Caixin
Jan 12, 2023 06:16 AM
ECONOMY

Chinese Consumers Are Set to Power the Recovery, UBS Says

Consumers are likely to spend more on services as they resume dining out and traveling
Consumers are likely to spend more on services as they resume dining out and traveling

Consumption in China is expected to grow 6% to 7% in 2023 from the previous year on the back of reviving confidence and the release of pent-up demand after three years of stringent Covid restrictions, according to Swiss banking giant UBS.

For the first time since the pandemic hit, China’s consumption growth this year will outpace the country’s economic expansion, which is projected at around 5%, said Christine Peng, head of Greater China Consumer Research at UBS, at a Wednesday event.

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