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MNI: China’s Retail Spending To Grow 5% As 2023 Rebound Eyed

MNI (Singapore)
MNI (Beijing)

Relaxed Covid controls could spark a “retaliatory rebound” in spending, especially on services.

True

China’s retail sales could grow 5-6% in 2023 as Covid controls are eased, though renewed outbreaks in some of the country’s largest cities could delay reopening and weigh on Q4 sales, advisers told MNI.

The optimistic outlook for a rebound in consumer spending depends on fully implementing the “20 measures” outlined by the central government in early November as it seeks more targeted and less disruptive approaches to managing Covid, advisers said. The government was sparked into action as retail sales fell 0.5% y/y in October, compounding a somber outlook amid declining exports and weakening industrial production and investment. (See MNI BRIEF: PBOC Cuts RRR By 25bp As Covid Clouds Recovery)

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China’s retail sales could grow 5-6% in 2023 as Covid controls are eased, though renewed outbreaks in some of the country’s largest cities could delay reopening and weigh on Q4 sales, advisers told MNI.

The optimistic outlook for a rebound in consumer spending depends on fully implementing the “20 measures” outlined by the central government in early November as it seeks more targeted and less disruptive approaches to managing Covid, advisers said. The government was sparked into action as retail sales fell 0.5% y/y in October, compounding a somber outlook amid declining exports and weakening industrial production and investment. (See MNI BRIEF: PBOC Cuts RRR By 25bp As Covid Clouds Recovery)

Keep reading...Show less