Morgan Stanley AlphaWise Consumer Pulse Survey in late September, with 2,000 consumer respondents.

In summary:

  • 49% of consumers expect the Chinese economy to improve in the next six months, down from 55% in June
  • 13% to get worse, +1%
  • 38% said they expect the economy to stay the same, +5%

Household spending intentions:

  • 25% of consumers expect to spend more in the next quarter, -3% from june
  • 10% expect to spend less, +2%

Morgan Staley call for better stimulus:

  • “Our China economists believe the weakening consumer sentiment points to a need for further consumption stimulus to help alleviate the deflation spiral”

Yellen was on the same path on Tuesday:

Morgan Stanley