R$ 489 R$ 490 - R$1,141

R$ 1,142 - R$1,630

R$ 1,631 - R$3,260

R$ 3,261 - R$4,890

R$ 4,891 - R$6,520

R$ 6,521 - R$8,150

R$ 8,151 - R$11,410

More than R$11,411

%o

fres

pon

den

ts


12/240

February 2014


Brazil: Income and Other

Figure 10:N1. What savings or investment channels, if any, does your household use to save money?% ofrespondents (byincome bracket)

Total Lessthan

R$ 489

R$ 490 -1,142

R$ 1,142- 1,630

R$ 1,631- 3,260

R$ 3,261- 4,890

R$ 4,891- 6,520

R$ 6,521- 8,150

R$ 8,151- 11,410

Morethan R

$ 11,411

Wouldprefernot to

answer

D.K

Bank account 34 22 22 27 32 40 45 52 42 46 23 26

Life insurance 6 11 2 4 5 7 9 10 14 13 5 7Stock market 2 0 0 2 2 3 1 2 1 6 3 0

Cash 10 11 4 5 11 7 15 15 13 13 12 12

Mutual Fund 2 11 1 1 2 1 1 1 2 0 4 2

Treasury Bond 2 0 1 1 2 1 3 1 0 4 3 4

Property 3 0 0 2 2 5 2 4 10 15 6 2

No savings 41 44 70 58 44 37 24 15 17 4 45 47

Base : Unwtd 1,500 8 117 219 503 217 113 81 50 43 106 43

Figure 11:N3. To what extent has your household income changed in the last 12 months?Declined > 20% 2 0 5 5 2 1 1 2 0 0 3 2

-10% to -20% 4 0 11 6 3 3 5 2 2 5 3 7

-10% to flat 8 25 10 8 7 7 9 6 4 9 8 9Unchanged 62 38 55 61 66 65 44 54 54 51 76 70

Flat to +10% 14 0 9 13 13 18 20 19 24 19 6 5

+10 to +20% 6 38 9 5 5 2 12 11 10 7 3 2

+20 to +30% 2 0 0 2 2 3 6 4 4 0 0 0

30%+ 1 0 2 0 1 0 2 1 2 9 1 0

Base : Unwtd 1,500 8 117 219 503 217 113 81 50 43 106 43

Figure 12:N4. In what way do you expect your household income to change in the next 12 months?Declined > 20% 1 13 1 0 1 0 1 0 0 0 0 2

-10% to -20% 2 0 4 3 1 1 2 0 2 0 3 2

-10% to flat 2 13 3 1 2 3 3 5 0 2 1 0

Unchanged 34 13 42 43 37 29 23 28 16 21 26 40

Flat to +10% 30 25 21 32 31 35 27 21 30 42 28 23

+10 to +20% 18 13 16 8 18 18 20 22 30 16 25 19

+20 to +30% 8 25 9 6 6 10 14 14 14 2 10 2

30%+ 6 0 4 6 4 3 10 10 8 16 5 7

Base : Unwtd 1,500 8 117 219 503 217 113 81 50 43 106 43

Figure 13:N5. What proportion of your spending is done via credit cards?0-5% 5 13 5 3 5 6 4 5 0 12 1 2

6-10% 9 13 4 8 10 9 14 10 12 5 2 9

11-15% 5 13 3 5 4 7 8 7 8 5 1 2

16-20% 7 0 3 3 7 9 8 9 6 9 8 12

21-25% 11 0 8 6 11 15 15 15 10 9 12 2

More than 25% 26 13 7 18 25 28 32 42 54 58 33 7

No credit card 34 50 62 53 36 23 18 11 8 2 25 51

Mean % exp 21 13 17 20 20 20 20 22 24 23 25 17

Base : Unwtd 1,500 8 117 219 503 217 113 81 50 43 106 43

Figure 14:N6. How do you think your purchases on credit card are likely to change in the next 12 months?Rising 24 0 19 22 21 27 28 25 28 36 21 20

Staying the same 57 100 61 58 62 49 52 51 57 50 65 52

Decreasing 19 0 21 20 18 24 20 23 15 15 14 28

Base : Unwtd 994 4 44 104 321 168 93 72 46 42 79 21


13/240

February 2014


Figure 15:N10: How effective is your government at solving problems that relate to you?Very effective 2 13 3 2 2 3 2 1 4 0 3 0

Quite effective 16 25 30 20 14 15 19 11 18 7 11 14

Not very effective 30 63 20 28 30 31 33 43 42 33 30 23

Not at all effective 45 0 39 43 51 47 42 43 30 51 40 35

Base : Unwtd 1,500 8 117 219 503 217 113 81 50 43 106 43

Figure 16:N11: Do you think that more economic growth will lead to a changed political system?Yes 55 76 49 57 54 64 61 56 66 46 45 30

No 40 13 41 39 43 33 36 42 30 52 41 47

Base : Unwtd 1,500 8 117 219 503 217 113 81 50 43 106 43

Figure 17:N12: What do you feel is the biggest risk to your country?Political risk 46 36 49 44 47 47 41 47 46 39 42 53

Military risk 9 18 11 10 9 6 11 8 5 10 14 13

Social risk 15 27 17 16 16 16 17 10 17 9 14 7

Economic risk 20 18 13 21 19 22 21 21 18 20 22 15

Domestic instabilityrisk

10 0 10 9 8 9 11 14 14 22 9 12

Base : Unwtd 1,500 8 117 219 503 217 113 81 50 43 106 43

Figure 18:N13: Do you feel that buying domestic brands supports your nation?Yes 79 63 77 85 79 82 87 82 86 70 69 53

No 17 38 15 12 20 17 10 17 8 31 16 26

Base : Unwtd 1,500 8 117 219 503 217 113 81 50 43 106 43


14/240

February 2014


Brazil: Automobiles

Figure 19:B1. Does your household currently own a car that is driven for personal use?% ofrespondents(by incomebracket)

Total Lessthan

R$ 489

R$ 490 -1,142

R$ 1,142- 1,630

R$ 1,631- 3,260

R$ 3,261- 4,890

R$ 4,891- 6,520

R$ 6,521- 8,150

R$ 8,151- 11,410

Morethan R

$ 11,411

Wouldprefernot to

answer

D.K

Yes 54 38 20 31 47 68 84 80 98 92 70 62

No 46 63 80 69 53 32 16 20 3 8 30 38

Figure 20:B2. Does your household own a motorcycle / 2-wheeler for personal use?Yes 15 13 10 10 13 22 18 27 13 16 14 21

No 85 88 90 90 87 78 82 73 88 84 86 79

Figure 21:B3. How many cars do you own in your household?1 70 100 96 94 87 73 71 42 28 14 53 71

2 22 0 4 6 11 22 25 47 41 40 34 17

3 or more 8 0 0 0 2 5 4 12 31 46 13 13

Figure 22:B7. How did you finance it?All Cash 27 33 57 42 25 24 23 25 15 51 23 21

Cash + Credit 52 33 17 40 51 58 60 63 77 26 53 50

All Auto loan 13 33 13 12 19 14 11 5 8 11 11 8

Base : Unwtd 747 3 23 65 220 130 84 60 39 35 64 24

Figure 23:B10. Will you or your family purchase or replace a passenger car in the next 12 months?

Source: Credit Suisse emerging markets consumer survey

Figure 24:B4. What brand is the car your household last purchased?Fiat 35 33 39 43 38 30 37 22 38 37 30 33

Volkswagen 21 67 30 25 23 22 17 25 8 11 22 21

GM 17 0 22 20 15 22 19 18 13 9 9 21

Ford 11 0 9 9 12 8 15 13 10 11 13 13

Renault 5 0 0 0 6 5 5 3 5 6 8 0

Citroen 2 0 0 0 1 2 0 7 8 0 2 8

Toyota 1 0 0 0 0 1 0 3 0 3 2 4

Base : Unwtd 747 3 23 65 220 130 84 60 39 35 64 24

0

57

46

11

5

10

21

1311 11

16

2119

21

10

21

1315 16

26

21 20 2125 2425

1917

2225

27

21

30

16

50

44 44

28

22 22

2723

8

0

10

20

30

40

50

60

Less than R$489

R$ 490 - R$1,141

R$ 1,142 - R$1,630

R$ 1,631 - R$3,260

R$ 3,261 - R$4,890

R$ 4,891 - R$6,520

R$ 6,521 - R$8,150

R$ 8,151 - R$11,410

More than R$11,411

%o

frespondents

Income Bracket

Definitely will Probably will Not sure Probably wont Definitely wont


15/240

February 2014


Figure 25:B16. How do you plan to finance the upcoming car purchase?All Cash 16 0 17 21 10 16 10 35 13 38 11 29

Cash + Credit 64 100 50 34 72 65 73 60 88 63 78 57

All Credit 16 0 17 39 14 18 17 5 0 0 11 0

D.K. 4 0 17 5 4 2 0 0 0 0 0 14

Base : Unwtd 291 1 18 38 93 51 30 20 8 16 9 7

Figure 26:B17. How much do you plan to spend on the car you or your household is planning to purchase?Upto R$ 10000 6 0 11 13 3 6 7 0 25 0 0 0

R$ 10001 - 15000 16 0 28 34 12 14 13 15 13 0 22 0

R$ 15001 - 20000 20 0 17 24 26 18 10 25 13 0 22 29

R$ 20001 - 30000 32 0 22 13 48 27 40 15 25 31 0 29

More than R$ 30000 21 0 11 11 5 27 27 45 25 69 44 14

Base : Unwtd 291 1 18 38 93 51 30 20 8 16 9 7

Figure 27:B15. Which car brand are you most likely purchase?Foreign 98 100 100 97 99 100 100 100 75 100 100 86

Fiat 28 0 33 44 23 29 35 25 0 11 20 57

Volkswagen 29 100 25 33 38 22 26 20 25 22 40 0 GM 13 0 17 5 12 22 13 10 25 11 10 0Local 0 0 0 0 0 0 0 0 13 0 0 0

