China’s consumer spending still isn’t growing as fast as it did before the pandemic, analysts said.
"What we are saying is there is a recovery but it's going to be gradual," said Christine Peng, head of Greater China consumer sector at UBS."Nowadays the consumption growth is still way below the pre-Covid level."
BEIJING — China's consumer spending still isn't growing as fast as it did before the pandemic, analysts said.from a year ago, according to state media reports of Ministry of Commerce data. The figures did not include Oct. 6, the final and eighth day of the Golden Week holiday., the multi-year trend in retail sales indicates less than 3% growth a year since the start of the pandemic, according to estimates from Christine Peng, head of Greater China consumer sector at UBS.
Chinese luxury spending at home and abroad in September was about 80% what it was in 2019, up from the 70% to 75% recovery seen in August, according to HSBC, citing Global Blue data for duty-free shopping.