Consumer spending in China to see ‘steady growth’
Spending is projected to grow by 6.5%YoY in 2023.
Consumer spending in China will likely grow steadily over 2023 as it is projected to increase by 6.5% year-on-year, Fitch Solutions reported.
This is up from the 2.5%YoY growth projected in 2022.
Fitch noted the projected 2023 growth will hinge on the government’s response to the zero-COVID policy.
“Should the policy be relaxed over 2023, consumption and spending would receive a boost from consistent and growing economic activity,” the report read in part.
“However, should the authorities decide to maintain or tighten their pandemic restrictions, it would have a negative impact on consumer spending over 2023.”