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CLSA: CN Residents' Spending Fueled by Offshore Consumption Recovery; Onshore Mkt May Fall by DD This Yr
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Consumer spending of Chinese residents in 2024 was majorly fueled by the recovery of offshore consumption, while the domestic consumer market in Mainland China remained under pressure, CLSA said. On the ride of the gradual relaxation of visa policies of various places and the resumption of major airlines' capacity, outbound travel has become the backbone driver of the consumer market, CLSA explained. The onshore consumer market may experience a double-digit plunge in 2024 due to the challenging offline retail environment in Mainland China, depressed consumer confidence and the dilutive effect of the recovery in outbound travel. In the years to come, the market will stabilize and the underlying growth will persist. AAStocks Financial News |
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