Chinese outbound tourists slow to return
Chinese travelers are choosy about what they buy, disappointing hopes for an immediate post-pandemic splurge
According to McKinsey, most shoppers are still in wait-and-see mode, and the next holiday season, in May, will offer the next clues on whether their mood was changing.
Key takeaways
- Chinese policymakers flagged boosting domestic demand as a top priority, to further stimulate the economy;
- Most markets have been overly bullish about 'revenge' spending and the release of pent-up demand, as the recovery in household consumption is likely to be gradual and uneven;
- Economists suggest, that once the initial reopening rebound has happened, we shouldn't expect a further surge in consumer spending.
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