Emerging Consumer Survey Databook 2014

Emerging Consumer
Survey Databook 2014
Research InstituteThought leadership from Credit Suisse Research
and the world’s foremost experts
February 2014

Contents
For more information, please contact:
Mujtaba Rana, Vice President
Thematic Equity Research
Credit Suisse Investment Banking
+44 20 7883 3773
mujtaba.rana@credit-suisse.com
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

February 2014
Credit Suisse Emerging Consumer Survey Databook 2014 Source: Credit Suisse Emerging Consumer Survey 2014
Introduction
This Credit Suisse Emerging Consumer Survey Databook provides granular detail of the market
research that underpins the conclusions and themes highlighted in the Credit Suisse Emerging
Consumer Survey 2014, a comprehensive and exclusive study of the consumption patterns and
plans of individuals residing in nine key economies across the emerging world. Specifically, the
markets 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 Databook is, we have not provided every aspect of the detail which can
be derived from the survey along the lines of gender, age, city and rural/urban locations. This is
available on request. The pages that follow have focused on income bands as a source of
disaggregation 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 markets
over the past 36 months. The Emerging Consumer Surveys in 2013, 2012 and 2011 were in
themselves an extension to the China Consumer Survey, a publication released annually since
2005. The survey structure and questionnaire used in this previous work has been used as a
template for this project, ensuring both a degree of consistency with previous work and a
comparable dataset across the different countries.
To conduct the primary research for this project, the Credit Suisse Research Institute engaged the
global market research firm Nielsen to advise on the questionnaire construction and to undertake
the interview process on our behalf. Using a global firm with local offices has provided a consistent
approach to this multi-region survey, as well as allowing sufficient flexibility to incorporate questions
specific to the countries concerned.
This survey is designed to capture information regarding the spending patterns (past, present and
future) and general lifestyles and aspirations of the consumers across these markets. The data is
proprietary to Credit Suisse and is based on face-to-face interviews carried out in 91 distinct
regional areas, spread over the nine different countries. Data from such a sample will vary in quality
due to the sampling and non-sampling problems inherent in all surveys. Approximately 1,500
respondents were surveyed for each region, with the largest two markets (India and China) having
a 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 and
12) healthcare. Detailed results from each of the eight markets are shown in the "Country Specific
Data" 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, the
Databook aims to present detailed information on those areas which investors may find most
compelling and those which garnered the most thought-provoking ideas during the course of our
study. Certain topics are more pertinent in some markets than others: questions on holiday plans
yielded far more interesting results in Russia and Saudi Arabia than they did in Indonesia, for
instance. 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 results
for 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 Rana
Equity Research, Credit Suisse Investment Banking

February2014
CreditSuisseEmergingConsumerSurveyDatabook2014Source:CreditSuisseEmergingConsumerSurvey2014
Credit Suisse Consumer Survey Universe

February 2014
Credit Suisse Emerging Consumer Survey Databook 2014 Source: Credit Suisse Emerging Consumer Survey 2014 5
Brazil
Missing a beat
The structural optimism among Brazilians again comes across in our survey, but near-term risks do emerge. Brazilian consumers
remain the most upbeat when judged by the balance of respondents who see their personal finances as likely to improve in the next
six months.
However, the more immediate perceptions are less bullish. When asked whether it was a good time to make a major purchase,
Brazilians were the third most pessimistic in our survey – with a net –10% figure claiming it was a bad time. This would be
consistent with the prevailing environment of slower economic growth (2% in 2013), social unrest, higher inflation and lower real
income growth. To a large degree, the buoyant nature of the longer-term optimism might be explained by the ongoing low
unemployment rate and its positive impact on real wage growth. Moreover, the high level of optimism may also be supported by
ongoing government sponsored initiatives, including social programs such Bolsa Familia, Minha Casa Minha Vida (housing
subsidies for low-income consumers) and Minha Casa Melhor (subsidies for purchases by low-income consumers), and ample
credit availability.
Unsurprisingly, however, the actual year-on-year decline in the degree of optimism has been most acute at the lower end of the
income spectrum, as evidenced by a 16% and 36% year-on-year decrease in confidence in the two lowest income brackets we
surveyed. This may be primarily explained by the substantial increase in food inflation during 2013 (5.5% in the last 12 months –
the highest level among all the economies surveyed).
With regard to consumption, momentum continues to favor the discretionary end. The following sectors showed the greatest
momentum in spending: smartphones (+17% versus +11% in our 2012 survey), fashion apparel (+10%), computers (+6%),
internet access (+5%) and smartphone penetration is still relatively low at 45%, suggesting further ample room for growth, with
respondents showing net +8% growth over the coming year. Categories which showed strong forward growth in our 2012 survey,
however, are not forecast to grow as strongly this year – autos (+26% versus –4%), meat (+6% versus –13%) and spirits (+3%
versus –5%) to name but a few. While penetration of the other categories is already high, we expect them to continue growing at
lower rates. More basic spending on beer, carbonated drinks and dairy products declined, which may be explained by the negative
impact of food inflation on lower income consumers.

February 2014
Brazil: Brand penetration
Penetration 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
LOWER income
% penetration at
HIGHER income
average %
penetration
Sector Brand 2012 2013
3-year
growth
2012 2013
3-year
growth
2012 2013 Parent
Listed/
Private
Dairy Nestle 55% 51% 12% 78% 64% -2% 66% 58% Nestlé NESN VX
Dairy Danone 45% 33% 1% 46% 47% 1% 45% 40% Danone BN FP
Dairy Parmalat 25% 34% -6% 47% 42% -4% 36% 38% Parmalat PLT IM
Dairy Batavo 39% 21% -8% 34% 39% 8% 36% 30% Batavo Cooperati private
Dairy Vigor 35% 16% -4% 23% 31% 10% 29% 23% Vigor VIGR3 BZ
Dairy Leco 12% 10% -1% 17% 17% 0% 14% 14% Vigor VIGR3 BZ
Dairy Catupiry 0% 0% 0% 0% 7% 7% 0% 4% Laticínios Catup private
Dairy Philadelphia 1% 1% 0% 9% 6% -13% 5% 4% Kraft Foods Gr KRFT US
Dairy Müller 1% 0% 0% 0% 3% 3% 0% 2% Müller private
Dairy Flora 0% 0% 0% 0% 1% 1% 0% 1% Unilever ULVR LN
Dairy Lactalis 0% 0% 0% 1% 1% 1% 1% 1% Lactalis private
Dairy Anchor 0% 0% 0% 0% 1% 1% 0% 1% Fonterra FCG NZ
Dairy Lurpack 0% 0% 0% 0% 1% 1% 0% 1% Danish Dairy Bo private
Dairy Kraft 0% 1% 1% 8% 0% -11% 4% 0% Kraft Foods Gr KRFT US
Dairy Aviação 1% 0% -1% 1% 0% -6% 1% 0% Gonçalves Salles private
Dairy Fonterra 0% 0% 0% 1% 0% 0% 1% 0% Fonterra FCG NZ
Dairy Perdigão 0% 0% 0% 0% 0% 0% 0% 0% Perdigão private
Dairy Sadia 0% 0% -2% 0% 0% -2% 0% 0% Sadia (BRF-Br) BRFS3 BZ
Dairy Scala 0% 0% 0% 0% 0% -8% 0% 0% Scala Dairy private
Cigarettes Free 10% 7% 7% 30% 32% 32% 20% 20% Souza Cruz (BAT) BATS LN
Cigarettes Hollywood 18% 18% 18% 14% 21% 21% 16% 20% Souza Cruz (BAT) BATS LN
Cigarettes Marlboro 7% 7% 7% 28% 32% 32% 17% 19% Philip Morris In PM US
Cigarettes Derby 25% 27% 27% 5% 5% 5% 15% 16% Souza Cruz (BAT) BATS LN
Cigarettes Dunhill 5% 2% 2% 17% 10% 10% 11% 6% Richemont CFR VX
Cigarettes L&M 4% 4% 4% 8% 4% 4% 6% 4% Philip Morris In MO US
Cigarettes Shelton 0% 1% 1% 0% 6% 6% 0% 4% Philip Morris In PM US
Cigarettes 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 LN
Cigarettes Camel 1% 0% 0% 0% 0% 0% 0% 0% R. J. Reynolds T private
Cigarettes Philip Morri 1% 0% 0% 0% 0% 0% 1% 0% Philip Morris In PM US
Soft Drinks Coca-Cola 91% 83% 12% 99% 86% -2% 95% 84% The Coca-Cola KO US
Soft Drinks Guaraná Ant 43% 59% 23% 74% 65% 10% 58% 62% AmBev AMBV4 BZ
Soft Drinks Fanta 51% 43% 18% 54% 43% -5% 53% 43% The Coca-Cola KO US
Soft Drinks Pepsi Cola 12% 16% 1% 21% 21% 10% 17% 19% The Coca-Cola KO US
Soft Drinks Sprite 7% 14% 4% 15% 20% 6% 11% 17% The Coca-Cola KO US
Soft Drinks Kuat 10% 18% 9% 15% 13% -1% 12% 16% The Coca-Cola KO US
Soft Drinks Dolly 22% 14% -11% 5% 12% -2% 13% 13% Ragi Refrigerant private
Soft Drinks Schincariol 8% 15% 5% 4% 2% 0% 6% 9% Brasil Kirin private
Soft Drinks Convenção 14% 8% -4% 8% 8% 4% 11% 8% Primo Schincario private
Soft Drinks Itubaina 4% 3% 1% 1% 2% -2% 3% 2% Brasil Kirin private
Soft Drinks 7-Up 0% 0% 0% 1% 2% 2% 1% 1% PepsiCo PEP US
Soft Drinks Sukita 3% 1% -3% 2% 0% -2% 3% 0% AmBev AMBV4 BZ
Soft 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 US
Beer Skol 44% 67% 4% 62% 68% -4% 53% 67% AmBev AMBV4 BZ
Beer Brahma 23% 47% 12% 42% 41% -5% 33% 44% AmBev AMBV4 BZ
Beer Antarctica 18% 28% 9% 43% 25% 15% 31% 27% AmBev AMBV4 BZ
Beer Nova Schin 55% 42% 20% 6% 11% 6% 30% 27% Brasil Kirin private
Beer Itaipava 24% 16% 1% 29% 16% -12% 27% 16% Cervejaria Petró private
Beer Heineken 1% 2% 2% 13% 22% 10% 7% 12% Heineken Intl. HEIA NA
Beer Kaiser 5% 7% 1% 1% 5% -5% 3% 6% Avery Brewing private
Beer Bohemia 3% 1% -1% 13% 11% -11% 8% 6% AmBev AMBV4 BZ
Beer Budweiser 0% 1% 1% 7% 7% 7% 4% 4% AmBev AMBV4 BZ
Beer Bavaria 37% 3% 1% 3% 3% -10% 20% 3% Bavaria Brewery Delisted
Beer Devassa 0% 3% 2% 0% 2% -1% 0% 2% Brasil Kirin private
Beer Stella Artoi 0% 0% 0% 6% 3% -1% 3% 2% AmBev AMBV4 BZ

