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China’s consumption was weak in the first half of 2022, mainly attributed to the resurgence of Covid-19 and subsequent lockdowns. However, since May there were signs of improvement in China’s consumer behaviour. According to Mirae Asset Global Investments, China will see a gradual consumption recovery, particularly in consumer discretionary and the services industry, in the latter half of this year.
One trend that remains mainstream, as per Mirae, is premiumization. The premium segment is witnessing more growth than the value sector across different categories, as affluent consumers are not under much financial stress. As an example, Sol Ahn, Senior Investment Analyst, Mirae Asset Global Investment, names China Resources Beer. The company’s premium portfolio volume is expected to deliver double-digit growth, outperforming its overall volume growth in the first half of this year.
“A similar trend has been seen in the home appliance industry as well. As one of the largest home appliance platforms, JD saw high-end appliances sales surging nearly five folds compared to a year ago during the 618 festival*,” said Ahn.
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*618 festival is the second largest shopping festival in China and was created by JD.com.
