After a year of uneven and disappointing post-pandemic recovery in 2023, China's consumer sentiment may finally start to improve this year.
For an economy that's so heavily reliant on its manufacturing capabilities, market players are now looking toward the services and consumption sectors to propel China's growth in 2024.
While a slowdown is somewhat inevitable given China's uneven economic recovery, Goldman Sachs expects services consumption to show more resilience than goods.
The bounce in consumer activity, according to Goldman Sachs, will be led by leisure-related activities that include chain hotel operators, online travel agents and Macao casinos.
Online gaming companies including FTG and NetEase , food delivery giant Meituan and tech giant Tencent , are also expected to get a boost.
Persons:
Goldman Sachs, Goldman
Organizations:
Stocks, Galaxy, Spring Airlines
Locations:
Beijing, China, Macao, U.S