Base : Unwtd 291 1 18 38 93 51 30 20 8 16 9 7


16/240

February 2014


Brazil: Food & Beverage

Figure 28:C1. Have you purchased any of these products in the last 3 months?% of respondents(by incomebracket)

Total Lessthan

R$ 489

R$ 490 -1,142

R$ 1,142- 1,630

R$ 1,631- 3,260

R$ 3,261- 4,890

R$ 4,891- 6,520

R$ 6,521- 8,150

R$ 8,151- 11,410

Morethan R

$ 11,411

Wouldprefernot to

answer

D.K

Drinks: Yes 94 100 96 92 94 97 97 98 93 83 93 85

Drinks: No 6 0 4 8 6 3 3 2 7 17 7 15

Drinks: Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Beer: Yes 59 63 55 51 55 67 66 72 78 80 57 33

Beer: No 41 38 45 49 45 33 34 28 22 20 43 68

Beer: Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Bottled Water: Yes 59 63 40 53 58 66 77 75 76 67 47 43

Bottled Water: No 41 38 60 47 42 34 23 25 24 33 53 58

Bottled Water:Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Spirits: Yes 30 25 25 23 25 39 37 33 61 53 23 20

Spirits: No 70 75 75 77 75 61 63 67 39 47 77 80

Spirits: Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Dairy: Yes 90 100 87 87 91 90 91 98 98 87 84 83

Dairy: No10 0 13 13 9 10 9 2 2 13 16 18

Dairy: Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Figure 29:C2. Which brands of the following have you purchased in the last 3 months?Drinks - Foreign 59 57 57 55 60 62 55 60 57 68 58 57

Coca-Cola 32 30 29 30 32 34 32 34 29 30 31 31

Drinks - Local 41 43 43 45 40 38 45 40 43 32 42 42

Guarana Antartic 21 26 19 18 21 22 24 28 25 17 24 24

Dolly 6 0 8 7 5 5 7 4 5 3 4 6

Drinks - Base 1,145 8 95 163 383 170 89 63 38 25 77 34

Beer - Foreign 10 0 4 4 9 10 12 11 14 23 15 5

Beer - Local 90 100 96 96 91 90 88 89 86 77 85 95

Skol 32 31 27 30 33 31 39 31 28 34 32 38

Brahma 21 23 17 22 24 21 20 15 28 9 16 14

Antartica 11 15 12 10 10 12 9 10 9 16 13 14

Itaipava 10 0 12 11 8 9 11 10 9 0 14 19

Beer - Base 717 5 54 91 226 118 61 46 32 24 47 13

Water - Foreign 1 0 0 3 1 1 0 0 2 6 3 0

Water - Local 97 80 100 94 98 95 96 99 95 94 96 100

Crystal 20 20 23 25 20 17 15 19 24 34 11 37

Bonafont 16 0 20 7 18 18 14 20 14 9 20 7

Minalba 14 0 10 10 16 11 12 14 19 9 22 11

Water - Base 718 5 40 93 238 116 71 48 31 20 39 17

Spirits - Foreign 70 50 29 56 67 74 73 71 87 68 88 73

Smirnoff 23 50 16 14 28 29 25 23 18 12 15 13

Johnnie Walker 14 0 3 14 13 10 8 15 21 24 27 33Spirits - Local 27 50 65 44 30 24 21 25 10 32 12 20

Cachaca - 51 6 0 13 12 6 4 6 4 1 4 2 7

Conhaques 4 0 6 10 3 6 6 4 0 0 2 0

Spirits - Base 361 2 25 40 102 69 34 21 25 16 19 8

Dairy - Foreign 45 71 42 43 46 44 46 51 46 42 46 40

Nestle 17 29 19 17 19 17 17 21 16 16 13 11

Dairy - Local 54 29 58 56 54 54 53 49 52 58 54 54

Qualy 15 24 18 17 17 14 11 15 11 22 12 20

Dairy - Base 1,094 8 86 154 372 158 84 63 40 26 70 33


17/240

February 2014


Figure 30:C3. Do you expect to spend more on any of these products in the next 12 months?% of respondents(by incomebracket)

Total Lessthan

R$ 489

R$ 490 -1,142

R$ 1,142- 1,630

R$ 1,631- 3,260

R$ 3,261- 4,890

R$ 4,891- 6,520

R$ 6,521- 8,150

R$ 8,151- 11,410

Morethan R

$ 11,411

Wouldprefernot to

answer

D.K

Drinks: Yes 28 13 15 19 31 33 36 41 29 13 37 5

Drinks: No 72 88 85 81 69 67 64 59 71 87 63 95

Drinks: Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Beer: Yes 16 0 18 12 16 14 16 25 22 17 20 5Beer: No 84 100 82 88 84 86 84 75 78 83 80 95

Beer: Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Water: Yes 31 0 18 21 31 41 41 44 37 30 29 8

Water: No 69 100 82 79 69 59 59 56 63 70 71 93

Water: Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Spirits: Yes 7 0 6 8 5 7 10 11 10 10 6 3

Spirits: No 93 100 94 92 95 93 90 89 90 90 94 98

Spirits: Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Dairy: Yes 39 25 28 27 40 44 48 53 46 37 47 18

Dairy: No 61 75 72 73 60 56 52 47 54 63 53 83

Dairy: Base 1,218 8 99 177 408 176 92 64 41 30 83 40

Figure 31:C4. What % of your diet is made up of meat?0% 1 13 1 1 2 1 0 0 0 3 1 0

0-5% 11 38 19 18 9 10 5 13 20 7 2 5

6-15% 36 38 40 40 41 35 34 38 24 30 14 20

16-25% 24 0 19 20 25 26 28 16 32 23 33 23

More than 25% 21 13 11 14 18 23 29 31 22 30 33 30

Figure 32:C5. How do you think your meat consumption is likely to change over the next 12 months?

Figure 33:C5 (b) Percentage of respondents planning on consuming more meat minus respondents planning less


19 19 14 14 20 1620

13

7570 69 77 74

71

58

6880

011 10 10 12 9

26

0%

20%

40%

60%

80%

100%

Less than R$489

R$ 490 - R$1,141

R$ 1,142 - R$1,630

R$ 1,631 - R$3,260

R$ 3,261 - R$4,890

R$ 4,891 - R$6,520

R$ 6,521 - R$8,150

R$ 8,151 - R$11,410

More than R$11,411

Plannedspendonmeat

in12

months(%

ofpop.

like

lyto

changeintake)

More The same Less

26

8 9

42

11

-10

86

-20

-10

0

10

20

30

Less than R$489

R$ 490 - R$1,141

R$ 1,142 - R$1,630

R$ 1,631 - R$3,260

R$ 3,261 - R$4,890

R$ 4,891 - R$6,520

R$ 6,521 - R$8,150

R$ 8,151 - R$11,410

More than R$11,411

Ne

t%

ofrespon

den

ts


18/240

February 2014


Figure 34:C6. What level of inflation have you seen over the past 12 months on basic food and drink?Below 1% 1 0 1 0 1 2 0 0 0 0 0 0

1-3% 10 13 5 11 12 11 14 14 10 0 5 3

3-5% 16 0 15 13 17 18 26 20 24 30 4 5

5-7% 14 0 16 9 17 18 15 23 15 7 4 3

7-10% 12 0 10 11 14 10 15 5 12 23 11 8

Above 10% 28 75 25 39 26 27 21 30 22 20 28 40

Havent noticed any 5 0 2 3 4 4 4 5 7 0 22 3D.K. 13 13 25 14 9 10 4 3 10 20 28 40

Base : Unwtd 1,218 8 99 177 408 176 92 64 41 30 83 40

Figure 35:C7. How sensitive are you to rising food and drink prices generally?Very sensitive 57 88 62 66 59 53 48 45 49 40 52 63

Somewhat sensitive 36 0 33 27 37 40 46 41 32 47 35 28

Somewhat notsensitive

7 13 5 7 4 6 7 14 17 13 13 5

Not at all sensitive 0 0 0 0 0 0 0 0 2 0 0 5

Base : Unwtd 1,218 8 99 177 408 176 92 64 41 30 83 40


19/240

February 2014


Brazil: Home & Personal Care

Figure 36:E1. Have you purchased any of these products in the last 3 months?% of respondents(by incomebracket)

Total Lessthan

R$ 489

R$ 490 -1,142

R$ 1,142- 1,630

R$ 1,631- 3,260

R$ 3,261- 4,890

R$ 4,891- 6,520

R$ 6,521- 8,150

R$ 8,151- 11,410

Morethan R

$ 11,411

Wouldprefernot to

answer

D.K

Tissues: Yes 91 100 95 94 93 88 92 90 89 83 81 78

Tissues: No 9 0 5 6 7 12 8 10 11 18 19 22Tissues: Base 1,354 7 110 206 459 201 93 70 46 40 86 36

Fem Hygiene: Yes 85 40 83 82 85 82 98 85 83 94 91 91

Fem Hygiene: No 15 60 17 18 15 18 2 15 17 6 9 9

Fem Hygiene: Base 670 5 53 111 224 99 44 27 23 17 45 22

Cosmetics: Yes 82 57 75 77 85 82 87 91 78 78 78 75

Cosmetics: No 18 43 25 23 15 18 13 9 22 23 22 25

Cosmetics: Base 1,354 7 110 206 459 201 93 70 46 40 86 36

Figure 37:E2. Which brands have you purchased in the last 3 months?Tissues - Foreign 24 0 16 14 20 30 30 30 46 17 34 22

Scott 13 0 8 9 12 16 16 19 15 15 11 16

Kleenex 4 0 3 1 3 5 4 3 11 2 8 2

Tissues - Local 73 100 78 83 76 68 66 69 52 83 65 73 Personal 35 56 35 42 37 30 31 32 27 33 35 33

