SHANGHAI (China Daily/ANN): Well-educated young Chinese consumers are expected to increase spending in the aftermath of the novel coronavirus epidemic.
Such consumers believe consumption could create a much-needed sense of certainty, according to recent surveys.
The group has grown more pragmatic in its consumption, focusing on items viewed as daily necessities and healthcare-related. Topping the shopping list are 5G smartphones, clothing, in-hall dining, preventive healthcare and health insurance, whereas luxury goods are hit the most. "People are trying to re-orient themselves with a sense of certainty, regain control, and establish a new order," said Jin Liyin, a marketing professor at the School of Management at Fudan University in Shanghai.
To beef up consumption, local governments across China have been dishing out various shopping vouchers to citizens, a lot of which are in association with commercial enterprises.
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