February 2014
% penetration at
LOWER income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
2012 2013 Parent
Listed/
Private
Beer Sol 0% 1% 0% 0% 1% -2% 0% 1% Heineken Intl. HEIA NA
Beer Malzebier 0% 0% 0% 0% 1% 1% 0% 0% AmBev AMBV4 BZ
Beer Crystal 1% 0% -1% 0% 0% 0% 1% 0% Cervejaria Petró private
Beer Erdinger 0% 0% 0% 0% 0% -3% 0% 0% Erdinger Weißbrä private
Beer Miller 0% 0% 0% 3% 0% 0% 1% 0% SABMiller and Mo JV
Beer Tiger 0% 0% 0% 1% 0% 0% 1% 0% Asia Pacific Bre APB SP
Spirits Smirnoff 57% 30% -13% 42% 40% 1% 49% 35% Diageo DGE LN
Spirits Johnnie Walk 10% 8% -20% 45% 42% 9% 28% 25% Diageo DGE LN
Spirits Absolut 7% 6% 5% 25% 34% 30% 16% 20% Pernod Ricard RI FP
Spirits Bacardi 8% 6% 6% 12% 12% 9% 10% 9% Bacardi BACDA US
Spirits Cachaça - 51 18% 11% -7% 2% 7% 3% 10% 9% Companhia Müller private
Spirits J&B 0% 1% 1% 7% 9% 9% 4% 5% Diageo DGE LN
Spirits Cachaça –Vel 6% 3% -2% 0% 7% -4% 3% 5% Indústrias Reuni private
Spirits Campari 7% 3% -11% 4% 4% -1% 5% 4% Campari Grp CPR IM
Spirits Chivas Regal 0% 0% 0% 0% 7% 7% 0% 4% Pernod Ricard RI FP
Spirits Passaport 2% 1% 0% 5% 5% -3% 4% 3% Pernod Ricard RI FP
Spirits Jack Daniels 0% 0% 0% 10% 5% -3% 5% 3% Brown-Forman BF/B US
Spirits Nemiroff 3% 1% -11% 0% 4% 4% 1% 2% Nemiroff private
Spirits Captain Morg 0% 0% 0% 0% 2% 2% 0% 1% Diageo DGE LN
Spirits Malibuu 1% 0% 0% 6% 2% 2% 3% 1% Pernod Ricard RI FP
Spirits Baileys 1% 0% 0% 0% 0% 0% 1% 0% Diageo DGE LN
Spirits Chivas 0% 0% 0% 4% 0% 0% 2% 0% Pernod Ricard RI FP
Spirits Jägermeister 0% 0% 0% 0% 0% 0% 0% 0% Mast-Jägermeiste private
Spirits Jim Beam 1% 0% 0% 0% 0% 0% 1% 0% Beam BEAM US
Spirits Ricard 0% 0% 0% 0% 0% 0% 0% 0% Pernod Ricard RI FP
Bottled Water Bonafont 26% 14% 10% 18% 25% 8% 22% 19% Danone BN FP
Bottled Water Minalba 12% 10% 6% 26% 24% 2% 19% 17% Minalba Alimento private
Bottled Water Lindoya 6% 7% -8% 12% 23% -2% 9% 15% Lindoiano Fontes private
Bottled Water Schincariol 5% 6% 1% 10% 10% 5% 7% 8% Brasil Kirin private
Bottled Water Prata 4% 4% 2% 11% 9% 6% 8% 6% Águas Prata Ltda private
Bottled Water Aqua 2% 1% 0% 6% 4% 4% 4% 3% The Coca-Cola KO US
Bottled Water São Lourenço 5% 0% -1% 11% 1% -4% 8% 1% Nestlé NESN VX
Bottled Water Vital 1% 0% 0% 3% 1% 1% 2% 0% The Coca-Cola KO US
Bottled 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 US
Bottled Water Evian 0% 0% 0% 1% 0% 0% 1% 0% Danone BN FP
Bottled Water Vittel 0% 0% 0% 1% 0% 0% 1% 0% Nestlé NESN VX
Autos Fiat 48% 38% -2% 32% 32% 6% 40% 35% Fiat S.p.A F IM
Autos Volkswagen 18% 41% 11% 18% 15% -15% 18% 28% Volkswagen VOW3 GR
Autos GM 7% 14% -1% 8% 13% -4% 8% 14% General Motors GM US
Autos Ford 9% 6% -6% 10% 11% 8% 10% 9% Ford Motor F US
Autos Citroen 2% 0% 0% 5% 5% 5% 4% 3% PSA Peugeot Citr UG FP
Autos Renault 0% 0% 0% 2% 5% -1% 1% 2% Renault S.A. RNO FP
Autos Honda 17% 0% -1% 2% 4% -1% 10% 2% Honda Motor 7267 JP
Autos Peugeot 0% 1% 1% 4% 3% -3% 2% 2% PSA Peugeot Citr UG FP
Autos Hyundai 0% 0% 0% 4% 3% 2% 2% 2% Hyundai Motor 005380 KS
Autos Merc-Benz 0% 0% 0% 1% 2% 2% 1% 1% Daimler AG DAI GR
Autos Toyota 0% 0% -1% 4% 2% -2% 2% 1% Toyota Motor 7203 JP
Autos Audi 0% 0% 0% 0% 2% 2% 0% 1% Audi (Volkswagen VOW3 GR
Autos 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 JP
Autos Volvo 0% 0% 0% 0% 1% 1% 0% 1% AB Volvo VOLVB SS
Autos Mitsubishi 0% 1% 1% 0% 0% 0% 0% 0% Mitsubishi Motor 7211 JP
Autos Kia 0% 0% -1% 2% 0% -2% 1% 0% Kia Motors 000270 KS
Autos Seat 0% 0% 0% 0% 0% 0% 0% 0% SEAT (Volkswagen VOW3 GR
Autos Subaru 0% 0% 0% 0% 0% 0% 0% 0% Fuji Heavy Ind 7270 JP
Cosmetics Natura 44% 46% 14% 69% 66% 12% 56% 56% Natura Cosmético NATU3 BZ
Cosmetics Avon 59% 70% 17% 50% 39% -9% 54% 55% Avon Products, I AVP US
Cosmetics Boticário 24% 17% 11% 60% 57% 31% 42% 37% O Boticário private
Cosmetics Dove 15% 18% -16% 38% 45% 6% 26% 32% Unilever ULVR LN
Cosmetics Lux 26% 35% 3% 21% 18% 7% 23% 27% Unilever ULVR LN
Cosmetics Nivea 19% 9% 2% 40% 40% 24% 30% 25% Beiersdorf BEI GR
Cosmetics Johnson & Jo 26% 11% -10% 38% 28% 5% 32% 20% Johnson & Johnso JNJ US

February 2014
% penetration at
LOWER income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
2012 2013 Parent
Listed/
Private
Cosmetics L´Oreal 4% 3% -1% 27% 19% -1% 15% 11% L'Oréal OR FP
Cosmetics 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 US
Cosmetics Vult 0% 1% 0% 9% 6% 4% 5% 3% Vult Cosmetics private
Cosmetics Vita Derm 1% 0% 0% 3% 5% 3% 2% 3% Vita Derm private
Cosmetics Biotherm 0% 0% 0% 1% 4% 4% 1% 2% Biotherm (L'Oréa OR FP
Cosmetics Lancôme 0% 0% 0% 8% 4% 0% 4% 2% Lancôme Paris private
Cosmetics Neutrogena 0% 0% 0% 0% 4% 4% 0% 2% Johnson & Johnso JNJ US
Cosmetics Olay 0% 0% 0% 2% 3% 3% 1% 2% Procter & Gamble PG US
Cosmetics Ponds 0% 0% 0% 0% 3% 3% 0% 2% Unilever ULVR LN
Cosmetics Maybelline 0% 0% 0% 1% 3% 3% 1% 1% L'Oréal OR FP
Cosmetics Estée Lauder 0% 0% 0% 1% 2% 2% 1% 1% Estée Lauder Com EL US
Cosmetics Marcelo Beau 0% 0% 0% 2% 2% 2% 1% 1% Marcelo Beauty C private
Cosmetics Amway 0% 1% 1% 0% 1% 1% 0% 1% Amway (Alticor) private
Cosmetics Artistry 0% 0% 0% 0% 1% 1% 0% 0% Access Business private
Cosmetics Clinique 0% 0% 0% 5% 1% 1% 2% 0% Clinique Laborat NYSE EL
Cosmetics Max Factor 0% 0% 0% 0% 0% 0% 0% 0% Procter & Gamble PG US
Cosmetics 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 US
Sportswear Adidas 24% 67% 52% 22% 44% 19% 23% 56% Adidas ADS GR
Sportswear Nike 28% 32% 22% 38% 56% 21% 33% 44% Nike, NKE US
Sportswear Puma 3% 6% 3% 7% 29% 25% 5% 17% Puma SE PUM GR
Sportswear Reebok 3% 10% -4% 10% 21% 3% 6% 15% Reebok (Adidas) ADS GR
Sportswear Olympikus 13% 12% 3% 23% 18% 5% 18% 15% Vulcabrasǀazalei VULC3 BZ
Sportswear Mizuno 2% 6% -4% 2% 24% 13% 2% 15% Mizuno 8022 JP
Sportswear Penalty 3% 5% 4% 2% 9% 9% 2% 7% Penalty private
Sportswear Fila 4% 5% 4% 3% 8% -11% 3% 6% Fila. private
Sportswear Topper 3% 5% 3% 8% 6% 6% 5% 6% Topper (Alpargat private
Sportswear Diadora 1% 2% 2% 0% 7% 7% 1% 4% Diadora private
Sportswear Umbro 0% 3% 2% 0% 6% 6% 0% 4% Umbro (Iconix) ICON US
Sportswear Wilson 0% 1% 1% 0% 6% 6% 0% 3% Wilson Sporting AMEAS FH
Sportswear Speedo 0% 1% 1% 0% 5% 5% 0% 3% Speedo Intl. (Pe private
Sportswear Le Coq Sport 0% 0% 0% 0% 4% 4% 0% 2% Le Coq Sportif private
Sportswear Asics 0% 1% 1% 0% 3% 3% 0% 2% ASICS 7936 JP
Sportswear Champion 0% 0% -9% 3% 3% 3% 1% 1% HanesBrands HBI US
Sportswear Kappa 0% 0% 0% 3% 1% 1% 1% 1% Kappa private
Sportswear K-Swiss 0% 0% 0% 3% 1% 1% 1% 1% K-Swiss, Inc (E- private
Sportswear Converse 1% 0% -1% 0% 1% 1% 1% 0% Nike, NKE US
Sportswear Fred Perry 0% 0% 0% 2% 0% 0% 1% 0% Fred Perry private
Sportswear Timberland 0% 0% -1% 6% 0% -7% 3% 0% Timberland LLC VFC US
Handsets Samsung 16% 31% 19% 32% 34% 14% 24% 32% Samsung Electron 005930 KS
Handsets Nokia 55% 38% 2% 28% 22% -3% 42% 30% Nokia NOK1V FH
Handsets Motorola 10% 16% 0% 11% 10% -27% 11% 13% Motorola, MSI:US
Handsets LG 11% 9% -9% 12% 13% 4% 12% 11% LG Electronics 066570 KS
Handsets Apple 0% 0% 0% 8% 8% 6% 4% 4% Apple AAPL US
Handsets Blackberry 0% 0% 0% 6% 4% 4% 3% 2% BlackBerry BBRY US
Handsets Sony Ericsso 2% 1% -9% 1% 3% -1% 2% 2% Sony Mobile Com 6758 JP
Handsets Alcatel 0% 2% 2% 1% 1% 1% 1% 1% Alcatel-Lucent ALU FP
Handsets Huawei 0% 0% 0% 0% 2% 2% 0% 1% Huawei Tech private
Handsets 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 NA
Handsets Sharp 0% 0% 0% 1% 0% 0% 1% 0% Sharp 6753 JP
Handsets Siemens 1% 0% 0% 0% 0% 0% 0% 0% Siemens AG SIE GR
Handsets NEC 0% 0% 0% 0% 0% 0% 0% 0% NEC 6701 JP
Handsets Panasonic 0% 0% 0% 0% 0% 0% 0% 0% Panasonic 6752 JP
TV Samsung 63% 28% -10% 35% 51% -13% 49% 39% Samsung Electron 005930 KS
TV Panasonic 2% 35% 34% 0% 5% 5% 1% 20% Panasonic 6752 JP
TV LG 11% 11% 0% 18% 11% 0% 14% 11% LG Electronics 066570 KS
TV Sony 8% 2% -14% 23% 17% 6% 16% 10% Sony 6758 JP
TV Philips 2% 7% -4% 0% 0% 0% 1% 4% Koninklijke Phil PHIA NA
TV Toshiba 4% 6% 0% 0% 0% 0% 2% 3% Toshiba 6502 JP
TV Sanyo 1% 1% -1% 0% 0% 0% 1% 1% SANYO Electric 6764 JP
TV Sharp 1% 1% -1% 6% 0% 0% 3% 1% Sharp 6753 JP