Neve 24 22 20 20 22 26 24 34 21 33 24 31

Tissues - Base 1,227 7 104 194 425 176 86 63 41 33 70 28

Fem Hygiene - Foreign 43 50 41 41 45 39 35 43 62 45 45 50

Always 32 0 35 34 34 28 24 22 31 30 37 41

Fem Hygiene - Local 56 50 56 59 54 60 65 57 38 50 55 50

Sempre Livre 25 0 27 35 23 30 24 22 12 20 14 26

Intimus Gel 16 0 12 12 16 16 22 19 12 10 23 21

Fem Hygiene - Base 570 2 44 91 190 81 43 23 19 16 41 20

Cosmetics - Foreign 62 60 65 64 60 61 57 61 66 61 67 67

Avon 17 40 27 22 17 17 14 10 10 12 12 26

Dove 12 0 11 12 11 11 13 14 11 13 13 13

Cosmetics - Local 38 40 35 35 40 38 42 39 34 39 33 32

Natura 21 20 20 19 24 21 23 19 14 21 19 22

Boticrio 13 0 12 10 12 15 17 17 15 13 10 7

Cosmetics - Base 1,104 4 83 158 389 164 81 64 36 31 67 27

Figure 38:E3. Do you expect to spend more on any of these products in the next 12 months?Tissues: Yes 20 14 11 16 23 24 19 21 22 13 33 3

Tissues: Base 1,354 7 110 206 459 201 93 70 46 40 86 36

Fem Hygiene: Yes 15 0 8 10 20 13 20 22 17 24 18 0

Fem Hygiene: Base 670 5 53 111 224 99 44 27 23 17 45 22

Cosmetics: Yes 27 14 17 19 27 34 30 36 37 28 33 3Cosmetics: Base 1,354 7 110 206 459 201 93 70 46 40 86 36


20/240

February 2014


Brazil: Luxury Goods

Figure 39:F9. Do you favour domestic brands, or do you favour western luxury brands?Domestic 36 100 44 47 40 29 36 25 8 16 24 19

Western 39 0 39 40 38 40 36 28 47 42 46 42

No preference 23 0 15 10 22 31 25 43 44 39 21 25

Base : Unwtd 1,229 7 104 191 411 169 83 67 38 31 92 36

Figure 40:F6. Are you planning to purchase any goods from

these categories in next 12 months? FASHION


these categories in next 12 months? LEATHER

Source: Credit Suisse emerging markets consumer survey Source: Credit Suisse emerging markets consumer survey


these categories in next 12 months? WATCHES


these categories in next 12 months? JEWELLERY


43

60

68 72

7581 79

66

87

0

20

40

60

80

100

LessthanR$

489

R$490-R$

1,1

41

R$1,1

42-R$

1,6

30

R$1,6

31-

R$3,2

60

R$3,2

61-R$

4,8

90

R$4,8

91-R$

6,5

20

R$6,5

21-R$

8,1

50

R$8,1

51-R$

11,4

10

MorethanR$

11,4

11

%o

frespon

den

ts

57

33 33 35

41

49

37

55

39

0

20

40

60

80

LessthanR$

489

R$490-

R$

1,1

41

R$1,1

42-

R$

1,6

30

R$1,6

31-

R$3,2

60

R$3,2

61-

R$

4,8

90

R$4,8

91-

R$

6,5

20

R$6,5

21-

R$

8,1

50

R$8,1

51-

R$

11,4

10

MorethanR$

11,4

11

%o

frespon

den

ts

14

1113

16

20

23

33

29

32

0

10

20

30

40

LessthanR$

489

R$490-

R$

1,1

41

R$1,1

42-

R$

1,6

30

R$1,6

31-

R$

3,2

60

R$3,2

61-

R$

4,8

90

R$4,8

91-

R$

6,5

20

R$6,5

21-

R$

8,1

50

R$8,1

51-

R$

11,4

10

MorethanR$

11,4

11

%o

frespon

den

ts

0

6 57

9

16

12

21

29

0

7

14

21

28

35

LessthanR$

489

R$490-

R$

1,1

41

R$1,1

42-

R$

1,6

30

R$1,6

31-

R$

3,2

60

R$3,2

61-

R$

4,8

90

R$4,8

91-

R$

6,5

20

R$6,5

21-

R$

8,1

50

R$8,1

51-

R$

11,4

10

MorethanR$

11,4

11

%o

frespon

den

ts


21/240

February 2014



these categories in next 12 months? PERFUMES


these categories in next 12 months? SPORTSWEAR


57

71 7167

76 80

8479

74

0

20

40

60

80

100

LessthanR$

489

R$490-

R$

1,1

41

R$1,1

42-

R$

1,6

30

R$1,6

31-

R$

3,2

60

R$3,2

61-

R$

4,8

90

R$4,8

91-

R$

6,5

20

R$6,5

21-

R$

8,1

50

R$8,1

51-

R$

11,4

10

MorethanR$

11,4

11

%o

frespon

den

ts

14

34

42 4147

60 63

68

39

0

20

40

60

80

LessthanR$

489

R$490-

R$

1,1

41

R$1,1

42-

R$

1,6

30

R$1,6

31-

R$

3,2

60

R$3,2

61-

R$

4,8

90

R$4,8

91-

R$

6,5

20

R$6,5

21-

R$

8,1

50

R$8,1

51-

R$

11,4

10

MorethanR$

11,4

11

%o

frespon

den

ts


22/240


23/240

February 2014


Figure 48:l6. What services have you used in the last 6 months?

Figure 49:I1. Do you have access to the Internet?% ofrespondents(by incomebracket)

Total Lessthan

R$ 489

R$ 490 -1,142

R$ 1,142- 1,630

R$ 1,631- 3,260

R$ 3,261- 4,890

R$ 4,891- 6,520

R$ 6,521- 8,150

R$ 8,151- 11,410

Morethan R

$ 11,411

Wouldprefernot to

answer

D.K

Yes 86 75 61 66 86 94 97 100 99 100 88 86

No 14 25 39 34 14 6 3 0 1 0 12 14

Figure 50:I1.1. If so, do you have broadband access already, or expect to have it within 12 months?Yes 90 50 80 84 87 96 97 95 93 97 91 100No 10 50 20 16 13 3 3 5 7 3 9 0

Base : Unwtd 1,169 6 66 130 398 187 104 77 43 38 86 34

Figure 51:I11. How do you think your purchasing on the internet is likely to change in the next 6 months?More 31 0 21 29 26 30 39 35 39 58 39 39

The same 59 67 64 52 65 64 54 55 53 37 58 50

Less 10 33 16 18 10 7 7 10 7 6 3 12

Base : Unwtd 1,169 6 66 130 398 187 104 77 43 38 86 34

4943

50

2330

48

1625

42

9 8

21

87 89 91

34

57 58

1 3 20

20

40

60

80

100

Low Income Medium Income High Income

%o

frespon

den

ts

Gaming

Banking

Shopping

Travel

Social Network

Messaging

Gambling


24/240

February 2014


Brazil: Telecommunications

Figure 52:H1. Do you currently own and use a handset for personal use?% of respondents(by incomebracket)

Total Lessthan

R$ 489

R$ 490 -1,142

R$ 1,142- 1,630

R$ 1,631- 3,260

R$ 3,261- 4,890

R$ 4,891- 6,520

R$ 6,521- 8,150

R$ 8,151- 11,410

Morethan R

$ 11,411

Wouldprefernot to

answer

D.K

Yes, I pay for it 93 88 84 89 95 95 97 99 91 97 94 88

Yes, employer pays 1 0 0 1 1 1 1 0 2 0 1 0Yes, somebody elsepays

2 0 4 2 1 2 1 1 5 3 3 2

No, I do not 4 13 11 8 4 1 1 0 2 0 2 10

Base : Unwtd 1,434 8 114 210 484 209 109 78 43 35 103 41

Figure 53:H3. What brand is your current mobile handset?

Foreign 95 101 97 98 97 96 100 96 95 101 98 97

Nokia 26 43 37 33 25 24 22 24 17 26 17 24

Samsung 34 29 30 33 35 30 42 32 36 34 32 46

Local 2 0 3 3 2 0 1 2 2 0 2 0

Base 1,373 7 101 193 465 206 108 78 42 35 101 37

Figure 54:H11. Do you plan to upgrade to a Smartphone in the next 12 months?Yes 46 0 33 37 44 53 61 62 57 0 60 80

No 54 100 67 63 56 47 39 38 43 100 40 20Base : Unwtd 405 1 46 70 151 55 28 21 7 1 15 10

Figure 55:H12. Which brand of Smartphone handset will you buy?Foreign 83 100 91 85 76 85 92 90 83 94 84 93

Samsung 42 50 35 45 39 39 54 49 39 21 48 60 Nokia 15 50 32 19 12 17 12 9 14 26 10 0Local 0 0 0 1 0 0 0 0 0 0 0 0Dont Know 16 0 8 13 23 15 8 11 18 5 14 7Base 710 2 62 99 250 100 59 47 28 19 29 15

Figure 56:H13. Is your next handset likely to be a 3G handset?Yes 56 0 44 37 51 60 64 72 71 84 76 87

No 21 100 29 32 24 16 14 11 11 5 7 7

Dont Know 24 0 27 30 25 24 22 17 18 11 17 7

Base 710 2 62 99 250 100 59 47 28 19 29 15

Figure 57:H8. How much do you spend, on average, on mobile telephone bills per month?


