>> Call it a case of consumer anxiety in China while official numbers paint a pretty picture for the economy in 2017. The bottom line is that the country's big brands tell a different story. Many have reported profit drops in the past week. Tsingtao, China's second largest beer brewer posted its steepest earnings fall in 20 years.
And Wanda Cinema, which owns AMC, saw its once rosy profit growth tumble. Reuters' Donny Kwok explains why Chinese consumers are holding back and getting picky.>> Here, actual monthly income doesn't show significant increase as you compare with the solid growth and economy indicators. They would like to spend their money in a more wise way, so that's why they're looking for some new experience, they're looking for some innovative products which convince them that's good judgment to spend that money.
>> Beer, movies, even noodles, analysts say, China's consumer sectors are overloaded with competition. And if brands want to survive, they must spend more to stand out. But according to experts politics abroad have Chinese keeping their wallets shut too.>> So actually for this year peoples are concerning about political situations.
Like in the state Donald Trump administrations, whether it will have an impact to the kind of business operations in the States or in China. Like in Europe people just worrying about Brexit, many people just working for multinational company in China. And this one of the kind of concern is, it will directly affect their job security and that will affect the spending power in return.
>> As Beijing tries to kickstart a more domestic focused economy, keeping people spending money on home brand goods is more important than ever. But so far, 2017 looks patchy at best.