February 2014
% penetration at
LOWER income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
2012 2013 Parent
Listed/
Private
TV Mitsubishi 1% 0% -2% 0% 0% 0% 1% 0% Mitsubishi Elect 6503 JP
Computers 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 US
Computers Positivo 11% 15% 15% 0% 4% 4% 5% 10% Positivo Informá POSI3 BZ
Computers HP 2% 3% 1% 11% 10% 10% 7% 6% HP HPQ US
Computers Sony 0% 2% -1% 0% 6% 6% 0% 4% Sony 6758 JP
Computers LG 0% 1% 1% 0% 7% 7% 0% 4% LG Electronics 066570 KS
Computers Acer 13% 5% 4% 0% 0% 0% 7% 3% Acer 2353 TT
Computers ASUS 0% 3% 3% 0% 2% 2% 0% 2% Asus 2357 TT
Computers Philips 2% 1% -5% 0% 3% -8% 1% 2% Koninklijke Phil PHIA NA
Computers DELL 5% 1% -1% 0% 2% -9% 2% 2% Dell private
Computers Toshiba 1% 1% -2% 0% 2% 2% 1% 2% Toshiba 6502 JP
Computers Motorola 0% 0% 0% 0% 2% 2% 0% 1% Motorola, MSI:US
Computers Sharp 0% 1% 0% 0% 0% 0% 0% 0% Sharp 6753 JP
Computers Compaq 1% 0% 0% 0% 0% 0% 1% 0% HP HPQ US
Computers Itautec 1% 0% 0% 6% 0% 0% 3% 0% Itautec ITEC3 BZ
Computers Semp Toshiba 1% 0% 0% 0% 0% 0% 1% 0% Toshiba 6502 JP
Fashion C & A Marisa 48% 54% 17% 36% 30% 8% 42% 42% C&A private
Fashion Renner 12% 27% 7% 29% 34% 13% 20% 31% Lojas Renner S.A LREN3 BZ
Fashion Lacoste 2% 13% 13% 6% 25% 20% 4% 19% Lacoste private
Fashion Calvin Klein 1% 3% 3% 10% 18% 10% 5% 11% Phillips-Van Heu PVH US
Fashion Hering 7% 5% 4% 24% 13% 2% 16% 9% CIA HERING HGTX3 BZ
Fashion Levi's 0% 2% 2% 0% 16% 16% 0% 9% Levi Strauss & private
Fashion Forum 1% 1% 0% 10% 17% 3% 5% 9% Colcci private
Fashion TNG 4% 3% 3% 16% 15% -3% 10% 9% TNG Comércio de private
Fashion ZARA 0% 1% 0% 5% 15% 12% 3% 8% Industria de Dis ITX SM
Fashion Louis Vuitto 0% 0% 0% 5% 15% 15% 3% 8% LVMH MC FP
Fashion Dolce & Gabb 1% 2% -1% 10% 12% 7% 6% 7% Dolce & Gabbana private
Fashion Hugo Boss 1% 3% 3% 8% 10% 6% 4% 7% Hugo Boss AG BOSS GR
Fashion Armani 0% 0% 0% 2% 13% 11% 1% 7% Giorgio Armani S private
Fashion Gucci 0% 1% 1% 9% 12% 12% 5% 7% Gucci Grp GUCG US
Fashion Polo Ralph L 0% 1% -6% 10% 11% 7% 5% 6% Ralph Lauren RL US
Fashion Guess 0% 1% 0% 2% 11% 11% 1% 6% Guess GES US
Fashion Tommy Hilfig 0% 0% 0% 3% 11% 11% 2% 6% Phillips-Van Heu PVH US
Fashion Pierre Cardi 0% 2% -2% 8% 8% 4% 4% 5% Société de Gesti private
Fashion Christian Di 1% 0% 0% 2% 7% 2% 2% 4% LVMH MC FP
Fashion Carmim 0% 0% 0% 2% 7% 2% 1% 4% Carmim private
Fashion Dunhill 0% 1% 1% 0% 6% 6% 0% 3% BAT BATS LN
Fashion Kenzo 0% 2% 2% 5% 4% 4% 3% 3% LVMH MC FP
Fashion Prada 0% 0% -3% 7% 4% 4% 3% 2% Prada S.p.A. 1913 HK
Fashion Hermes 8% 1% 0% 2% 2% 2% 5% 2% Hermès Intl. S.A RMS FP
Fashion Givenchy 0% 0% 0% 2% 3% 3% 1% 1% LVMH MC FP
Fashion Goldlion 0% 0% 0% 0% 2% 2% 0% 1% Goldlion Holding 533 HK
Fashion H&M 0% 1% 0% 0% 1% 1% 0% 1% H & M Hennes & M HMB SS
Fashion Mango 0% 0% 0% 3% 1% 1% 2% 1% Punto Fa, S.L. private
Fashion Escada 0% 0% 0% 0% 1% 1% 0% 1% Escada ESC GR
Fashion Iódice 0% 0% 0% 4% 1% 1% 2% 1% Valdermar Iodice private
Fashion Osmoze 1% 0% 0% 0% 1% -2% 0% 1% Osmoze Grp private
Fashion Y.S.L. 0% 0% 0% 0% 1% 1% 0% 0% Yves Saint Laure private
Fashion Burberry 0% 0% 0% 0% 0% 0% 0% 0% Burberry Grp BRBY LN
Fashion Levi’s 1% 0% 0% 15% 0% 0% 8% 0% Levi Strauss & private
Fashion Valentino 1% 0% 0% 4% 0% 0% 2% 0% Valentino SpA VLNT IM
Fashion Versace 0% 0% 0% 6% 0% 0% 3% 0% Gianni Versace S GIAN IM

February 2014
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 Less
than
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
More
than R
$ 11,411
Would
prefer not
to answer
D.K
1 5 0 15 8 4 4 0 0 0 0 6 2
2 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
%ofrespondents
8
15
34
14
8
5
3 3
0
10
20
30
40
BetweenR$
490-R$
1,141
BetweenR$
1,142-R$
1,630
BetweenR$
1,631-R$
3,260
BetweenR$
3,261-R$
4,890
BetweenR$
4,891-R$
6,520
BetweenR$
6,521-R$
8,150
BetweenR$
8,151-R$
11,410
Morethan
R$11,411
%ofrespondents
30
70
0
20
40
60
80
100
Rural Urban
%ofrespondents
50 50
0
10
20
30
40
50
60
Male Female
%ofrespondents

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 7
25 26 27
42 45 41
50 40
38
50 55 58
46 43 46
44
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
%ofrespondents
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
%ofrespondents
63
45
56 63 58
72 69 72 70
38
50
42 33 41
27 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
%ofrespondents
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
%ofrespondents

February 2014
Brazil: Income and Other
Figure 10: N1. What savings or investment channels, if any, does your household use to save money?
% of
respondents (by
income bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not 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 7
Stock 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 9
Unchanged 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

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 instability
risk
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

February 2014
Brazil: Automobiles
Figure 19: B1. Does your household currently own a car that is driven for personal use?
% of
respondents
(by income
bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not 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
5
7
4
6
11
5
10
21
13
11 11
16
21
19
21
10
21
13
15 16
26
21 20 21
25 2425
19
17
22
25
27
21
30
16
50
44 44
28
22 22
27
23
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
%ofrespondents
Income Bracket
Definitely will Probably will Not sure Probably won’t Definitely won’t

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 0
Local 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

February 2014
Brazil: Food & Beverage
Figure 28: C1. Have you purchased any of these products in the last 3 months?
% of respondents
(by income
bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not 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: No 10 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 33
Spirits - 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

February 2014
Figure 30: C3. Do you expect to spend more on any of these products in the next 12 months?
% of respondents
(by income
bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not 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 5
Beer: 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 16 20
13
75
70 69 77 74
71
58
68
80
0
11 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
Plannedspendonmeatin12
months(%ofpop.likelyto
changeintake)
More The same Less
26
8 9
4
2
11
-10
8
6
-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
Net%ofrespondents

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
Haven’t noticed any 5 0 2 3 4 4 4 5 7 0 22 3
D.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 not
sensitive
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

February 2014
Brazil: Home & Personal Care
Figure 36: E1. Have you purchased any of these products in the last 3 months?
% of respondents
(by income
bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not 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 22
Tissues: 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
Boticário 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 3
Cosmetics: Base 1,354 7 110 206 459 201 93 70 46 40 86 36

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 75
81 79
66
87
0
20
40
60
80
100
LessthanR$
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
MorethanR$
11,411
%ofrespondents
57
33 33 35
41
49
37
55
39
0
20
40
60
80
LessthanR$
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
MorethanR$
11,411
%ofrespondents
14
11
13
16
20
23
33
29
32
0
10
20
30
40
LessthanR$
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
MorethanR$
11,411
%ofrespondents
0
6 5
7
9
16
12
21
29
0
7
14
21
28
35
LessthanR$
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
MorethanR$
11,411
%ofrespondents

February 2014
these categories in next 12 months? PERFUMES
these categories in next 12 months? SPORTSWEAR
57
71 71
67
76
80
84
79
74
0
20
40
60
80
100
LessthanR$
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
MorethanR$
11,411
%ofrespondents
14
34
42 41
47
60
63
68
39
0
20
40
60
80
LessthanR$
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
MorethanR$
11,411
%ofrespondents

February 2014
Brazil: Technology and Internet
Figure 46: G1/ H1 / H2. Personal computer, Mobile phone, and Smartphone penetration
Figure 47: G4. Which of the following electronics products/services are you most likely to purchase in the next 12m?
% of respondents (by
income bracket)
Tota
l
Less
than
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
More than
R $ 11,411
Would
prefer
not to
answer
D.K
Blue-Ray DVD Player 1 0 1 2 1 1 2 1 0 0 3 0
Camcorder 2 0 1 0 1 2 2 5 4 9 1 2
Desktop computer 2 0 2 2 2 2 1 2 0 2 0 2
Digital Camera 3 0 3 4 2 4 4 3 2 4 0 5
DVD Player 1 0 1 0 1 0 1 0 2 2 0 2
E-Reader 0 0 0 0 0 0 0 0 0 0 0 0
Gaming facility 1 0 0 1 2 1 2 1 2 0 1 7
GPS/Navigation 2 0 0 0 1 3 1 7 4 4 2 0
Internet Service
(Broadband / Dial Up)
1 0 1 2 0 0 1 0 0 0 1 0
Mobile Phone (Basic) 3 13 6 7 3 1 2 1 0 2 1 2
Smartphone 8 0 6 6 8 10 8 8 12 20 6 14
MP3 0 0 1 0 0 1 0 1 0 0 0 0
Netbook 3 0 4 4 4 2 2 0 5 2 1 0
Notebook PC 7 0 12 9 7 4 4 14 4 7 7 2
LCD TV 11 13 12 9 15 10 15 7 9 7 7 11
Flat screen TV 3 0 2 4 2 2 4 6 4 2 2 5
Tablet 7 0 2 5 7 10 12 5 14 7 9 0
None of these 45 75 49 45 44 47 37 38 40 31 58 48
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
ElectronicOwnership(%of
households)
Computers Phones Smart Phones
Income group

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?
% of
respondents
(by income
bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not 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 91 100
No 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
49
43
50
23
30
48
16
25
42
9 8
21
87 89 91
34
57 58
1 3 2
0
20
40
60
80
100
Low Income Medium Income High Income
%ofrespondents
Gaming
Banking
Shopping
Travel
Social Network
Messaging
Gambling

February 2014
Brazil: Telecommunications
Figure 52: H1. Do you currently own and use a handset for personal use?
% of respondents
(by income
bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not 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 0
Yes, somebody else
pays
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 20
Base : 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 0
Local 0 0 0 1 0 0 0 0 0 0 0 0
Don’t Know 16 0 8 13 23 15 8 11 18 5 14 7
Base 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
Don’t 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
50
35
16 17
3 5
14
26
37
45
52
36
35 26
31
5 10
12
17
28
33
19
14
11
14
19 14
6 6
15
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
%ofrespondents
Upto 20 $ (20) 20 a 40 $ (30) 40 a 70 $ (55) 70 a 100 $ (85) More than 100 $ (100)

