Table of contents
The big picture............................................................................................................. 9
 
Key sector observations .......................................................................................... 17
General and wealth................................................................................................. 18
Debit and credit cards ............................................................................................. 22
Autos....................................................................................................................... 22
Beverages/food....................................................................................................... 23
Electronics/tech....................................................................................................... 24
Food retailers .......................................................................................................... 25
Food services.......................................................................................................... 26
Household and personal care................................................................................. 26
Luxury goods .......................................................................................................... 27
Internet.................................................................................................................... 27
Telecoms ................................................................................................................ 28
Travel ...................................................................................................................... 29
Housing and property loans.................................................................................... 30
Survey methodology................................................................................................. 32
Detailed sector notes................................................................................................ 39
General and wealth ................................................................................................... 40
Household income and spending pattern ............................................................... 40
Personal income ..................................................................................................... 49
Debit and credit cards ............................................................................................. 52
Comments from US hardline retail groups.............................................................. 62
Comments from China Media analyst..................................................................... 62
Comments from Credit Suisse Asia bank research team....................................... 63
Autos .......................................................................................................................... 64
Comments from European autos team................................................................... 72
Comments from Asia ex. Japan autos team........................................................... 72
Comments from Japan autos team......................................................................... 73
Beverage/food ........................................................................................................... 74
Beverage................................................................................................................. 74
Food........................................................................................................................ 81
Comments from the European beverage team ...................................................... 84
Comments from the Japanese food & beverage team........................................... 84
Comments from Asia ex. Japan food & beverage analyst...................................... 84
Electronics/Tech........................................................................................................ 86
Comment from US semiconductors and consumer electronics team .................... 90
Comments from the Japan consumer electronics and display sector .................... 92
Comments from Asia ex. Japan PC analyst ........................................................... 92
Food retailing............................................................................................................. 94
Comments from European retailing team............................................................... 96
Food services ............................................................................................................ 98

Household and personal care................................................................................ 102
Comments from Japan cosmetics & toiletry team ................................................ 106
Comments from Asia ex. Japan fast-moving consumer goods analyst................ 106
Luxury goods........................................................................................................... 107
Comments from Asia ex. Japan fast-moving consumer goods analyst................ 110
Internet ..................................................................................................................... 112
Comments from Asia ex. Japan Internet analyst.................................................. 126
Telecoms.................................................................................................................. 128
Comments from Global telecom equipment team ................................................ 137
Travel........................................................................................................................ 139
Comments from Asia ex. Japan transportation analyst ........................................ 151
Housing and property loans .................................................................................. 153
Comments from Credit Suisse Hong Kong & China property team ..................... 163
Comments from Credit Suisse Asia bank research team..................................... 164