Kevin Frayer | Getty Images News | Getty ImagesBEIJING — China's consumer spending still isn't growing as fast as it did before the pandemic, analysts said.
Retail sales for the Sept. 29 to Oct. 5 holiday period rose by 9% from a year ago, according to state media reports of Ministry of Commerce data.
China's retail sales fell by 0.2% in 2022, according to official figures.
In the Asia-Pacific region, Chinese spending on luxury goods has already recovered to 2019 levels, the report said.
Consumer spending has lagged China's overall economic growth since the pandemic started in early 2020.
Persons:
Kevin Frayer, Christine Peng, Christine Peng UBS, Peng, Imke Wouters, Oliver Wyman, Wouters
Organizations:
Getty, BEIJING, Ministry of Commerce, UBS, CNBC, Consumers, Christine Peng UBS UBS, HSBC
Locations:
Beijing, China, Hainan, Europe, Asia, Pacific, U.S