February 2014
Brazil: Travel
Figure 58: J1/J6. Have you been / Are you planning to go on holiday in the last / next 12 months?
Figure 59: J2. Where did you go on your last holiday?
% of
respondents
(by income
bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not to
answer
D.K
At home 32 100 63 48 40 19 16 27 12 8 29 33
Elsewhere in
the country
66 0 37 52 59 79 82 70 77 88 60 67
International
destination
3 0 0 0 1 2 2 3 12 4 11 0
Base : Unwtd 586 2 27 61 209 91 57 37 26 26 35 15
Figure 60: J4. What was the main form of transport that you used to reach your holiday destination?
Car 53 0 30 38 53 62 69 67 30 46 44 40
Bus 19 0 60 50 25 12 6 0 4 4 24 30
Ship 2 0 0 0 1 3 2 4 0 0 12 0
Aeroplane 26 0 10 13 21 23 23 30 65 50 20 30
Base : Unwtd 399 0 10 32 126 74 48 27 23 24 25 10
Figure 61: J7. Where are you planning to go for your next holiday?
At home 17 0 22 27 20 12 11 6 8 0 14 38
Elsewhere in
the country
81 100 78 72 80 86 88 89 83 94 80 62
International
destination
2 0 0 1 0 2 2 6 8 6 6 0
Base : Unwtd 822 1 36 98 294 127 66 53 36 33 49 29
25 23
29
43 44
53 50
55
63
13
31
45
59 62 61
71
76 80
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
%ofhouseholdsholidaying
Income Bracket
Taken holiday in the last 12 months Planning to take holiday in the next 12 months

February 2014
Brazil: Property
Figure 62: K1. Do you or your family live in your own property?
% of
respondents
(by income
bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not 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
Don’t 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 21 27 27 23 30
17
40
86 85 80 73 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
%ofrespondents
No
Yes

February 2014
Figure 68: K4 & K7 – Property Financing: ALL CASH
Figure 69: K4 & K7 – Property Financing: CASH + CREDIT
Figure 70: K4 & K7 – Property Financing: ALL CREDIT
33
39
31
24 24 24
40
45
27
12 14
6
26
9
13
25
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
%ofrespondents
Current
House
Financing
Future
House
Financing
0
16
26 28
43
49
59
51
37
0
40 39
54
62
35
73 75
56
0
20
40
60
80
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
%ofrespondents
Current
House
Financing
Future
House
Financing
0
15
11
14
9 11
8
5 3
0
33
44
29 28 26
18
0
13
0
10
20
30
40
50
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
%ofrespondents
Current
House
Financing
Future
House
Financing

February 2014
Brazil: Education
Figure 71: L3. Do you conduct any education online?
Yes 8 0 6 4 6 9 12 7 12 15 11 12
No 92 100 94 96 94 91 88 93 88 85 89 88
Base : Unwtd 1,419 8 112 210 480 207 101 69 49 41 100 42
Figure 72: L6. Do you intend to spend more, or less, on education or training courses in the next 12 months
More 15 13 11 11 14 18 22 23 22 20 11 21
About the same 65 38 64 70 67 68 64 64 67 76 53 38
Less 19 50 25 19 19 14 14 13 10 5 36 40
Base : Unwtd 1,419 8 112 210 480 207 101 69 49 41 100 42
Figure 73: L6. Do you intend to spend more, or less, on education or training courses in the next 12 months?
13 11 11
14
18
22 23
50
25
19 19
14 14 13
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
Spendingoneducation&training
inthenext12months(%of
households)
Income bracket
More Less

February 2014
Brazil: Healthcare
Figure 74: M1. Does your household have access to free or partially-free health care from the State?
% of
respondents
(by income
bracket)
Total Less
than
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
More
than R
$ 11,411
Would
prefer
not to
answer
D.K
Yes 76 63 92 82 80 77 67 66 57 43 69 61
No 24 38 8 18 20 23 33 34 43 58 31 39
Base : Unwtd 1,409 8 110 211 483 201 101 71 46 40 97 41
Figure 75: M2. What services, if any, could you get free from the state?
Hospital 21 23 22 22 21 20 21 20 21 19 20 21
Emergency Room 21 18 22 21 21 21 21 21 21 21 21 20
Prescriptions 19 18 18 19 20 19 19 20 20 17 19 19
Vaccinations 21 18 21 21 20 21 21 21 21 27 22 24
Diagnostic tests 18 23 17 16 18 18 18 19 19 17 18 15
Base : Unwtd 1072 5 101 174 387 155 68 47 26 17 67 25
Figure 76: M8. Is anyone in your household a regular purchaser of medicines (more than one item per month)?
Yes 26 50 20 26 24 29 21 39 15 50 16 27
No 74 50 80 74 76 71 79 61 85 50 84 73
Base : Unwtd 1,409 8 110 211 483 201 101 71 46 40 97 41
Figure 77: M12. Thinking now about everyone in your household, would you expect to be spending more or less on medicines
over the next 12 months?
More 3 0 4 3 2 4 7 3 2 0 0 0
Same 48 63 43 49 46 54 45 41 63 68 54 34
Less 49 38 54 48 51 42 49 56 35 33 46 66
Base : Unwtd 1,409 8 110 211 483 201 101 71 46 40 97 41
Figure 78: M13. How much extra would you be willing to pay for an international medicine brand, rather than a locally
produced product?
Wouldn’t pay extra 85 100 88 89 87 83 89 75 59 73 87 90
1-10% extra 12 0 12 7 11 15 9 18 28 20 6 10
11-20% extra 2 0 0 2 1 1 1 6 11 3 5 0
21-30% extra 1 0 0 1 0 1 0 1 2 0 1 0
More than 30% extra 0 0 0 0 0 0 1 0 0 5 1 0
Base : Unwtd 1,409 8 110 211 483 201 101 71 46 40 97 41
Figure 79: M14. Do you trust local brands as much as international brands on efficacy and safety?
Only efficacy 12 0 9 10 14 10 11 15 17 8 13 0
Only safety 2 0 2 2 2 1 1 3 2 3 2 5
Both 79 100 76 79 80 81 86 77 67 78 72 71
Neither 2 0 3 5 2 2 0 3 2 3 1 2
Base : Unwtd 1,409 8 110 211 483 201 101 71 46 40 97 41

February 2014
China
Consumer reforms ahead
China emerges across a wide range of indicators in the survey as robustly positioned, despite some broader macro concerns about
growth that prevail in China. Our broad barometer of optimism measuring the perception of financial conditions six months ahead
has remained unchanged at 38%, leaving China second in our rankings. This is also backed by a rise in the percentage of
respondents who thought now was a good time to make a major purchase, which at over 15% is the highest in the survey.
For most Chinese, incomes are still rising. 40% more respondents said that their income was better rather than worse. Their future
expectations are ranked third in the survey. However, compared to the 2012 survey, there are signs of income growth beginning to
slow as in other emerging economies.
As in previous surveys, one distinguishing characteristic of Chinese consumers is their much higher savings ratio compared to other
countries (over 30%). This is probably partly due to cultural factors, as well as the desire of young Chinese to own property and the
savings needed to support such a purchase. Food is one item that Chinese consumers spend less income on compared with many
other countries. This is in keeping with the dramatic improvement in China’s agricultural productivity in the last 30 years.
The ongoing momentum behind discretionary spending – notably on cars, holidays and smartphones – is marked both in terms of
China’s own history and the other emerging economies surveyed. However, while the latter should continue, we note that
penetration rates are now relatively high, potentially constraining future growth.
This survey was conducted before the recent announcement of structural reforms at the 3rd
Plenary Session of 18th CPC. These
have the potential to support the theme of growth rebalancing towards consumption in the medium term, not least via the influence
of the planned changes to China’s one-child policy. A key factor here is the potential stimulus to those in the crucial younger age
brackets in our survey (18–29 and 30–45). These groups are already optimistic and, as we have shown, have greater purchasing
power in any event. For example, 12% of people in the 18–29 age bracket see now as an “excellent” time to spend compared to
5%–8% in previous years. In the 39–45 age group, those of prime childrearing age, spending willingness has reached a new high:
18% think now is an “excellent” time to spend, versus 10%–14% in 2010–2012. The underlying reason is the improvement in
their financial outlook.

February 2014
China: Brand penetration
Penetration 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 LOWER
income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
2012 2013 Parent Company Listed/ Private
Dairy Mengniu 67% 55% -12% 63% 57% -12% 65% 56% China Mengniu 2319 HK
Dairy Yili 51% 41% -23% 59% 45% -14% 55% 43% Inner Mong. Yili 600887 CH
Dairy Bright 16% 17% -3% 36% 33% -2% 26% 25% Bright Food 600597 CH
Dairy Nestle 7% 11% 5% 11% 18% 2% 9% 14% Nestlé NESN VX
Dairy Sanyuan 6% 8% -5% 12% 14% 5% 9% 11% Beijing Sanyuan 600429 CH
Dairy Danone 0% 0% -1% 4% 8% 1% 2% 4% Danone BN FP
Dairy Jule 1% 1% 1% 2% 5% 5% 2% 3% Jule Dairy private
Dairy Wahaha 0% 8% 8% 0% 5% 5% 0% 6% Hangzhou Waha private
Dairy Vitasoy 2% 5% 5% 1% 3% 3% 2% 4% Vitasoy Intl 345 HK
Dairy wondersun 9% 5% -1% 3% 3% 2% 6% 4% wondersun Dairy private
Dairy 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 US
Dairy Fengxing 3% 1% 1% 1% 2% 2% 2% 2% Guangzhou Fengxi private
Dairy Xiangmanlo 2% 1% 1% 1% 2% 2% 1% 2% Wuhan Wei. Xia. private
Dairy Yashili 2% 4% 2% 2% 2% -1% 2% 3% Guangdong Yashil private
Dairy New hope 0% 1% 1% 0% 2% 2% 0% 2% New Hope Group private
Dairy Sanlu 0% 1% 0% 0% 1% 0% 0% 1% Sanlu Group private
Dairy Huishan 0% 5% 5% 0% 1% 1% 0% 3% China Huishan Da 6863 HK
Dairy Shengyuan 2% 2% 1% 1% 1% 0% 2% 2% Qingdao Sheng Yu private
Dairy Anchor 0% 0% 0% 1% 1% 0% 1% 0% Fonterra FCG NZ
Dairy Changfu 0% 0% 0% 0% 1% 1% 0% 0% Fujian Changfu OQASUZ CH
Dairy Feihe 2% 1% 0% 1% 1% 0% 1% 1% Feihe Dairy ADY US
Dairy Flora 0% 0% 0% 1% 1% 0% 0% 0% Unilever ULVR LN
Dairy Fonterra 0% 1% 1% 0% 1% 1% 0% 1% Fonterra FCG NZ
Dairy Müller 0% 0% 0% 0% 1% 0% 0% 1% Müller private
Dairy Lactalis 0% 0% 0% 0% 0% 0% 0% 0% Lactalis private
Dairy 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 US
Dairy Delikang 2% 3% 3% 1% 0% 0% 1% 1% Delikang Dairy private
Dairy Yinqiao 3% 5% 5% 0% 0% 0% 2% 2% Yinqiao(Ch Dairy CDG SP
Cigarettes Chunghwa 6% 7% 7% 25% 20% 20% 16% 14% Shanghai Tobacc private
Cigarettes Yuxi 10% 8% 8% 14% 20% 20% 12% 14% Hongta Tobacco private
Cigarettes Hongshuangxi 12% 7% 7% 22% 19% 19% 17% 13% Shanghai Tobacc private
Cigarettes Liqun 5% 9% 9% 13% 17% 17% 9% 13% Zhejiang Tobacco private
Cigarettes Yunyan 7% 7% 7% 13% 17% 17% 10% 12% Hongyunhonghe private
Cigarettes Hongtashan 24% 21% 21% 14% 14% 14% 19% 18% Hongta Tobacco private
Cigarettes Huanghelou 19% 19% 19% 13% 13% 13% 16% 16% Hubei China Tob private
Cigarettes Pride 8% 9% 9% 5% 12% 12% 7% 10% Ch Tob Chuanyu private
Cigarettes Marlboro 4% 0% 0% 11% 10% 10% 7% 5% Philip Morris In PM US
Cigarettes Shuangxi 5% 3% 3% 6% 8% 8% 5% 6% Ch Tbc Guangdon private
Cigarettes Septwolves 12% 6% 6% 10% 7% 7% 11% 6% Longyan Cigarett private
Cigarettes Panda 2% 2% 2% 5% 5% 5% 3% 4% Shanghai Tobacco private
Cigarettes Zhongnanhai 4% 4% 4% 7% 5% 5% 6% 5% Shanghai Tobacco private
Cigarettes Wuyeshen 1% 1% 1% 3% 3% 3% 2% 2% Meizhou Cigarett private
Cigarettes Camel 0% 1% 1% 1% 3% 3% 1% 2% R. J. Reynolds private
Cigarettes Tianzi 0% 1% 1% 1% 3% 3% 1% 2% Chongqing Tobac private
Cigarettes Danghongying 1% 1% 1% 1% 2% 2% 1% 2% Ningbo Cigarette private
Cigarettes Hongjinglong 9% 9% 9% 4% 2% 2% 7% 6% China Tbc Hubei private
Cigarettes Kent 0% 0% 0% 2% 2% 2% 1% 1% BAT BATS LN
Cigarettes Derby 1% 1% 1% 1% 2% 2% 1% 2% BAT BATS LN
Cigarettes Dunhill 0% 0% 0% 1% 2% 2% 1% 1% BAT BATS LN
Cigarettes Lark 0% 1% 1% 2% 2% 2% 1% 1% Philip Morris In PM US
Cigarettes Cocopalm 0% 0% 0% 1% 1% 1% 1% 1% Guangzhou No.1 BATS LN
Cigarettes Daqianmen 2% 2% 2% 0% 1% 1% 1% 2% Shanghai Tobacco private
Cigarettes Glamour 0% 0% 0% 0% 1% 1% 0% 1% Japan Tobacco 2914 JP
Cigarettes Mild Seven 1% 1% 1% 1% 1% 1% 1% 1% Japan Tobacco 2914 JP

