China’s economic gloom worsens with weak consumer spending data | Bloomberg News

China’s consumer-driven recovery is showing more signs of losing momentum as spending slows on everything from holiday travel to cars and homes, adding to expectations for more stimulus to support the economy.

Domestic travel spending during the recent holiday for the dragon-boat festival was lower than pre-pandemic levels, according to official data released this weekend. Home sales figures are below the level in previous years, while estimates for June car sales showed a drop from a year ago.

“As pent-up demand fades and the risk of an economic double-dip becomes more real in coming months, we expect in-person services consumption growth to weaken further,” Lu wrote. Not all of the recent data suggests a slowdown, with box office revenue reaching the second-highest amount on record for the dragon-boat holiday, the official Xinhua News Agency reported. But other indicators provide evidence that spending isn’t gaining momentum.

Last week, Wang Huning—the No. 4 official in China’s ruling Communist Party—held a meeting with representatives of other Chinese political parties to discuss policy suggestions for reviving consumption. Then on Monday, two state-run securities newspapers floated a series of suggestions from analysts on policy options Beijing could consider.

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