57 64 5035

16 173 5

14

2637

45

5236

35 2631

5 1012

1728

3319

14

1114

19 14

6 615

26 26

0%

20%

40%

60%

80%

100%

Less than R$ 489 R$ 490 - R$1,141

R$ 1,142 - R$1,630

R$ 1,631 - R$3,260

R$ 3,261 - R$4,890

R$ 4,891 - R$6,520

R$ 6,521 - R$8,150

R$ 8,151 - R$11,410

More than R$11,411

%o

frespo

nden

ts

Upto 20 $ (20) 20 a 40 $ (30) 40 a 70 $ (55) 70 a 100 $ (85) More than 100 $ (100)


25/240


26/240

February 2014


Brazil: Property

Figure 62:K1. Do you or your family live in your own property?% ofrespondents(by incomebracket)

Total Lessthan

R$ 489

R$ 490 -1,142

R$ 1,142- 1,630

R$ 1,631- 3,260

R$ 3,261- 4,890

R$ 4,891- 6,520

R$ 6,521- 8,150

R$ 8,151- 11,410

Morethan R

$ 11,411

Wouldprefernot to

answer

D.K

Yes 75 86 73 71 68 79 82 85 91 95 75 76

No 25 14 27 30 32 22 18 15 9 5 25 24

Base : Unwtd 1,372 7 103 200 464 200 102 74 47 40 97 38

Figure 63:K2. If you do not own your own property, on what terms do you occupy the property?Rented 94 100 93 92 95 95 100 100 100 100 88 89

Allocated 2 0 4 2 1 2 0 0 0 0 8 0

Borrowed 4 0 4 7 5 2 0 0 0 0 4 11

Base : Unwtd 348 1 28 59 149 43 18 11 4 2 24 9

Figure 64:K6. If you are planning to purchase a property in the next 2 years, what is the main motivation for doing so?Upgrade 23 100 40 17 26 17 22 23 38 13 17 20

First-time buyer 41 0 53 49 48 42 39 32 13 6 22 50

Investment 18 0 0 12 12 25 22 27 25 56 22 10

Change of location 11 0 7 12 10 11 9 5 13 19 9 20

Holiday property 7 0 0 7 3 6 9 14 13 6 30 0

Base : Unwtd 336 1 15 41 124 53 23 22 8 16 23 10

Figure 65: K9. How, if at all, do you expect local property prices to change in the next 12 months?Increase 56 86 57 70 55 60 60 51 45 68 38 42

No Change 19 14 16 18 18 17 25 26 28 15 27 13

Decrease 16 0 11 6 22 20 14 22 21 16 10 11

Dont know 8 0 17 8 5 4 1 1 6 3 26 34

Base : Unwtd 1,372 7 103 200 464 200 102 74 47 40 97 38

Figure 66: K10. How much of your total wealth is made up of property?Below 25% 33 100 31 34 44 33 27 22 19 20 12 21

25% - 50% 26 0 18 28 28 27 29 28 40 33 18 18

51% - 75% 14 0 13 11 9 20 25 31 19 23 14 8

76% - 95% 7 0 3 6 7 7 11 16 6 15 7 5

Above 95% 4 0 7 6 3 3 3 1 4 8 5 5

Don't know 14 0 28 17 9 12 5 1 11 3 43 42

Base : Unwtd 1,372 7 103 200 464 200 102 74 47 40 97 38

Figure 67:K5. Do you or your household intend to purchase a property in the next 2 years?

Source: Company data, Credit Suisse estimates

14 15 2127 27 23 30 17

40

86 85 8073 74 77 70 83

60

0%

20%

40%

60%

80%

100%

Less than R$489

R$ 490 - R$1,141

R$ 1,142 - R$1,630

R$ 1,631 - R$3,260

R$ 3,261 - R$4,890

R$ 4,891 - R$6,520

R$ 6,521 - R$8,150

R$ 8,151 - R$11,410

More than R$11,411

%o

frespondents

No

Yes


27/240


28/240


29/240


30/240


31/240

February 2014


China: Brand penetrationPenetration of local and foreign brands through each sector, along with parent company details. Defined

as the percentage of respondents who have purchased that brand in the last 3-12 months.

Red= avg. penetration increasing over 12 months, Green= remaining steady, Blue= decreasing over 12 months.

% penetration at LOWERincome





2012 2013 Parent Company Listed/ Private

Dairy Mengniu 67% 55% -12% 63% 57% -12% 65% 56% China Mengniu 2319 HKDairy Yili 51% 41% -23% 59% 45% -14% 55% 43% Inner Mong. Yili 600887 CHDairy Bright 16% 17% -3% 36% 33% -2% 26% 25% Bright Food 600597 CHDairy Nestle 7% 11% 5% 11% 18% 2% 9% 14% Nestl NESN VXDairy Sanyuan 6% 8% -5% 12% 14% 5% 9% 11% Beijing Sanyuan 600429 CHDairy Danone 0% 0% -1% 4% 8% 1% 2% 4% Danone BN FPDairy Jule 1% 1% 1% 2% 5% 5% 2% 3% Jule Dairy privateDairy Wahaha 0% 8% 8% 0% 5% 5% 0% 6% Hangzhou Waha privateDairy Vitasoy 2% 5% 5% 1% 3% 3% 2% 4% Vitasoy Intl 345 HKDairy wondersun 9% 5% -1% 3% 3% 2% 6% 4% wondersun Dairy privateDairy Junlebao 5% 8% 8% 1% 2% 2% 3% 5% Junlebao Dairy 2319 HK

Dairy Kraft 0% 4% 4% 3% 2% 0% 1% 3% Kraft Foods Gr KRFT USDairy Fengxing 3% 1% 1% 1% 2% 2% 2% 2% Guangzhou Fengxi privateDairy Xiangmanlo 2% 1% 1% 1% 2% 2% 1% 2% Wuhan Wei. Xia. privateDairy Yashili 2% 4% 2% 2% 2% -1% 2% 3% Guangdong Yashil privateDairy New hope 0% 1% 1% 0% 2% 2% 0% 2% New Hope Group privateDairy Sanlu 0% 1% 0% 0% 1% 0% 0% 1% Sanlu Group privateDairy Huishan 0% 5% 5% 0% 1% 1% 0% 3% China Huishan Da 6863 HKDairy Shengyuan 2% 2% 1% 1% 1% 0% 2% 2% Qingdao Sheng Yu privateDairy Anchor 0% 0% 0% 1% 1% 0% 1% 0% Fonterra FCG NZDairy Changfu 0% 0% 0% 0% 1% 1% 0% 0% Fujian Changfu OQASUZ CHDairy Feihe 2% 1% 0% 1% 1% 0% 1% 1% Feihe Dairy ADY USDairy Flora 0% 0% 0% 1% 1% 0% 0% 0% Unilever ULVR LNDairy Fonterra 0% 1% 1% 0% 1% 1% 0% 1% Fonterra FCG NZDairy Mller 0% 0% 0% 0% 1% 0% 0% 1% Mller privateDairy Lactalis 0% 0% 0% 0% 0% 0% 0% 0% Lactalis privateDairy Lurpack 0% 0% 0% 0% 0% 0% 0% 0% Danish Dairy Boa private

Dairy Philadelphia 0% 1% 1% 0% 0% 0% 0% 1% Kraft Foods Grou KRFT USDairy Delikang 2% 3% 3% 1% 0% 0% 1% 1% Delikang Dairy privateDairy Yinqiao 3% 5% 5% 0% 0% 0% 2% 2% Yinqiao(Ch Dairy CDG SPCigarettes Chunghwa 6% 7% 7% 25% 20% 20% 16% 14% Shanghai Tobacc privateCigarettes Yuxi 10% 8% 8% 14% 20% 20% 12% 14% Hongta Tobacco privateCigarettes Hongshuangxi 12% 7% 7% 22% 19% 19% 17% 13% Shanghai Tobacc privateCigarettes Liqun 5% 9% 9% 13% 17% 17% 9% 13% Zhejiang Tobacco privateCigarettes Yunyan 7% 7% 7% 13% 17% 17% 10% 12% Hongyunhonghe privateCigarettes Hongtashan 24% 21% 21% 14% 14% 14% 19% 18% Hongta Tobacco privateCigarettes Huanghelou 19% 19% 19% 13% 13% 13% 16% 16% Hubei China Tob privateCigarettes Pride 8% 9% 9% 5% 12% 12% 7% 10% Ch Tob Chuanyu privateCigarettes Marlboro 4% 0% 0% 11% 10% 10% 7% 5% Philip Morris In PM USCigarettes Shuangxi 5% 3% 3% 6% 8% 8% 5% 6% Ch Tbc Guangdon privateCigarettes Septwolves 12% 6% 6% 10% 7% 7% 11% 6% Longyan Cigarett privateCigarettes Panda 2% 2% 2% 5% 5% 5% 3% 4% Shanghai Tobacco privateCigarettes Zhongnanhai 4% 4% 4% 7% 5% 5% 6% 5% Shanghai Tobacco private

Cigarettes Wuyeshen 1% 1% 1% 3% 3% 3% 2% 2% Meizhou Cigarett privateCigarettes Camel 0% 1% 1% 1% 3% 3% 1% 2% R. J. Reynolds privateCigarettes Tianzi 0% 1% 1% 1% 3% 3% 1% 2% Chongqing Tobac privateCigarettes Danghongying 1% 1% 1% 1% 2% 2% 1% 2% Ningbo Cigarette privateCigarettes Hongjinglong 9% 9% 9% 4% 2% 2% 7% 6% China Tbc Hubei privateCigarettes Kent 0% 0% 0% 2% 2% 2% 1% 1% BAT BATS LNCigarettes Derby 1% 1% 1% 1% 2% 2% 1% 2% BAT BATS LNCigarettes Dunhill 0% 0% 0% 1% 2% 2% 1% 1% BAT BATS LNCigarettes Lark 0% 1% 1% 2% 2% 2% 1% 1% Philip Morris In PM USCigarettes Cocopalm 0% 0% 0% 1% 1% 1% 1% 1% Guangzhou No.1 BATS LNCigarettes Daqianmen 2% 2% 2% 0% 1% 1% 1% 2% Shanghai Tobacco privateCigarettes Glamour 0% 0% 0% 0% 1% 1% 0% 1% Japan Tobacco 2914 JPCigarettes Mild Seven 1% 1% 1% 1% 1% 1% 1% 1% Japan Tobacco 2914 JP