February 2014
income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
Cigarettes Cleopatra 0% 1% 1% 1% 1% 1% 0% 1% Eastern Company EML US
Cigarettes 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 US
Cigarettes Houwang 11% 10% 10% 2% 1% 1% 7% 6% China Tobacco Sh private
Cigarettes Jinsheng 0% 0% 0% 0% 1% 1% 0% 0% Nanchang Cigaret private
Cigarettes Parliament 0% 0% 0% 0% 1% 1% 0% 0% Philip Morris In PM US
Cigarettes Viceroy 0% 0% 0% 0% 1% 1% 0% 0% British American BATS LN
Cigarettes Winston 0% 0% 0% 0% 1% 1% 0% 0% R. J. Reynolds T RAI US
Cigarettes Xihu 0% 0% 0% 0% 1% 1% 0% 0% Hangzhou Cigaret private
Cigarettes L&M 0% 0% 0% 0% 0% 0% 0% 0% Philip Morris In MO US
Cigarettes Yan'an 1% 1% 1% 0% 0% 0% 1% 1% Shaanxi China Ci private
Cigarettes Pall Mall 0% 1% 1% 1% 0% 0% 1% 0% British American BATS LN
Beer Tsingtao 39% 37% 0% 51% 46% 6% 45% 42% Tsingtao Brewery 168 HK
Beer Snow 44% 54% 17% 39% 43% 8% 41% 49% CR Snow(SAB-CRE) JV
Beer Budweiser 6% 5% -2% 31% 31% -1% 19% 18% AmBev AMBV4 BZ
Beer 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 BB
Beer Suntory 4% 1% -1% 16% 12% 3% 10% 7% Suntory 2587 JP
Beer Carlsberg 2% 1% 0% 7% 10% 1% 5% 6% Carlsberg Group CARLB DC
Beer Heineken 1% 1% 0% 5% 8% 0% 3% 5% Heineken Intl HEIA NA
Beer Zhujiang 17% 7% 0% 8% 8% -3% 12% 7% Guangzhou Zhujia 002461 CH
Beer Kingway 1% 4% 2% 1% 3% 1% 1% 4% Kingway Brewery 291 HK
Beer Sedrin 0% 0% -1% 0% 3% 0% 0% 2% InBev (AB InBev) ABI BB
Beer Tiger 1% 1% 1% 2% 3% -1% 1% 2% Asia Pacific Bre APB SP
Beer Corona 0% 1% 1% 1% 2% 2% 1% 2% Modelo(AB InBev) ABI BB
Beer Shancheng 0% 2% 1% 0% 2% 0% 0% 2% Chongqing Brew 600132 CH
Beer San Miguel 3% 1% -1% 2% 1% -2% 3% 1% San Miguel Brew SMC PM
Beer Beck's 0% 0% -1% 2% 1% 0% 1% 1% AmBev AMBV4 BZ
Beer Amstel 0% 1% 1% 0% 1% 0% 0% 1% Heineken Intl HEIA NA
Beer Chero 5% 5% -2% 1% 1% -2% 3% 3% Tsingtao Brewery 168 HK
Beer Ginsber 0% 1% 1% 0% 1% 1% 0% 1% SiPing Ginsberg private
Beer 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 BB
Beer Fosters 0% 0% 0% 0% 0% 0% 0% 0% SABMiller SAB LN
Beer Kingstar 0% 1% 1% 0% 0% 0% 0% 1% Henan Jinxing Br private
Beer Miller 0% 1% 1% 1% 0% 0% 1% 1% SAB & Molson JV
Beer Peroni 7% 0% -9% 11% 0% -13% 9% 0% SABMiller SAB LN
Beer Stella Artois 0% 0% 0% 0% 0% 0% 0% 0% AmBev AMBV4 BZ
Beer Anchor 0% 0% 0% 0% 0% 0% 0% 0% Fonterra FCG NZ
Beer Bboss 0% 1% 1% 0% 0% 0% 0% 0% Jiangsu Big Boss private
Beer Carling 0% 0% 0% 0% 0% 0% 0% 0% Molson Coors Bre TAP US
Beer Guinness 1% 0% 0% 2% 0% 0% 2% 0% St. James's Gate DGE LN
Beer Immense 4% 4% 4% 1% 0% 0% 2% 2% Tsingtao Brewery 168 HK
Spirits Niulanshan 12% 14% 14% 19% 21% 21% 16% 18% Beijing Shunxin 000860 CH
Spirits Luzhoulaojia 5% 4% -8% 12% 18% 1% 9% 11% Luzhou Laojiao 000568 CH
Spirits Wuliangye 13% 6% -1% 14% 16% 7% 14% 11% Wuliangye Group private
Spirits Jiannanchun 1% 1% -3% 10% 14% 11% 6% 8% VATS Group private
Spirits Maotai 15% 1% -8% 12% 13% -4% 14% 7% China Kweichow private
Spirits Jinliufu 4% 8% 1% 8% 8% 1% 6% 8% VATS Group private
Spirits Absolut 0% 3% 2% 10% 7% -3% 5% 5% Pernod Ricard RI FP
Spirits Hennessy 0% 2% 0% 10% 7% 0% 5% 4% LVMH MC FP
Spirits Xiaohutuxian 3% 0% -4% 5% 7% 0% 4% 3% Guangzhou Zhujia private
Spirits Chivas Regal 0% 4% 4% 0% 6% 6% 0% 5% Pernod Ricard RI FP
Spirits Langjiu 1% 6% -3% 11% 6% -2% 6% 6% Sichuan Langjiu private
Spirits Yanghe 4% 3% 3% 1% 6% 6% 2% 5% Jiangsu Yanghe 002304 CH
Spirits Bacardi 0% 0% 0% 3% 5% 5% 2% 3% Bacardi Limited BACDA US
Spirits Swellfun 0% 0% 0% 1% 5% 5% 1% 3% Sichuan Swellfun 600779 CH
Spirits first cellar 0% 0% -2% 5% 5% 1% 2% 3% Luzhou Laojiao 000568 CH
Spirits Jack Daniels 0% 0% 0% 4% 4% 2% 2% 2% Brown-Forman BF/B US
Spirits Tuopaiqujiu 1% 2% -8% 2% 4% 1% 2% 3% Sichuan Tuopai 600702 CH
Spirits Confucian 0% 2% 2% 1% 4% 2% 0% 3% Qufu Confucius private

February 2014
income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
Spirits Gujing 0% 1% 1% 5% 4% 4% 3% 2% Anhui Gujing Dis 000596 CH
Spirits Xinghuacun 1% 2% -1% 1% 3% 2% 1% 3% Shandong Xinghua private
Spirits Daohuaxiang 5% 1% -4% 6% 3% -1% 6% 2% Daohuaxiang Liqu private
Spirits Jiugui 0% 6% 6% 2% 3% 1% 1% 5% Jiugui Liquor 000799 CH
Spirits Smirnoff 0% 0% 0% 1% 3% 2% 1% 2% Diageo DGE LN
Spirits Johnnie Walk 0% 1% 1% 1% 2% 2% 0% 2% Diageo DGE LN
Spirits Captain Morg 0% 2% 2% 1% 2% 2% 0% 2% Diageo DGE LN
Spirits J&B 0% 1% 0% 1% 2% 0% 1% 2% Diageo DGE LN
Spirits Liuyanghe 1% 3% -1% 2% 2% 0% 2% 2% Liuyanghe Liquor private
Spirits Campari 0% 2% 2% 0% 1% 1% 0% 2% Campari Group CPR IM
Spirits Nemiroff 0% 0% -1% 1% 1% -1% 1% 1% Nemiroff private
Spirits Taibai 2% 4% 4% 0% 1% 1% 1% 3% VATS Group private
Spirits Xifeng 7% 10% 10% 1% 1% 1% 4% 6% Shaanxi Xifeng private
Spirits Baileys 0% 0% 0% 3% 1% 1% 2% 0% Diageo DGE LN
Spirits Chivas 0% 0% 0% 9% 0% 0% 5% 0% Pernod Ricard RI FP
Spirits Jägermeister 1% 2% 2% 0% 0% 0% 1% 1% Mast-Jägermeiste private
Spirits Ricard 0% 1% 1% 0% 0% -1% 0% 1% Pernod Ricard RI FP
Bottled 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 private
Bottled Water Wahaha 24% 36% 1% 24% 34% 3% 24% 35% Hangzhou Wahaha private
Bottled Water C’estbon 17% 12% 2% 15% 29% 9% 16% 21% C'estbon Food 291 HK
Bottled Water Robust 11% 9% -11% 12% 14% -8% 11% 12% Guangdong Robust BN FP
Bottled Water IceDew 0% 12% 12% 0% 11% 11% 0% 11% The Coca-Cola Co KO US
Bottled Water Watsons 3% 4% 4% 8% 9% 9% 6% 6% Hutchison Whampo 13 HK
Bottled Water Evian 2% 5% 4% 7% 7% 0% 5% 6% Danone BN FP
Bottled Water Ganten 2% 1% 0% 4% 4% 0% 3% 2% Shenzhen Ganten private
Bottled Water Health 2% 2% 1% 1% 3% -1% 2% 2% Shenzhen Danone private
Bottled Water Laoshan 1% 2% 0% 2% 2% 2% 1% 2% Qingdao Laoshan private
Bottled Water Tibet Spring 0% 0% -1% 2% 2% 0% 1% 1% Tibet 5100 Water 1115 HK
Bottled Water Vittel 2% 1% 0% 2% 1% 1% 2% 1% Nestlé NESN VX
Bottled Water Aqua 0% 0% 0% 0% 1% 0% 0% 1% The Coca-Cola Co KO US
Bottled Water Aquafina 0% 0% 0% 0% 1% 0% 0% 0% PepsiCo PEP US
Bottled Water Dinghu 2% 0% 0% 0% 1% 1% 1% 1% Dinghu Mountain private
Bottled 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 FP
Bottled Water Perrier 0% 0% 0% 0% 0% 0% 0% 0% Nestlé NESN VX
Bottled Water SPA 0% 0% 0% 0% 0% 0% 0% 0% Spadel Group private
Bottled Water Buxton 0% 1% 1% 0% 0% -1% 0% 0% Nestlé NESN VX
Bottled Water Dasani 0% 0% 0% 0% 0% 0% 0% 0% The Coca-Cola Co KO US
Autos Volkswagen 21% 18% 9% 20% 17% 5% 21% 17% Volkswagen VOW3 GR
Autos GM 4% 3% -4% 7% 9% 5% 6% 6% General Motors GM US
Autos Toyota 6% 3% 3% 5% 8% 3% 5% 6% Toyota Motor 7203 JP
Autos Hyundai 19% 9% 7% 11% 8% 4% 15% 9% Hyundai Motor Co 005380 KS
Autos Honda 0% 0% -11% 9% 8% -5% 4% 4% Honda Motor Co 7267 JP
Autos Audi 7% 5% 4% 3% 5% 1% 5% 5% Audi (Volkswagen) VOW3 GR
Autos BMW 2% 2% 1% 3% 4% 3% 2% 3% BMW BMW GR
Autos Mazda 0% 2% -3% 4% 4% 1% 2% 3% Mazda Motor Corp 7261 JP
Autos Nissan 2% 5% 5% 5% 4% -1% 4% 5% Nissan Motor Co 7201 JP
Autos Citroen 2% 7% 7% 2% 3% 0% 2% 5% PSA Peugeot Citr UG FP
Autos Ford 0% 3% 2% 2% 3% -3% 1% 3% Ford Motor Co F US
Autos Kia 6% 6% 6% 2% 2% 1% 4% 4% Kia Motors Corp 000270 KS
Autos Mitsubishi 0% 2% 2% 0% 2% -1% 0% 2% Mitsubishi Motor 7211 JP
Autos Peugeot 0% 3% 3% 3% 2% 1% 1% 2% PSA Peugeot Citr UG FP
Autos Merc-Benz 0% 0% 0% 1% 1% 0% 1% 1% Daimler AG DAI GR
Autos Huachen 0% 0% 0% 0% 1% 1% 0% 1% Brilliance Auto 1114 HK
Autos Haima 0% 0% -4% 1% 1% 0% 0% 0% FAW Haima Auto private
Autos Hongqi 0% 0% 0% 0% 1% 0% 0% 0% FAW Car Co 000800 CH
Autos Range Rover 0% 0% 0% 1% 1% 1% 0% 0% Tata Motors TTMT IN
Autos Maruti Suz 0% 0% -3% 0% 1% 0% 0% 0% Maruti Suzuki In MSIL IN
Autos Subaru 0% 0% 0% 1% 1% 0% 0% 0% Fuji Heavy Indus 7270 JP
Autos Tianjin-faw 0% 0% 0% 1% 1% 1% 1% 0% FAW Tianjin 000927 CH
Autos Zhonghua 0% 0% 0% 0% 1% 0% 0% 0% Brilliance Auto 1114 HK
Autos Chrysler 0% 2% 2% 0% 0% 0% 0% 1% Chrysler Group private

