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Oggetto Discussione: Chinas Retail Recovery Still Rests on Ric Posta RispostaInserisci Nuova Discussione
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Registrato: 26 Mag 20
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Postato: 28 Ott 20 alle 18:45 | IP Salvato Riporta xysoom

Chinas Retail Recovery Still Rests on Richer Consumers

Chinese consumers are finally starting to spend again
after the pandemic-induced slump, but the recovery is
unbalanced and overly reliant on luxury goods, with
poorer Chinese still cautious.To get more news about
WikiFX, you can visit
wikifx official website.
  Consumption has started to catch up to the much
stronger rebound in industrial output, with retail sales
growing in August for the first time this year. Spending
on luxury goods, cars and electronics is leading the
charge, rising faster than food, clothing and other
essentials.Source: National Bureau of Statistics, China
Passenger Car Association, Gaming Inspection and
Coordination Bureau of Macau SAR.
  Note: All data shows % change from previous year*Feb.
values show combined Jan.-Feb. data.
While the supply side of Chinas economy has shown
resilience, a strong and broad rebound in spending is
needed for a more meaningful economic recovery. Even
though the virus is under control, income and job losses
due to the pandemic have made poorer Chinese unwilling or
unable to increase spending, keeping a lid on the
  “Higher-income households have probably built up
savings, because of the forced reduction in consumption
during lockdown, and could now be ready for a spending
spree. It is lower-income households that face a longer
slog of normalizing their finances,” He Wei, an analyst
at Gavekal Dragonomics, said in a recent report.


  What Bloombergs Economists Say...
  “Consumer confidence appears to be coming back even
without a vaccine. This is reflected in strong pickups in
sales of non-essentials, such as cosmetics and jewelry,
in recent months. Improved sentiment and spending at home
in lieu of overseas trips should help support private
consumption.”  Luxury spending in China will grow
20%-30% this year, according to a report from Boston
Consulting Group, but much of that growth is going to
come from consumers in the 50 largest and richest cities.
People in the other 2,206 cities bought only a quarter of
all luxury goods in April-July this year, and their
spending was down 4% compared with 2019, according to the
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