32/240

February 2014








Cigarettes Cleopatra 0% 1% 1% 1% 1% 1% 0% 1% Eastern Company EML USCigarettes Haomao 7% 8% 8% 1% 1% 1% 4% 5% China Tobacco Sh private

Cigarettes Benson &Hedges

0% 1% 1% 0% 1% 1% 0% 1% Philip Morris In PM US

Cigarettes Chesterfield 0% 0% 0% 0% 1% 1% 0% 0% Philip Morris In MO USCigarettes Houwang 11% 10% 10% 2% 1% 1% 7% 6% China Tobacco Sh privateCigarettes Jinsheng 0% 0% 0% 0% 1% 1% 0% 0% Nanchang Cigaret privateCigarettes Parliament 0% 0% 0% 0% 1% 1% 0% 0% Philip Morris In PM USCigarettes Viceroy 0% 0% 0% 0% 1% 1% 0% 0% British American BATS LNCigarettes Winston 0% 0% 0% 0% 1% 1% 0% 0% R. J. Reynolds T RAI USCigarettes Xihu 0% 0% 0% 0% 1% 1% 0% 0% Hangzhou Cigaret privateCigarettes L&M 0% 0% 0% 0% 0% 0% 0% 0% Philip Morris In MO USCigarettes Yan'an 1% 1% 1% 0% 0% 0% 1% 1% Shaanxi China Ci privateCigarettes Pall Mall 0% 1% 1% 1% 0% 0% 1% 0% British American BATS LNBeer Tsingtao 39% 37% 0% 51% 46% 6% 45% 42% Tsingtao Brewery 168 HKBeer Snow 44% 54% 17% 39% 43% 8% 41% 49% CR Snow(SAB-CRE) JVBeer Budweiser 6% 5% -2% 31% 31% -1% 19% 18% AmBev AMBV4 BZBeer Yanjing 22% 23% -14% 25% 26% -2% 23% 25% Beijing Yanjing 000729 CH

Beer Harbin 12% 8% 4% 12% 15% 7% 12% 12% Harbin Brewery ABI BBBeer Suntory 4% 1% -1% 16% 12% 3% 10% 7% Suntory 2587 JPBeer Carlsberg 2% 1% 0% 7% 10% 1% 5% 6% Carlsberg Group CARLB DCBeer Heineken 1% 1% 0% 5% 8% 0% 3% 5% Heineken Intl HEIA NABeer Zhujiang 17% 7% 0% 8% 8% -3% 12% 7% Guangzhou Zhujia 002461 CHBeer Kingway 1% 4% 2% 1% 3% 1% 1% 4% Kingway Brewery 291 HKBeer Sedrin 0% 0% -1% 0% 3% 0% 0% 2% InBev (AB InBev) ABI BBBeer Tiger 1% 1% 1% 2% 3% -1% 1% 2% Asia Pacific Bre APB SPBeer Corona 0% 1% 1% 1% 2% 2% 1% 2% Modelo(AB InBev) ABI BBBeer Shancheng 0% 2% 1% 0% 2% 0% 0% 2% Chongqing Brew 600132 CHBeer San Miguel 3% 1% -1% 2% 1% -2% 3% 1% San Miguel Brew SMC PMBeer Beck's 0% 0% -1% 2% 1% 0% 1% 1% AmBev AMBV4 BZBeer Amstel 0% 1% 1% 0% 1% 0% 0% 1% Heineken Intl HEIA NABeer Chero 5% 5% -2% 1% 1% -2% 3% 3% Tsingtao Brewery 168 HKBeer Ginsber 0% 1% 1% 0% 1% 1% 0% 1% SiPing Ginsberg privateBeer Zhonghua 0% 0% 0% 1% 1% 0% 1% 0% Zhejiang Qianjia private

Beer Daxue 0% 1% 1% 0% 0% 0% 0% 1% Dalian Daxue Bre ABI BBBeer Fosters 0% 0% 0% 0% 0% 0% 0% 0% SABMiller SAB LNBeer Kingstar 0% 1% 1% 0% 0% 0% 0% 1% Henan Jinxing Br privateBeer Miller 0% 1% 1% 1% 0% 0% 1% 1% SAB & Molson JVBeer Peroni 7% 0% -9% 11% 0% -13% 9% 0% SABMiller SAB LNBeer Stella Artois 0% 0% 0% 0% 0% 0% 0% 0% AmBev AMBV4 BZBeer Anchor 0% 0% 0% 0% 0% 0% 0% 0% Fonterra FCG NZBeer Bboss 0% 1% 1% 0% 0% 0% 0% 0% Jiangsu Big Boss privateBeer Carling 0% 0% 0% 0% 0% 0% 0% 0% Molson Coors Bre TAP USBeer Guinness 1% 0% 0% 2% 0% 0% 2% 0% St. James's Gate DGE LNBeer Immense 4% 4% 4% 1% 0% 0% 2% 2% Tsingtao Brewery 168 HKSpirits Niulanshan 12% 14% 14% 19% 21% 21% 16% 18% Beijing Shunxin 000860 CHSpirits Luzhoulaojia 5% 4% -8% 12% 18% 1% 9% 11% Luzhou Laojiao 000568 CHSpirits Wuliangye 13% 6% -1% 14% 16% 7% 14% 11% Wuliangye Group privateSpirits Jiannanchun 1% 1% -3% 10% 14% 11% 6% 8% VATS Group privateSpirits Maotai 15% 1% -8% 12% 13% -4% 14% 7% China Kweichow privateSpirits Jinliufu 4% 8% 1% 8% 8% 1% 6% 8% VATS Group privateSpirits Absolut 0% 3% 2% 10% 7% -3% 5% 5% Pernod Ricard RI FPSpirits Hennessy 0% 2% 0% 10% 7% 0% 5% 4% LVMH MC FPSpirits Xiaohutuxian 3% 0% -4% 5% 7% 0% 4% 3% Guangzhou Zhujia privateSpirits Chivas Regal 0% 4% 4% 0% 6% 6% 0% 5% Pernod Ricard RI FPSpirits Langjiu 1% 6% -3% 11% 6% -2% 6% 6% Sichuan Langjiu privateSpirits Yanghe 4% 3% 3% 1% 6% 6% 2% 5% Jiangsu Yanghe 002304 CHSpirits Bacardi 0% 0% 0% 3% 5% 5% 2% 3% Bacardi Limited BACDA USSpirits Swellfun 0% 0% 0% 1% 5% 5% 1% 3% Sichuan Swellfun 600779 CHSpirits first cellar 0% 0% -2% 5% 5% 1% 2% 3% Luzhou Laojiao 000568 CHSpirits Jack Daniels 0% 0% 0% 4% 4% 2% 2% 2% Brown-Forman BF/B USSpirits Tuopaiqujiu 1% 2% -8% 2% 4% 1% 2% 3% Sichuan Tuopai 600702 CHSpirits Confucian 0% 2% 2% 1% 4% 2% 0% 3% Qufu Confucius private


33/240

February 2014








Spirits Gujing 0% 1% 1% 5% 4% 4% 3% 2% Anhui Gujing Dis 000596 CHSpirits Xinghuacun 1% 2% -1% 1% 3% 2% 1% 3% Shandong Xinghua private

Spirits Daohuaxiang 5% 1% -4% 6% 3% -1% 6% 2% Daohuaxiang Liqu privateSpirits Jiugui 0% 6% 6% 2% 3% 1% 1% 5% Jiugui Liquor 000799 CHSpirits Smirnoff 0% 0% 0% 1% 3% 2% 1% 2% Diageo DGE LNSpirits Johnnie Walk 0% 1% 1% 1% 2% 2% 0% 2% Diageo DGE LNSpirits Captain Morg 0% 2% 2% 1% 2% 2% 0% 2% Diageo DGE LNSpirits J&B 0% 1% 0% 1% 2% 0% 1% 2% Diageo DGE LNSpirits Liuyanghe 1% 3% -1% 2% 2% 0% 2% 2% Liuyanghe Liquor privateSpirits Campari 0% 2% 2% 0% 1% 1% 0% 2% Campari Group CPR IMSpirits Nemiroff 0% 0% -1% 1% 1% -1% 1% 1% Nemiroff privateSpirits Taibai 2% 4% 4% 0% 1% 1% 1% 3% VATS Group privateSpirits Xifeng 7% 10% 10% 1% 1% 1% 4% 6% Shaanxi Xifeng privateSpirits Baileys 0% 0% 0% 3% 1% 1% 2% 0% Diageo DGE LNSpirits Chivas 0% 0% 0% 9% 0% 0% 5% 0% Pernod Ricard RI FPSpirits Jgermeister 1% 2% 2% 0% 0% 0% 1% 1% Mast-Jgermeiste privateSpirits Ricard 0% 1% 1% 0% 0% -1% 0% 1% Pernod Ricard RI FPBottled Water Nongfu Sprin 59% 48% -1% 70% 60% 0% 65% 54% Nongfu Spring Co private