February 2014
income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
Autos Fiat 0% 0% 0% 0% 0% 0% 0% 0% Fiat S.p.A F IM
Autos 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 FP
Autos Beijing Jeep 0% 0% 0% 1% 0% 0% 0% 0% Beijing Jeep Cor private
Autos Besturn 0% 0% -1% 0% 0% 0% 0% 0% FAW Car Company 000800 CH
Autos Bingjing-hyu 15% 0% -1% 2% 0% -1% 9% 0% Beijing Hyundai IJAIZZ CH
Autos BYD 0% 0% -1% 2% 0% -3% 1% 0% BYD Co Ltd 1211 HK
Autos changansuz 0% 0% -1% 2% 0% 0% 1% 0% Changan Suzuki private
Autos Changhe 2% 0% 0% 0% 0% 0% 1% 0% Jiangxi Changhe private
Autos Chery 2% 0% -9% 3% 0% -3% 3% 0% Chery Automobile CACTZ CH
Autos Geely 0% 0% -2% 2% 0% -2% 1% 0% Zhejiang Geely H private
Autos GW 0% 0% 0% 0% 0% -1% 0% 0% Great Wall Motor 2333 HK
Autos Hafei 0% 0% -5% 0% 0% 0% 0% 0% Harbin HF Automo private
Autos Shoutheast 0% 1% 1% 0% 0% 0% 0% 1% Soueast private
Autos Volvo 0% 1% 0% 1% 0% 0% 0% 1% AB Volvo VOLVB SS
Cosmetics L´Oreal 11% 12% -2% 27% 29% -1% 19% 20% L'Oréal OR FP
Cosmetics Olay 13% 16% -9% 23% 22% -1% 18% 19% Procter & Gamble PG US
Cosmetics 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 US
Cosmetics Estée Lauder 0% 3% 2% 7% 8% 2% 3% 5% Estée Lauder Co EL US
Cosmetics Lux 14% 12% 6% 9% 8% 2% 12% 10% Unilever ULVR LN
Cosmetics Avon 8% 14% -3% 11% 7% -10% 10% 11% Avon Products AVP US
Cosmetics Nivea 6% 7% 3% 9% 7% -5% 7% 7% Beiersdorf BEI GR
Cosmetics Chcedo 3% 8% 3% 9% 7% 3% 6% 7% Jala Group Inc JALA US
Cosmetics Maybelline 8% 8% 3% 6% 7% -1% 7% 8% L'Oréal OR FP
Cosmetics Tjoy 16% 9% -7% 11% 7% -5% 14% 8% Coty Inc COTY US
Cosmetics Chanel 1% 3% 1% 2% 5% 1% 2% 4% Chanel S.A. private
Cosmetics Lancôme 1% 2% 1% 5% 5% 1% 3% 3% Lancôme Paris private
Cosmetics Mary Kay 0% 4% 4% 0% 5% 5% 0% 4% Mary Kay, Inc. 5698C US
Cosmetics Amway 0% 3% 3% 0% 4% 4% 0% 4% Amway (Alticor) private
Cosmetics Dove 2% 3% 3% 5% 4% 3% 3% 4% Unilever ULVR LN
Cosmetics Ponds 4% 4% -2% 6% 4% -3% 5% 4% Unilever ULVR LN
Cosmetics Herborist 2% 1% -1% 3% 4% -1% 3% 2% Shanghai Jawha 600315 CH
Cosmetics 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 JP
Cosmetics Doctor li 3% 3% -1% 3% 3% -1% 3% 3% Sisder Health private
Cosmetics Neutrogena 0% 1% 1% 0% 3% 3% 0% 2% Johnson & Johnso JNJ US
Cosmetics Clinique 0% 1% 1% 3% 3% -2% 1% 2% Clinique Laborat NYSE EL
Cosmetics Johnson & Jo 5% 5% -2% 5% 2% -7% 5% 4% Johnson & Johnso JNJ US
Cosmetics Artistry 0% 2% 2% 0% 2% 2% 0% 2% Access Business private
Cosmetics Yumeijing 5% 6% 3% 3% 2% 2% 4% 4% Tianjin Yumeijin private
Cosmetics Clarins 0% 2% 2% 0% 2% 1% 0% 2% Clarins Group private
Cosmetics Max Factor 0% 1% 1% 0% 2% 2% 0% 1% Procter & Gamble PG US
Cosmetics Meijiajing 8% 9% 1% 2% 2% -1% 5% 6% Shanghai Jawha 600315 CH
Cosmetics Biotherm 0% 1% 1% 0% 1% 1% 0% 1% Biotherm(L'Oréal) OR FP
Cosmetics Body Shop 0% 0% 0% 0% 1% 1% 0% 0% The Body Shop In BOS LN
Cosmetics Oriflame 0% 0% 0% 0% 1% 1% 0% 1% Oriflame Cosmeti ORI SS
Cosmetics Caisy 0% 0% -1% 1% 0% -2% 1% 0% Guangzhou Caisy private
Cosmetics Covergirl 0% 1% 1% 0% 0% 0% 0% 1% Procter & Gamble PG US
Cosmetics 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 private
Sportswear Nike 6% 18% 5% 45% 46% 7% 26% 32% Nike, Inc. NKE US
Sportswear Adidas 18% 22% 9% 38% 46% 10% 28% 34% Adidas ADS GR
Sportswear Lining 27% 29% 3% 15% 27% 7% 21% 28% Li Ning Company 2331 HK
Sportswear Anta 11% 9% -8% 11% 15% 1% 11% 12% ANTA Sports Prod 2020 HK
Sportswear Xtep 15% 14% 3% 5% 13% 6% 10% 14% Xtep Internation 1368 HK
Sportswear 361 361 15% 5% -2% 7% 11% 7% 11% 8% 361 Degrees Gr 1361 HK
Sportswear Converse 3% 4% 2% 5% 11% 1% 4% 8% Nike, Inc. NKE US
Sportswear Jordan 6% 12% 6% 4% 9% 4% 5% 11% Nike, Inc. NKE US
Sportswear Metersbonw 5% 2% -3% 4% 6% 2% 4% 4% Metersbonwe Gr 002269 CH
Sportswear Puma 4% 1% 0% 6% 5% 0% 5% 3% Puma SE PUM GR
Sportswear Erke 3% 6% 3% 3% 5% 2% 3% 5% HongXing Erke Gr private
Sportswear Guirenniao 1% 7% 7% 4% 4% 4% 3% 6% Guirenniao Co Lt EGATMZ CH

