China’s consumption recovery

China’s luxury goods and travel-related consumption have shown stronger-than-expected growth despite the slow overall pace of China’s consumption recovery at the beginning of the year. But what are the predictions for the rest of the year?

“Overall, China’s tourism and service-related data showed a much stronger rebound during the Labor Day holiday compared to previous national holidays. Yet, overall consumption recovery may take a few more months,” says Mirae Asset Global Investments Senior Investment Analyst Sol Ahn. She adds that wage growth and labour market need to improve first to improve overall consumer confidence that would lead to stronger consumer spending.

During the Labor Day holiday, not only national domestic visitors increased, but also restaurant revenue and retail sales.

Read the full insight at miraeasset.com.