Bottled Water Master kong 54% 43% -17% 42% 35% -14% 48% 39% Ting Hsin Intern privateBottled Water Wahaha 24% 36% 1% 24% 34% 3% 24% 35% Hangzhou Wahaha privateBottled Water Cestbon 17% 12% 2% 15% 29% 9% 16% 21% C'estbon Food 291 HKBottled Water Robust 11% 9% -11% 12% 14% -8% 11% 12% Guangdong Robust BN FPBottled Water IceDew 0% 12% 12% 0% 11% 11% 0% 11% The Coca-Cola Co KO USBottled Water Watsons 3% 4% 4% 8% 9% 9% 6% 6% Hutchison Whampo 13 HKBottled Water Evian 2% 5% 4% 7% 7% 0% 5% 6% Danone BN FPBottled Water Ganten 2% 1% 0% 4% 4% 0% 3% 2% Shenzhen Ganten privateBottled Water Health 2% 2% 1% 1% 3% -1% 2% 2% Shenzhen Danone privateBottled Water Laoshan 1% 2% 0% 2% 2% 2% 1% 2% Qingdao Laoshan privateBottled Water Tibet Spring 0% 0% -1% 2% 2% 0% 1% 1% Tibet 5100 Water 1115 HKBottled Water Vittel 2% 1% 0% 2% 1% 1% 2% 1% Nestl NESN VXBottled Water Aqua 0% 0% 0% 0% 1% 0% 0% 1% The Coca-Cola Co KO USBottled Water Aquafina 0% 0% 0% 0% 1% 0% 0% 0% PepsiCo PEP USBottled Water Dinghu 2% 0% 0% 0% 1% 1% 1% 1% Dinghu Mountain privateBottled Water Volvic 0% 0% 0% 0% 1% 0% 0% 1% Danone BN FP

Bottled Water NAYA 0% 1% 1% 0% 0% 0% 0% 1% Danone BN FPBottled Water Perrier 0% 0% 0% 0% 0% 0% 0% 0% Nestl NESN VXBottled Water SPA 0% 0% 0% 0% 0% 0% 0% 0% Spadel Group privateBottled Water Buxton 0% 1% 1% 0% 0% -1% 0% 0% Nestl NESN VXBottled Water Dasani 0% 0% 0% 0% 0% 0% 0% 0% The Coca-Cola Co KO USAutos Volkswagen 21% 18% 9% 20% 17% 5% 21% 17% Volkswagen VOW3 GRAutos GM 4% 3% -4% 7% 9% 5% 6% 6% General Motors GM USAutos Toyota 6% 3% 3% 5% 8% 3% 5% 6% Toyota Motor 7203 JPAutos Hyundai 19% 9% 7% 11% 8% 4% 15% 9% Hyundai Motor Co 005380 KSAutos Honda 0% 0% -11% 9% 8% -5% 4% 4% Honda Motor Co 7267 JPAutos Audi 7% 5% 4% 3% 5% 1% 5% 5% Audi (Volkswagen) VOW3 GRAutos BMW 2% 2% 1% 3% 4% 3% 2% 3% BMW BMW GRAutos Mazda 0% 2% -3% 4% 4% 1% 2% 3% Mazda Motor Corp 7261 JPAutos Nissan 2% 5% 5% 5% 4% -1% 4% 5% Nissan Motor Co 7201 JPAutos Citroen 2% 7% 7% 2% 3% 0% 2% 5% PSA Peugeot Citr UG FPAutos Ford 0% 3% 2% 2% 3% -3% 1% 3% Ford Motor Co F USAutos Kia 6% 6% 6% 2% 2% 1% 4% 4% Kia Motors Corp 000270 KSAutos Mitsubishi 0% 2% 2% 0% 2% -1% 0% 2% Mitsubishi Motor 7211 JPAutos Peugeot 0% 3% 3% 3% 2% 1% 1% 2% PSA Peugeot Citr UG FPAutos Merc-Benz 0% 0% 0% 1% 1% 0% 1% 1% Daimler AG DAI GRAutos Huachen 0% 0% 0% 0% 1% 1% 0% 1% Brilliance Auto 1114 HKAutos Haima 0% 0% -4% 1% 1% 0% 0% 0% FAW Haima Auto privateAutos Hongqi 0% 0% 0% 0% 1% 0% 0% 0% FAW Car Co 000800 CHAutos Range Rover 0% 0% 0% 1% 1% 1% 0% 0% Tata Motors TTMT INAutos Maruti Suz 0% 0% -3% 0% 1% 0% 0% 0% Maruti Suzuki In MSIL INAutos Subaru 0% 0% 0% 1% 1% 0% 0% 0% Fuji Heavy Indus 7270 JPAutos Tianjin-faw 0% 0% 0% 1% 1% 1% 1% 0% FAW Tianjin 000927 CHAutos Zhonghua 0% 0% 0% 0% 1% 0% 0% 0% Brilliance Auto 1114 HKAutos Chrysler 0% 2% 2% 0% 0% 0% 0% 1% Chrysler Group private


34/240

February 2014








Autos Fiat 0% 0% 0% 0% 0% 0% 0% 0% Fiat S.p.A F IMAutos Porsche 0% 0% 0% 0% 0% 0% 0% 0% Porsche Auto PAH3 GR

Autos Renault 0% 0% 0% 0% 0% 0% 0% 0% Renault S.A. RNO FPAutos Beijing Jeep 0% 0% 0% 1% 0% 0% 0% 0% Beijing Jeep Cor privateAutos Besturn 0% 0% -1% 0% 0% 0% 0% 0% FAW Car Company 000800 CHAutos Bingjing-hyu 15% 0% -1% 2% 0% -1% 9% 0% Beijing Hyundai IJAIZZ CHAutos BYD 0% 0% -1% 2% 0% -3% 1% 0% BYD Co Ltd 1211 HKAutos changansuz 0% 0% -1% 2% 0% 0% 1% 0% Changan Suzuki privateAutos Changhe 2% 0% 0% 0% 0% 0% 1% 0% Jiangxi Changhe privateAutos Chery 2% 0% -9% 3% 0% -3% 3% 0% Chery Automobile CACTZ CHAutos Geely 0% 0% -2% 2% 0% -2% 1% 0% Zhejiang Geely H privateAutos GW 0% 0% 0% 0% 0% -1% 0% 0% Great Wall Motor 2333 HKAutos Hafei 0% 0% -5% 0% 0% 0% 0% 0% Harbin HF Automo privateAutos Shoutheast 0% 1% 1% 0% 0% 0% 0% 1% Soueast privateAutos Volvo 0% 1% 0% 1% 0% 0% 0% 1% AB Volvo VOLVB SSCosmetics LOreal 11% 12% -2% 27% 29% -1% 19% 20% L'Oral OR FPCosmetics Olay 13% 16% -9% 23% 22% -1% 18% 19% Procter & Gamble PG USCosmetics Inoherb 9% 6% 3% 12% 11% 6% 11% 9% Shanghai Inoherb 0557747D CH

Cosmetics Dabao 24% 21% -2% 13% 9% 1% 19% 15% Johnson & Johnso JNJ USCosmetics Este Lauder 0% 3% 2% 7% 8% 2% 3% 5% Este Lauder Co EL USCosmetics Lux 14% 12% 6% 9% 8% 2% 12% 10% Unilever ULVR LNCosmetics Avon 8% 14% -3% 11% 7% -10% 10% 11% Avon Products AVP USCosmetics Nivea 6% 7% 3% 9% 7% -5% 7% 7% Beiersdorf BEI GRCosmetics Chcedo 3% 8% 3% 9% 7% 3% 6% 7% Jala Group Inc JALA USCosmetics Maybelline 8% 8% 3% 6% 7% -1% 7% 8% L'Oral OR FPCosmetics Tjoy 16% 9% -7% 11% 7% -5% 14% 8% Coty Inc COTY USCosmetics Chanel 1% 3% 1% 2% 5% 1% 2% 4% Chanel S.A. privateCosmetics Lancme 1% 2% 1% 5% 5% 1% 3% 3% Lancme Paris privateCosmetics Mary Kay 0% 4% 4% 0% 5% 5% 0% 4% Mary Kay, Inc. 5698C USCosmetics Amway 0% 3% 3% 0% 4% 4% 0% 4% Amway (Alticor) privateCosmetics Dove 2% 3% 3% 5% 4% 3% 3% 4% Unilever ULVR LNCosmetics Ponds 4% 4% -2% 6% 4% -3% 5% 4% Unilever ULVR LNCosmetics Herborist 2% 1% -1% 3% 4% -1% 3% 2% Shanghai Jawha 600315 CHCosmetics Longliqi 3% 6% 1% 5% 4% 0% 4% 5% Jiangsu Longliqi private

Cosmetics AUPRES 4% 3% 3% 3% 3% 3% 4% 3% Shiseido Company 4911 JPCosmetics Doctor li 3% 3% -1% 3% 3% -1% 3% 3% Sisder Health privateCosmetics Neutrogena 0% 1% 1% 0% 3% 3% 0% 2% Johnson & Johnso JNJ USCosmetics Clinique 0% 1% 1% 3% 3% -2% 1% 2% Clinique Laborat NYSE ELCosmetics Johnson & Jo 5% 5% -2% 5% 2% -7% 5% 4% Johnson & Johnso JNJ USCosmetics Artistry 0% 2% 2% 0% 2% 2% 0% 2% Access Business privateCosmetics Yumeijing 5% 6% 3% 3% 2% 2% 4% 4% Tianjin Yumeijin privateCosmetics Clarins 0% 2% 2% 0% 2% 1% 0% 2% Clarins Group privateCosmetics Max Factor 0% 1% 1% 0% 2% 2% 0% 1% Procter & Gamble PG USCosmetics Meijiajing 8% 9% 1% 2% 2% -1% 5% 6% Shanghai Jawha 600315 CHCosmetics Biotherm 0% 1% 1% 0% 1% 1% 0% 1% Biotherm(L'Oral) OR FPCosmetics Body Shop 0% 0% 0% 0% 1% 1% 0% 0% The Body Shop In BOS LNCosmetics Oriflame 0% 0% 0% 0% 1% 1% 0% 1% Oriflame Cosmeti ORI SSCosmetics Caisy 0% 0% -1% 1% 0% -2% 1% 0% Guangzhou Caisy privateCosmetics Covergirl 0% 1% 1% 0% 0% 0% 0% 1% Procter & Gamble PG USCosmetics Cortry 0% 0% 0% 0% 0% 0% 0% 0% Shanghai Jawha 600315 CH

