Report: Booming consumer confidence in smaller cities

Rising optimism in small Chinese cities has helped push overall consumer confidence in the nation to a record high, despite slowing economic growth, a new report said.

Based on a survey of 1,000 people in 12 cities, the Boston Consulting Group found that consumers are feeling more hopeful about the economy this year: The number of people who plan to spend more money in the coming year exceeds those who plan to spend less.

It represents quite a turnaround. In both 2011 and 2012, the number of consumers who said they would spend more outstripped those who did not. But in 2013, for the first time in recent history, a majority of consumers said they planned to cut back on spending.