February 2014
income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
Sportswear Kappa 1% 2% -1% 4% 4% 1% 2% 3% Kappa private
Sportswear 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 US
Sportswear Double Star 5% 6% 6% 1% 3% 3% 3% 5% Doublestar Group private
Sportswear Reebok 3% 1% 0% 2% 2% 0% 3% 1% Reebok (Adidas) ADS GR
Sportswear Mizuno 0% 1% 1% 0% 2% 0% 0% 1% Mizuno Corp 8022 JP
Sportswear Diadora 0% 0% -1% 0% 1% 0% 0% 1% Diadora private
Sportswear Fila 0% 1% 1% 0% 1% 1% 0% 1% Fila, Ltd. private
Sportswear K-Swiss 0% 0% 0% 0% 1% 1% 0% 1% K-Swiss(E-Land) private
Sportswear Tonlion 0% 0% 0% 0% 1% 0% 0% 1% Ningbo Beyond Fa private
Sportswear Umbro 0% 1% 0% 0% 1% -1% 0% 1% Umbro (Iconix) ICON US
Sportswear Asics 0% 0% 0% 0% 1% 1% 0% 1% ASICS 7936 JP
Sportswear Le Coq Sport 0% 0% 0% 1% 1% 1% 0% 1% Le Coq Sportif private
Sportswear Fred Perry 0% 0% 0% 0% 0% 0% 0% 0% Fred Perry private
Sportswear Speedo 0% 0% 0% 0% 0% 0% 0% 0% Speedo Intl private
Sportswear Timberland 1% 0% 0% 1% 0% 0% 1% 0% Timberland LLC VFC US
Handsets Samsung 12% 18% 8% 21% 27% 13% 17% 23% Samsung Electron 005930 KS
Handsets 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 FH
Handsets Huawei 4% 4% 4% 2% 5% 5% 3% 5% Huawei Tech private
Handsets Motorola 4% 1% -5% 5% 4% -1% 4% 3% Motorola, Inc. MSI:US
Handsets Lenovo 6% 6% 3% 3% 3% 1% 5% 5% Lenovo Group 992 HK
Handsets HTC 1% 1% 1% 5% 3% 2% 3% 2% HTC Corporation 2498 TT
Handsets ZTE 0% 5% 5% 0% 3% 3% 0% 4% ZTE Corporation 763 HK
Handsets Bubugao 2% 2% 1% 2% 2% 0% 2% 2% BBK Electronics private
Handsets Sony Ericss 3% 1% -3% 3% 2% -4% 3% 1% Sony Mobile Com 6758 JP
Handsets Blackberry 0% 1% 1% 1% 1% 1% 0% 1% BlackBerry BBRY US
Handsets Coolpad 2% 4% 4% 2% 1% 1% 2% 3% Coolpad private
Handsets Oppo 0% 2% 1% 1% 1% 0% 1% 2% OPPO Electronics 0056647D US
Handsets Meizu 0% 0% 0% 0% 1% 1% 0% 1% Meizu Tech private
Handsets Gionee 3% 2% 1% 1% 1% 0% 2% 2% Gionee private
Handsets LG 3% 1% -1% 3% 1% -1% 3% 1% LG Electronics 066570 KS
Handsets Changhong 0% 1% 0% 0% 0% 0% 0% 1% Sichuan Changhon 600839 CH
Handsets 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 US
Handsets Konka 2% 1% 0% 1% 0% 0% 1% 1% Konka Group 000016 CH
Handsets Philips 2% 1% 1% 1% 0% -1% 2% 1% Philips PHIA NA
Handsets Sharp 1% 0% 0% 1% 0% 0% 1% 0% Sharp Corp 6753 JP
Handsets Siemens 0% 0% 0% 0% 0% 0% 0% 0% Siemens AG SIE GR
Handsets TCL 0% 0% -1% 0% 0% 0% 0% 0% TCL Corporation 000100 CH
Handsets Alcatel 0% 0% 0% 0% 0% 0% 0% 0% Alcatel-Lucent ALU FP
Handsets Chinabird 0% 0% -1% 1% 0% 0% 1% 0% Ningbo Bird 600130 CH
Handsets Haier 1% 0% -1% 1% 0% -1% 1% 0% Haier Group 1169 HK
Handsets Kejian 0% 0% 0% 0% 0% 0% 0% 0% China Kejian Co 000035:CH
Handsets K-Touch 3% 1% -3% 2% 0% -2% 2% 0% Jaina Group private
Handsets Mitsubishi 0% 1% 0% 0% 0% 0% 0% 0% Mitsubishi Motor 7211 JP
Handsets Newman 0% 0% 0% 0% 0% 0% 0% 0% Beijing Newman private
Handsets Panasonic 0% 0% 0% 0% 0% -1% 0% 0% Panasonic Corp 6752 JP
Handsets Skyworth 0% 0% 0% 0% 0% 0% 0% 0% Skyworth 751 HK
Handsets 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 KS
TV Sony 4% 4% -1% 12% 13% -5% 8% 8% Sony Corporation 6758 JP
TV Philips 0% 4% 1% 4% 12% 3% 2% 8% Philips PHIA NA
TV Changhong 4% 33% 22% 9% 9% 1% 7% 21% Sichuan Changhon 600839 CH
TV Panasonic 17% 3% -3% 8% 8% -1% 12% 6% Panasonic Corp 6752 JP
TV Skyworth 11% 3% -5% 6% 8% 4% 9% 6% Skyworth 751 HK
TV Sharp 4% 2% -1% 11% 6% -4% 7% 4% Sharp Corp 6753 JP
TV Haier 0% 16% 8% 6% 5% 0% 3% 11% Haier Group 1169 HK
TV Konka 11% 11% -1% 3% 4% 1% 7% 7% Konka Group 000016 CH
TV Toshiba 0% 0% -3% 4% 2% 0% 2% 1% Toshiba 6502 JP
TV Canca 0% 3% 3% 0% 1% 1% 0% 2% Chaozhou Chuangj private
TV Hisense 20% 4% -4% 4% 1% 0% 12% 3% Hisense 600060 CH
TV Hitachi 0% 0% 0% 5% 1% 0% 3% 1% Hitachi, Ltd. 6501 JP

February 2014
income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
TV TCL 7% 2% 0% 4% 1% -4% 6% 2% TCL Corporation 000100 CH
TV 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 JP
TV BenQ 0% 0% 0% 0% 0% -1% 0% 0% BenQ Corporation 8215 TT
TV Mitsubishi 0% 0% -1% 0% 0% -1% 0% 0% Mitsubishi Motor 7211 JP
TV Pioneer 0% 0% 0% 1% 0% 0% 1% 0% Pioneer Corp 6773 JP
TV Xoceco 0% 0% -3% 0% 0% 0% 0% 0% Xiamen Overseas 600870 CH
Computers Apple 31% 13% 8% 37% 37% 26% 34% 25% Apple AAPL US
Computers Lenovo 21% 17% -7% 16% 16% -2% 18% 17% Lenovo Group 992 HK
Computers Samsung 19% 21% 14% 13% 13% 9% 16% 17% Samsung Electron 005930 KS
Computers ASUS 0% 5% 5% 0% 6% 6% 0% 6% Asus 2357 TT
Computers DELL 2% 5% -3% 6% 6% -3% 4% 6% Dell private
Computers Sony 1% 7% -1% 6% 4% -5% 4% 6% Sony Corporation 6758 JP
Computers HP 4% 8% 0% 6% 4% -10% 5% 6% HP HPQ US
Computers Acer 12% 6% 6% 3% 3% 1% 7% 5% Acer Inc. 2353 TT
Computers Philips 0% 7% 5% 5% 1% -2% 2% 4% Philips PHIA NA
Computers Toshiba 3% 0% 0% 1% 1% -1% 2% 1% Toshiba 6502 JP
Computers 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 US
Computers Compaq 0% 4% 4% 0% 0% -1% 0% 2% HP HPQ US
Computers Founder 0% 0% -1% 1% 0% -1% 1% 0% Founder Technolo 600601 CH
Computers Fujitsu 0% 1% 1% 1% 0% 0% 0% 1% Fujitsu Limited 6702 JP
Computers Nexus 0% 0% 0% 0% 0% 0% 0% 0% Google GOOG US
Computers HASEE 1% 0% -1% 0% 0% -2% 1% 0% Hasee Computers 7976342Z CH
Computers NEC 0% 0% 0% 0% 0% 0% 0% 0% NEC Corporation 6701 JP
Computers Sharp 0% 0% -1% 1% 0% -1% 0% 0% Sharp Corp 6753 JP
Computers BenQ 0% 1% 1% 1% 0% -1% 0% 1% BenQ Corporation 8215 TT
Computers Greatwall 0% 0% 0% 0% 0% -1% 0% 0% China Greatwall 000066 CH
Computers IBM 0% 0% -1% 1% 0% -2% 0% 0% IBM IBM US
Computers TCL 0% 0% 0% 0% 0% 0% 0% 0% TCL Corporation 000100 CH
Computers Tongfang 0% 0% -3% 0% 0% -2% 0% 0% Tsinghua Tongfan 600100 CH
Fashion Septwolves 0% 8% 8% 0% 13% 13% 0% 11% Fujian Septwolve 002029 CH
Fashion Semir 3% 9% 9% 4% 11% 11% 4% 10% The Semir Group 002563 CH
Fashion Yishion 1% 7% 7% 2% 10% 10% 2% 9% Yishion private
Fashion Metersbonwe 0% 6% 6% 0% 8% 8% 0% 7% Metersbonwe Gr 002269 CH
Fashion Goldlion 11% 5% 3% 13% 7% 5% 12% 6% Goldlion Holding 533 HK
Fashion youngor 1% 2% 0% 1% 7% 4% 1% 5% Youngor Group Co 600177 CH
Fashion Lacoste 3% 4% 2% 8% 6% -2% 6% 5% Lacoste private
Fashion Girdear 1% 3% 2% 1% 6% 2% 1% 5% Girdear Fashion private
Fashion Hongdou 4% 9% 4% 4% 6% 4% 4% 7% The HOdo Group private
Fashion Dunhill 1% 1% 0% 4% 5% 2% 2% 3% British American BATS LN
Fashion Pierre Cardi 0% 6% 3% 1% 5% 2% 1% 6% Pierre Cardin private
Fashion Valentino 2% 3% -4% 4% 5% 0% 3% 4% Valentino SpA VLNT IM
Fashion Burberry 4% 3% 1% 3% 5% 4% 4% 4% Burberry Group BRBY LN
Fashion Heilan 0% 2% 2% 0% 5% 5% 0% 4% Heilan Home HJBAPZ CH
Fashion Hermes 1% 6% 5% 3% 5% 4% 2% 5% Hermès Intl RMS FP
Fashion Red Dragonfly 0% 2% 2% 0% 5% 5% 0% 4% Red Dragonfly Fa private
Fashion Etam 0% 6% 6% 3% 5% 5% 2% 5% Etam Group private
Fashion Fairyfair 1% 4% 0% 3% 5% -3% 2% 5% Shenzhen Fairyfa private
Fashion Baoxiniao 2% 5% 4% 3% 4% 2% 2% 5% Zhejiang Baoxini 002154 CH
Fashion Giorgio Armani 0% 1% 1% 3% 4% 1% 1% 3% Giorgio Armani S private
Fashion JNBY 1% 0% -2% 2% 4% 2% 1% 2% Just Naturally B private
Fashion Qipai 0% 1% 0% 2% 4% -1% 1% 2% Qipai Group Co private
Fashion Gucci 0% 0% 0% 3% 3% 1% 2% 2% Gucci Group GUCG US
Fashion Louis Vuitton 2% 1% 1% 0% 3% 2% 1% 2% LVMH MC FP
Fashion ZARA 0% 1% 0% 1% 2% -3% 1% 2% Industria de Dis ITX SM
Fashion Christian Dior 3% 1% 1% 1% 2% 1% 2% 2% LVMH MC FP
Fashion Escada 1% 1% 1% 0% 2% 2% 1% 2% Escada ESC GR
Fashion Lilang 0% 1% 1% 0% 2% 2% 0% 2% China Lilang 1234 HK
Fashion Erdos 0% 1% 1% 0% 2% 2% 0% 1% Erdos Group private
Fashion Givenchy 1% 1% 1% 0% 2% 1% 1% 2% LVMH MC FP
Fashion Joeone 0% 3% 3% 0% 2% 2% 0% 2% Joeone Co., Ltd 601566 CH
Fashion Versace 1% 0% 0% 1% 2% -1% 1% 1% Gianni Versace S GIAN IM

February 2014
income
% penetration at
HIGHER income
average %
penetration
3-year
growth
2012 2013
3-year
growth
Fashion Dolce & Gabb 0% 1% 1% 0% 1% 1% 0% 1% Dolce & Gabbana private
Fashion 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 GR
Fashion Shanshan 2% 1% 0% 1% 1% 1% 2% 1% Shanshan Group private
Fashion Mango 1% 1% 1% 0% 1% 1% 1% 1% Punto Fa, S.L. private
Soft Drinks Coca-Cola 61% 56% -5% 68% 69% 1% 65% 63% The Coca-Cola Co KO US
Soft Drinks Sprite 54% 47% 2% 36% 52% 5% 45% 50% The Coca-Cola Co KO US
Soft Drinks Pepsi Cola 33% 29% -17% 51% 49% -4% 42% 39% The Coca-Cola Co KO US
Soft Drinks Mirinda 14% 18% 4% 25% 25% 2% 19% 22% PepsiCo PEP US
Soft Drinks Mizone 21% 11% -3% 22% 25% 5% 22% 18% Frucor (Suntory) private
Soft Drinks Fanta 23% 21% 6% 27% 23% 0% 25% 22% The Coca-Cola Co KO US
Soft Drinks 7-Up 16% 15% 2% 23% 22% -7% 20% 19% PepsiCo PEP US
Soft Drinks Wahaha 19% 16% 3% 10% 12% 0% 15% 14% Hangzhou Waha private
Soft Drinks Scream 8% 3% -1% 7% 9% 3% 8% 6% farmer spring In private
Soft Drinks Guozhiguole 14% 6% -11% 9% 8% -5% 11% 7% China Huiyuan Ju 1886:HK
Soft Drinks Jianlibao 16% 7% 1% 6% 8% 2% 11% 7% Jianlibao Group private
Soft Drinks Lucozade 4% 2% 0% 2% 3% -1% 3% 3% Suntory private
Soft 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 LN
Soft Drinks Dr Pepper 0% 0% 0% 1% 0% 0% 0% 0% Dr Pepper Snappl DPS US
Soft Drinks Lilt 0% 0% 0% 1% 0% -1% 0% 0% The Coca-Cola Co KO US