Cosmetics Zhaogui 0% 0% 0% 1% 0% 0% 0% 0% Beijing Zhaogui privateSportswear Nike 6% 18% 5% 45% 46% 7% 26% 32% Nike, Inc. NKE USSportswear Adidas 18% 22% 9% 38% 46% 10% 28% 34% Adidas ADS GRSportswear Lining 27% 29% 3% 15% 27% 7% 21% 28% Li Ning Company 2331 HKSportswear Anta 11% 9% -8% 11% 15% 1% 11% 12% ANTA Sports Prod 2020 HKSportswear Xtep 15% 14% 3% 5% 13% 6% 10% 14% Xtep Internation 1368 HKSportswear 361 361 15% 5% -2% 7% 11% 7% 11% 8% 361 Degrees Gr 1361 HKSportswear Converse 3% 4% 2% 5% 11% 1% 4% 8% Nike, Inc. NKE USSportswear Jordan 6% 12% 6% 4% 9% 4% 5% 11% Nike, Inc. NKE USSportswear Metersbonw 5% 2% -3% 4% 6% 2% 4% 4% Metersbonwe Gr 002269 CHSportswear Puma 4% 1% 0% 6% 5% 0% 5% 3% Puma SE PUM GRSportswear Erke 3% 6% 3% 3% 5% 2% 3% 5% HongXing Erke Gr privateSportswear Guirenniao 1% 7% 7% 4% 4% 4% 3% 6% Guirenniao Co Lt EGATMZ CH


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February 2014








Sportswear Kappa 1% 2% -1% 4% 4% 1% 2% 3% Kappa privateSportswear Peak 5% 3% -5% 0% 4% 2% 3% 4% Peak Sport Prod 1968 HK

Sportswear Champion 1% 0% -1% 1% 3% 3% 1% 2% HanesBrands Inc. HBI USSportswear Double Star 5% 6% 6% 1% 3% 3% 3% 5% Doublestar Group privateSportswear Reebok 3% 1% 0% 2% 2% 0% 3% 1% Reebok (Adidas) ADS GRSportswear Mizuno 0% 1% 1% 0% 2% 0% 0% 1% Mizuno Corp 8022 JPSportswear Diadora 0% 0% -1% 0% 1% 0% 0% 1% Diadora privateSportswear Fila 0% 1% 1% 0% 1% 1% 0% 1% Fila, Ltd. privateSportswear K-Swiss 0% 0% 0% 0% 1% 1% 0% 1% K-Swiss(E-Land) privateSportswear Tonlion 0% 0% 0% 0% 1% 0% 0% 1% Ningbo Beyond Fa privateSportswear Umbro 0% 1% 0% 0% 1% -1% 0% 1% Umbro (Iconix) ICON USSportswear Asics 0% 0% 0% 0% 1% 1% 0% 1% ASICS 7936 JPSportswear Le Coq Sport 0% 0% 0% 1% 1% 1% 0% 1% Le Coq Sportif privateSportswear Fred Perry 0% 0% 0% 0% 0% 0% 0% 0% Fred Perry privateSportswear Speedo 0% 0% 0% 0% 0% 0% 0% 0% Speedo Intl privateSportswear Timberland 1% 0% 0% 1% 0% 0% 1% 0% Timberland LLC VFC USHandsets Samsung 12% 18% 8% 21% 27% 13% 17% 23% Samsung Electron 005930 KSHandsets Apple 1% 7% 6% 15% 18% 14% 8% 13% Apple AAPL US

Handsets Nokia 25% 17% -21% 22% 12% -35% 24% 15% Nokia Corp NOK1V FHHandsets Huawei 4% 4% 4% 2% 5% 5% 3% 5% Huawei Tech privateHandsets Motorola 4% 1% -5% 5% 4% -1% 4% 3% Motorola, Inc. MSI:USHandsets Lenovo 6% 6% 3% 3% 3% 1% 5% 5% Lenovo Group 992 HKHandsets HTC 1% 1% 1% 5% 3% 2% 3% 2% HTC Corporation 2498 TTHandsets ZTE 0% 5% 5% 0% 3% 3% 0% 4% ZTE Corporation 763 HKHandsets Bubugao 2% 2% 1% 2% 2% 0% 2% 2% BBK Electronics privateHandsets Sony Ericss 3% 1% -3% 3% 2% -4% 3% 1% Sony Mobile Com 6758 JPHandsets Blackberry 0% 1% 1% 1% 1% 1% 0% 1% BlackBerry BBRY USHandsets Coolpad 2% 4% 4% 2% 1% 1% 2% 3% Coolpad privateHandsets Oppo 0% 2% 1% 1% 1% 0% 1% 2% OPPO Electronics 0056647D USHandsets Meizu 0% 0% 0% 0% 1% 1% 0% 1% Meizu Tech privateHandsets Gionee 3% 2% 1% 1% 1% 0% 2% 2% Gionee privateHandsets LG 3% 1% -1% 3% 1% -1% 3% 1% LG Electronics 066570 KSHandsets Changhong 0% 1% 0% 0% 0% 0% 0% 1% Sichuan Changhon 600839 CHHandsets Dopod 0% 0% 0% 0% 0% -1% 0% 0% HTC Corporation 2498 TT

Handsets Google 0% 0% 0% 0% 0% 0% 0% 0% Google GOOG USHandsets Konka 2% 1% 0% 1% 0% 0% 1% 1% Konka Group 000016 CHHandsets Philips 2% 1% 1% 1% 0% -1% 2% 1% Philips PHIA NAHandsets Sharp 1% 0% 0% 1% 0% 0% 1% 0% Sharp Corp 6753 JPHandsets Siemens 0% 0% 0% 0% 0% 0% 0% 0% Siemens AG SIE GRHandsets TCL 0% 0% -1% 0% 0% 0% 0% 0% TCL Corporation 000100 CHHandsets Alcatel 0% 0% 0% 0% 0% 0% 0% 0% Alcatel-Lucent ALU FPHandsets Chinabird 0% 0% -1% 1% 0% 0% 1% 0% Ningbo Bird 600130 CHHandsets Haier 1% 0% -1% 1% 0% -1% 1% 0% Haier Group 1169 HKHandsets Kejian 0% 0% 0% 0% 0% 0% 0% 0% China Kejian Co 000035:CHHandsets K-Touch 3% 1% -3% 2% 0% -2% 2% 0% Jaina Group privateHandsets Mitsubishi 0% 1% 0% 0% 0% 0% 0% 0% Mitsubishi Motor 7211 JPHandsets Newman 0% 0% 0% 0% 0% 0% 0% 0% Beijing Newman privateHandsets Panasonic 0% 0% 0% 0% 0% -1% 0% 0% Panasonic Corp 6752 JPHandsets Skyworth 0% 0% 0% 0% 0% 0% 0% 0% Skyworth 751 HKHandsets Yulong 0% 0% 0% 0% 0% 0% 0% 0% China Wireless 2369 HK

TV Samsung 7% 10% -8% 14% 22% 7% 11% 16% Samsung Electron 005930 KSTV Sony 4% 4% -1% 12% 13% -5% 8% 8% Sony Corporation 6758 JPTV Philips 0% 4% 1% 4% 12% 3% 2% 8% Philips PHIA NATV Changhong 4% 33% 22% 9% 9% 1% 7% 21% Sichuan Changhon 600839 CHTV Panasonic 17% 3% -3% 8% 8% -1% 12% 6% Panasonic Corp 6752 JPTV Skyworth 11% 3% -5% 6% 8% 4% 9% 6% Skyworth 751 HKTV Sharp 4% 2% -1% 11% 6% -4% 7% 4% Sharp Corp 6753 JPTV Haier 0% 16% 8% 6% 5% 0% 3% 11% Haier Group 1169 HKTV Konka 11% 11% -1% 3% 4% 1% 7% 7% Konka Group 000016 CHTV Toshiba 0% 0% -3% 4% 2% 0% 2% 1% Toshiba 6502 JPTV Canca 0% 3% 3% 0% 1% 1% 0% 2% Chaozhou Chuangj privateTV Hisense 20% 4% -4% 4% 1% 0% 12% 3% Hisense 600060 CHTV Hitachi 0% 0% 0% 5% 1% 0% 3% 1% Hitachi, Ltd. 6501 JP


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TV TCL 7% 2% 0% 4% 1% -4% 6% 2% TCL Corporation 000100 CHTV LG 4% 2% 1% 3% 1% -1% 3% 1% LG Electronics 066570 KS

TV Sanyo 7% 0% -1% 1% 1% 1% 4% 0% SANYO Electric 6764 JPTV BenQ 0% 0% 0% 0% 0% -1% 0% 0% BenQ Corporation 8215 TTTV Mitsubishi 0% 0% -1% 0% 0% -1% 0% 0% Mitsubishi Motor 7211 JPTV Pioneer 0% 0% 0% 1% 0% 0% 1% 0% Pioneer Corp 6773 JPTV Xoceco 0% 0% -3% 0% 0% 0% 0% 0% Xiamen Overseas 600870 CHComputers Apple 31% 13% 8% 37% 37% 26% 34% 25% Apple AAPL USComputers Lenovo 21% 17% -7% 16% 16% -2% 18% 17% Lenovo Group 992 HKComputers Samsung 19% 21% 14% 13% 13% 9% 16% 17% Samsung Electron 005930 KSComputers ASUS 0% 5% 5% 0% 6% 6% 0% 6% Asus 2357 TTComputers DELL 2% 5% -3% 6% 6% -3% 4% 6% Dell privateComputers Sony 1% 7% -1% 6% 4% -5% 4% 6% Sony Corporation 6758 JPComputers HP 4% 8% 0% 6% 4% -10% 5% 6% HP HPQ USComputers Acer 12% 6% 6% 3% 3% 1% 7% 5% Acer Inc. 2353 TTComputers Philips 0% 7% 5% 5% 1% -2% 2% 4% Philips PHIA NAComputers Toshiba 3% 0% 0% 1% 1% -1% 2% 1% Toshiba 6502 JPComputers Haier 0% 1% 0% 0% 1% -1% 0% 1% Haier Group 1169 HK

