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What Bloombergs Economists Say...
“Consumer confidence appears to be coming back even without a vaccine. This is
reflected in strong pickups in sales of non-essentials, such as
cosmetics and jewelry, in recent months. Improved sentiment and spending
at home in lieu of overseas trips should help support private
consumption.” Luxury spending in China will grow 20%-30% this year,
according to a report from Boston Consulting Group, but much of that
growth is going to come from consumers in the 50 largest and richest
cities. People in the other 2,206 cities bought only a quarter of all
luxury goods in April-July this year, and their spending was down 4%
compared with 2019, according to the report.
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