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China's consumption growth will slow

Monday, February 12, 2024


Services including healthcare, entertainment and travel flourished while the share of housing in overall consumption fell, reflecting property-market troubles. Markedly lower consumer confidence and the secular slowdown in GDP growth cast a cloud on the consumption outlook.


  • Consumer-facing businesses will need to be more targeted in their investments.
  • Foreign firms can benefit from rising middle-class demand but will have to compete against increasingly competitive local firms.
  • Weak market confidence could prompt consumers to put their extra funds into savings instead of property.
  • Sellers of high-priced consumer durables could struggle in a market where consumers are less confident about the future.

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