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 income
bracket)
Total Up to
RMB
2000
RMB
2000 -
3000
RMB
3000 -
4000
RMB
4000 -
5000
RMB
5000 -
6000
RMB
6000 -
7000
RMB
7000 -
8000
RMB
8000 -
10000
RMB
10000-
15000
RMB
15000 +
Would
prefer not
to answer
D.K
1 2 14 3 1 2 1 1 1 1 1 1 0 2
2 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
%ofrespondents
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)
%ofrespondents
30
70
0
20
40
60
80
100
Rural Urban
%ofrespondents
50 50
0
10
20
30
40
50
60
Male Female
%ofrespondents
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 RMB
2,000
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 RMB
15,000
%ofrespondents
Excellent time Good time Not such a good time A bad time

February 2014
Figure 86: 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..
Source: Company data, Credit Suisse estimates
Figure 87: A16. Do you think the state of your own finances over the next 6 months will be better, worse or about the same?
Source: Credit Suisse survey. NB: Income brackets based on average monthly household income.
Figure 88: 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.
13
37
41
53
44 47
54
44
61
40
0
20
40
60
80
Under RMB
2,000
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 RMB
15,000
%ofrespondents
37 34 35 34 40 44 42 44 47 48
45 57 58 62 56 51 56 53 52 49
0%
20%
40%
60%
80%
100%
Under RMB
2,000
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 RMB
15,000
%ofrespondents
Better About the same Worse
20
25 28
30
35
40 40 41
45 46
0
10
20
30
40
50
Under RMB
2,000
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 RMB
15,000
%ofrespondents

February 2014
China: Income and Other
Figure 89: N1. What savings or investment channels, if any, does your household use to save money?
% of
respondents (by
income bracket)
Total Up to
RMB
2000
RMB
2000 -
3000
RMB
3000 -
4000
RMB
4000 -
5000
RMB
5000 -
6000
RMB
6000 -
7000
RMB
7000 -
8000
RMB
8000 -
10000
RMB
10000-
15000
RMB
15000 +
Would
prefer
not to
answer
D.K
Bank account 45 49 56 52 51 48 55 53 47 41 33 49 53
Life insurance 13 8 12 12 14 12 11 11 13 13 14 16 11
Stock market 7 2 1 5 5 8 6 5 7 11 9 6 3
Cash 14 9 17 12 13 12 14 15 13 14 15 11 17
Mutual Fund 7 2 1 3 6 6 4 7 7 8 10 3 6
Treasury bond 3 1 2 3 2 4 2 1 4 4 4 2 2
Property 6 2 3 5 4 5 5 5 6 7 10 5 5
Collectables 2 1 2 1 0 1 1 0 1 2 3 2 0
No extra saving 3 25 7 7 5 4 1 2 2 0 2 5 4
Base : Unwtd 2580 110 127 178 184 265 183 180 363 454 324 81 131
Figure 90: N3. To what extent has your household income changed in the last 12 months?
Declined > 20% 2 12 2 3 3 2 4 2 1 1 2 0 2
-10% to -20% 3 6 6 4 7 3 5 6 2 2 2 4 2
-10% to flat 3 3 2 7 3 4 5 5 2 2 4 0 2
Unchanged 62 62 72 62 63 69 64 64 63 58 48 65 69
Flat to +10% 17 8 11 15 17 14 11 12 22 24 16 12 11
+10 to +20% 9 5 7 8 4 5 8 8 7 9 18 10 11
+20 to +30% 2 0 1 2 1 2 1 3 2 3 6 5 2
30%+ 1 1 0 0 1 1 0 1 0 0 5 1 1
Base : Unwtd 2,580 110 127 178 184 265 183 180 363 454 324 81 131
Figure 91: N4. In what way do you expect your household income to change in the next 12 months?
Declined > 20% 1 6 0 3 1 1 1 1 1 0 1 2 2
-10% to -20% 2 2 6 3 1 2 2 1 2 1 2 0 1
-10% to flat 2 4 2 3 3 2 2 2 1 1 1 2 1
Unchanged 55 70 61 56 60 62 55 57 53 48 44 64 63
Flat to +10% 20 7 18 20 20 14 20 22 29 23 21 14 13
+10 to +20% 14 5 10 11 12 14 15 10 12 20 20 10 11
+20 to +30% 4 2 3 2 2 3 4 5 2 4 6 4 6
30%+ 2 3 0 2 1 2 1 2 1 2 5 2 4
Base : Unwtd 2,580 110 127 178 184 265 183 180 363 454 324 81 131
Figure 92: N5. What proportion of your spending is done via credit cards?
0-5% 10 12 11 8 12 9 11 7 7 10 11 11 15
6-10% 10 5 10 12 18 10 10 13 8 9 10 7 5
11-15% 7 4 6 10 9 9 8 8 7 8 9 5 0
16-20% 6 1 5 6 2 6 5 7 7 8 9 2 1
21-25% 3 0 4 2 1 2 3 3 4 5 6 0 1
More than 25% 9 1 3 4 3 7 5 8 9 13 20 12 10
No credit card 49 69 54 53 50 54 56 50 55 43 32 42 50
Mean % exp 14 7 12 13 10 14 12 14 16 16 17 15 13
Base : Unwtd 2580 110 127 178 184 265 183 180 363 454 324 81 131
Figure 93: N6. How do you think your purchases on credit card are likely to change in the next 12 months?
Rising 35 30 29 37 33 35 36 25 38 37 42 32 15
Staying the same 58 71 61 59 60 55 57 66 60 56 51 62 74
Decreasing 7 0 10 3 8 10 7 9 2 7 7 6 11
Base : Unwtd 1,315 34 59 83 92 122 81 90 165 257 219 47 66

February 2014
Figure 94: N10. How effective is your government at solving problems that relate to you?
Very effective 6 4 6 6 8 6 4 9 6 7 7 10 3
Quite effective 57 58 57 61 64 64 61 54 53 54 58 57 51
Not very effective 19 9 19 16 15 16 19 21 22 23 19 14 10
Not at all effective 9 8 9 8 7 7 8 8 12 11 9 9 11
Base : Unwtd 2,580 110 127 178 184 265 183 180 363 454 324 81 131
Figure 95: N11. Do you think that more economic growth will lead to a changed political system?
Yes 61 51 55 62 59 55 57 59 62 69 69 55 49
No 20 10 23 18 20 22 28 27 23 22 19 12 8
Base : Unwtd 2,580 110 127 178 184 265 183 180 363 454 324 81 131
Figure 96: N12. What do you feel is the biggest risk to your country?
Political risk 14 22 15 16 19 13 15 9 12 13 15 23 16
Military risk 12 12 11 13 13 15 10 12 14 13 10 13 10
Social risk 25 17 23 19 20 23 25 28 25 27 25 20 29
Economic risk 40 40 45 43 41 40 42 42 41 40 38 33 34
Domestic instability
risk
9 9 6 7 7 9 7 9 8 8 12 11 11
Base : Unwtd 2580 110 127 178 184 265 183 180 363 454 324 81 131
Figure 97: N13. Do you feel that buying domestic brands supports your nation?
Yes 85 82 85 88 87 80 86 81 89 90 85 81 71
No 11 7 12 9 8 14 12 14 8 9 13 10 13
Base : Unwtd 2,580 110 127 178 184 265 183 180 363 454 324 81 131

February 2014
China: Automobiles
Figure 98: B1. Does your household currently own a car that is driven for personal use?
% of
respondents
(by income
bracket)
Total Up to
RMB
2000
RMB
2000 -
3000
RMB
3000 -
4000
RMB
4000 -
5000
RMB
5000 -
6000
RMB
6000 -
7000
RMB
7000 -
8000
RMB
8000 -
10000
RMB
10000-
15000
RMB
15000 +
Would
prefer
not to
answer
D.K
Yes 31 12 17 24 22 25 25 22 25 34 64 51 34
No 69 88 83 76 78 75 75 78 75 66 36 49 66
Figure 99: B2. Does your household own a motorcycle / 2-wheeler for personal use?
Yes 31 26 32 31 30 28 26 29 35 28 29 45 44
No 69 74 68 69 70 72 74 71 65 72 71 55 56
Figure 100: B3. How many cars do you own in your household?
1 70 100 96 94 87 73 71 42 28 14 53 71 70
2 22 0 4 6 11 22 25 47 41 40 34 17 22
3 or more 8 0 0 0 2 5 4 12 31 46 13 13 8
Figure 101: B7. How did you finance it?
All Cash 27 33 57 42 25 24 23 25 15 51 23 21 27
Cash + Credit 52 33 17 40 51 58 60 63 77 26 53 50 52
All Credit 13 33 13 12 19 14 11 5 8 11 11 8 13
Don’t Know 7 0 13 6 5 4 7 7 0 11 13 21 7
Base : Unwtd 747 3 23 65 220 130 84 60 39 35 64 24 747
Figure 102: B10. Will you or your family purchase or replace a passenger car in the next 12 months?
Figure 103: B4. What brand is the car your household last purchased?
Foreign Cars 81 54 75 78 79 79 84 76 82 84 88 70 60
Volkswagen 16 15 15 23 16 16 16 24 18 16 16 10 7
GM 8 0 0 8 5 13 5 3 8 10 8 13 7
Local Cars 14 15 15 20 18 13 12 19 14 14 10 20 14
Tianjin-faw 1 0 0 0 5 2 2 3 1 1 0 0 5
Haima 1 0 0 0 3 2 0 0 1 1 0 0 2
Base : Unwtd 759 13 20 40 38 62 43 37 87 146 190 40 43
2 3 4 4 5 3 5 4 5
89 8 9
14
19
16 17 15
19
22
10
13 15 13 13 15
12 13 15
119
17 15 15
18 17
22
17 18 17
66
55
54
47
42
45
40
46
39 40
0
10
20
30
40
50
60
70
80
Under RMB
2,000
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 RMB
15,000
%ofrespondents
Income Bracket
Definitely will Probably will Not sure Probably won’t Definitely won’t

February 2014
Figure 104: B16. How do you plan to finance the upcoming car purchase?
All Cash 53 58 43 27 58 58 39 64 43 58 64 44 39
Cash + Credit 38 25 43 55 42 34 42 25 49 38 34 28 30
All Credit 3 0 0 9 0 2 3 6 5 3 0 0 4
Part Exchange 2 0 0 5 0 5 6 3 2 0 2 0 0
Don’t Know 5 17 14 5 0 2 9 3 2 1 0 28 26
Base : Unwtd 511 12 14 22 31 62 33 36 65 104 91 18 23
Figure 105: B17. How much do you plan to spend on the car you or your household is planning to purchase?
Upto RMB 100000 18 42 29 27 23 24 24 28 17 8 11 22 13
RMB 100’000 -
400’000
63 42 64 50 71 60 52 61 58 79 66 39 48
RMB 400’00 –
700’000
11 0 7 18 3 11 18 8 11 10 16 11 9
RMB 700’000 –
1’000’000
2 0 0 5 0 2 3 0 8 3 1 0 0
More than RMB
1’000’000
2 0 0 0 0 2 0 3 3 1 5 0 0
Base : Unwtd 511 12 14 22 31 62 33 36 65 104 91 18 23
Figure 106: B15. Which car brand are you most likely purchase?
Foreign Cars 86 33 71 82 77 79 89 89 92 92 88 83 64
Volkswagen 15 17 12 14 18 19 20 13 10 15 15 22 8
Toyota 10 0 6 11 5 7 11 20 8 10 12 13 8
Local Cars 8 33 24 11 15 8 7 7 5 5 6 9 4
Haima 1 0 0 0 3 0 0 0 2 1 2 0 0
Base : Unwtd 511 12 14 22 31 62 33 36 65 104 91 18 23

Emerging Consumer Survey Databook 2014

Emerging Consumer Survey Databook 2014

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