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.
During the latest holiday, tourist visits to Hainan went up by 15% versus the peak year of 2021, Wouters pointed out. In the Asia-Pacific region, Chinese spending on luxury goods has already recovered to 2019 levels, the report said. But in continental Europe such spending is only about half of where it was prior to the pandemic, HSBC said.
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