Computers Blackberry 0% 0% 0% 0% 0% 0% 0% 0% BlackBerry BBRY USComputers Compaq 0% 4% 4% 0% 0% -1% 0% 2% HP HPQ USComputers Founder 0% 0% -1% 1% 0% -1% 1% 0% Founder Technolo 600601 CHComputers Fujitsu 0% 1% 1% 1% 0% 0% 0% 1% Fujitsu Limited 6702 JPComputers Nexus 0% 0% 0% 0% 0% 0% 0% 0% Google GOOG USComputers HASEE 1% 0% -1% 0% 0% -2% 1% 0% Hasee Computers 7976342Z CHComputers NEC 0% 0% 0% 0% 0% 0% 0% 0% NEC Corporation 6701 JPComputers Sharp 0% 0% -1% 1% 0% -1% 0% 0% Sharp Corp 6753 JPComputers BenQ 0% 1% 1% 1% 0% -1% 0% 1% BenQ Corporation 8215 TTComputers Greatwall 0% 0% 0% 0% 0% -1% 0% 0% China Greatwall 000066 CHComputers IBM 0% 0% -1% 1% 0% -2% 0% 0% IBM IBM USComputers TCL 0% 0% 0% 0% 0% 0% 0% 0% TCL Corporation 000100 CHComputers Tongfang 0% 0% -3% 0% 0% -2% 0% 0% Tsinghua Tongfan 600100 CHFashion Septwolves 0% 8% 8% 0% 13% 13% 0% 11% Fujian Septwolve 002029 CHFashion Semir 3% 9% 9% 4% 11% 11% 4% 10% The Semir Group 002563 CHFashion Yishion 1% 7% 7% 2% 10% 10% 2% 9% Yishion privateFashion Metersbonwe 0% 6% 6% 0% 8% 8% 0% 7% Metersbonwe Gr 002269 CHFashion Goldlion 11% 5% 3% 13% 7% 5% 12% 6% Goldlion Holding 533 HKFashion youngor 1% 2% 0% 1% 7% 4% 1% 5% Youngor Group Co 600177 CHFashion Lacoste 3% 4% 2% 8% 6% -2% 6% 5% Lacoste privateFashion Girdear 1% 3% 2% 1% 6% 2% 1% 5% Girdear Fashion privateFashion Hongdou 4% 9% 4% 4% 6% 4% 4% 7% The HOdo Group privateFashion Dunhill 1% 1% 0% 4% 5% 2% 2% 3% British American BATS LNFashion Pierre Cardi 0% 6% 3% 1% 5% 2% 1% 6% Pierre Cardin privateFashion Valentino 2% 3% -4% 4% 5% 0% 3% 4% Valentino SpA VLNT IMFashion Burberry 4% 3% 1% 3% 5% 4% 4% 4% Burberry Group BRBY LNFashion Heilan 0% 2% 2% 0% 5% 5% 0% 4% Heilan Home HJBAPZ CHFashion Hermes 1% 6% 5% 3% 5% 4% 2% 5% Herms Intl RMS FPFashion Red Dragonfly 0% 2% 2% 0% 5% 5% 0% 4% Red Dragonfly Fa privateFashion Etam 0% 6% 6% 3% 5% 5% 2% 5% Etam Group privateFashion Fairyfair 1% 4% 0% 3% 5% -3% 2% 5% Shenzhen Fairyfa privateFashion Baoxiniao 2% 5% 4% 3% 4% 2% 2% 5% Zhejiang Baoxini 002154 CHFashion Giorgio Armani 0% 1% 1% 3% 4% 1% 1% 3% Giorgio Armani S privateFashion JNBY 1% 0% -2% 2% 4% 2% 1% 2% Just Naturally B privateFashion Qipai 0% 1% 0% 2% 4% -1% 1% 2% Qipai Group Co privateFashion Gucci 0% 0% 0% 3% 3% 1% 2% 2% Gucci Group GUCG USFashion Louis Vuitton 2% 1% 1% 0% 3% 2% 1% 2% LVMH MC FPFashion ZARA 0% 1% 0% 1% 2% -3% 1% 2% Industria de Dis ITX SMFashion Christian Dior 3% 1% 1% 1% 2% 1% 2% 2% LVMH MC FPFashion Escada 1% 1% 1% 0% 2% 2% 1% 2% Escada ESC GRFashion Lilang 0% 1% 1% 0% 2% 2% 0% 2% China Lilang 1234 HKFashion Erdos 0% 1% 1% 0% 2% 2% 0% 1% Erdos Group privateFashion Givenchy 1% 1% 1% 0% 2% 1% 1% 2% LVMH MC FPFashion Joeone 0% 3% 3% 0% 2% 2% 0% 2% Joeone Co., Ltd 601566 CHFashion Versace 1% 0% 0% 1% 2% -1% 1% 1% Gianni Versace S GIAN IM


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Fashion Dolce & Gabb 0% 1% 1% 0% 1% 1% 0% 1% Dolce & Gabbana privateFashion Guess 1% 1% 0% 0% 1% 1% 1% 1% Guess, Inc. GES US

Fashion Hugo Boss 1% 1% 1% 1% 1% 0% 1% 1% Hugo Boss AG BOSS GRFashion Shanshan 2% 1% 0% 1% 1% 1% 2% 1% Shanshan Group privateFashion Mango 1% 1% 1% 0% 1% 1% 1% 1% Punto Fa, S.L. privateSoft Drinks Coca-Cola 61% 56% -5% 68% 69% 1% 65% 63% The Coca-Cola Co KO USSoft Drinks Sprite 54% 47% 2% 36% 52% 5% 45% 50% The Coca-Cola Co KO USSoft Drinks Pepsi Cola 33% 29% -17% 51% 49% -4% 42% 39% The Coca-Cola Co KO USSoft Drinks Mirinda 14% 18% 4% 25% 25% 2% 19% 22% PepsiCo PEP USSoft Drinks Mizone 21% 11% -3% 22% 25% 5% 22% 18% Frucor (Suntory) privateSoft Drinks Fanta 23% 21% 6% 27% 23% 0% 25% 22% The Coca-Cola Co KO USSoft Drinks 7-Up 16% 15% 2% 23% 22% -7% 20% 19% PepsiCo PEP USSoft Drinks Wahaha 19% 16% 3% 10% 12% 0% 15% 14% Hangzhou Waha privateSoft Drinks Scream 8% 3% -1% 7% 9% 3% 8% 6% farmer spring In privateSoft Drinks Guozhiguole 14% 6% -11% 9% 8% -5% 11% 7% China Huiyuan Ju 1886:HKSoft Drinks Jianlibao 16% 7% 1% 6% 8% 2% 11% 7% Jianlibao Group privateSoft Drinks Lucozade 4% 2% 0% 2% 3% -1% 3% 3% Suntory privateSoft Drinks Mountain Dew 2% 0% -1% 3% 3% -1% 3% 2% PepsiCo PEP US

Soft Drinks Appletiser 2% 2% 2% 1% 1% 1% 2% 2% SABMiller SAB LNSoft Drinks Dr Pepper 0% 0% 0% 1% 0% 0% 0% 0% Dr Pepper Snappl DPS USSoft Drinks Lilt 0% 0% 0% 1% 0% -1% 0% 0% The Coca-Cola Co KO US


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February 2014


China: Demographics

Figure 80:A6. Could you please tell me your age? Figure 81:N2. What is your total after tax monthly income?

Note: Sample size: 2,580 respondents across 10 geographical regions

Figure 82:Urban / Rural split Figure 83::Male / Female split

Figure 84:A9. How many people live in your household?% of respondents(by incomebracket)

Total Up toRMB2000

RMB2000 -

3000

RMB3000 -

4000

RMB4000 -

5000

RMB5000 -

6000

RMB6000 -

7000

RMB7000 -

8000

RMB8000 -10000

RMB10000-15000

RMB15000 +

Wouldprefer notto answer

D.K

1 2 14 3 1 2 1 1 1 1 1 1 0 22 9 14 15 12 14 14 7 10 6 7 6 5 7

3 47 40 33 37 39 56 56 53 54 50 46 33 31

4 23 20 24 27 27 14 20 19 21 25 25 30 31

5 or more 21 20 19 19 24 20 18 16 18 22 32 33 31

Mean 3.49 3.05 3.53 3.57 3.45 3.27 3.44 3.43 3.46 3.50 3.64 3.89 3.80

Figure 85:A15. In your opinion is now a good time to make a major purchase?

26

41

20

13

0

10

20

30

40

50

18-29 30-45 46-55 56-65

%o

frespond

en

ts

4 5

7 7

10

7 7

14

18

13

0

5

10

15

20

UnderRMB

2000(1500)

RMB2000-

2999

(2499.5

)

RMB3000-

3999

(3499.5

)

RMB4000-

4999

(4499.5

)

RMB5000-

5999(5500)

RMB6000-

6999(6500)

RMB7000-

7999(7500)

RMB8000-

9999(9000)

RMB10000-

14999

(12500)

AboveRMB

15000

(20000)

%o

frespon

den

ts

30

70

0

20

40

60

80

100

Rural Urban

%o

frespondents

50 50

0

10

20

30

40

50

60

Male Female

%o

frespondents

19 16 20 17 24 16 21 17 14 13

37 53 50 59 48 57 56 55 67 57

37

28 26 20

26 24 21 26 19

28

6 4 3 3 2 2 2 2 1 2

0%

20%

40%

60%

80%

100%

Under RMB2,000

RMB 2,000-2,999

RMB 3,000-3,999

RMB 4,000-4,999

RMB 5,000-5,999

RMB 6,000-6,999

RMB 7,000-7,999

RMB 8,000-9,999

RMB 1,0000-14,999

Above RMB15,000

%o

frespon

den

ts

Excellent time Good time Not such a good time A bad time

8/12/2019 E

emerging consumer survey databook 2014

Documents