According to international news outlet Reuters, similar scenes are being observed elsewhere in China as consumers return to cinemas, live performances and restaurants, possibly signaling a recovery in Chinese household spending and propelling the next stage of the economic recovery. “This August, sales in the domestic (apparel) market turned from negative to positive”, Zhang Qinghui, Chairman, China Fashion Designers Committee, told Reuters. “I think the numbers for September, or even the fourth quarter, will be better.”
Retail sales growth in September was still a third of pre-pandemic levels, according to Reuters, but economists allegedly expect the overall consumer market to stage a sharp rebound in the coming months, after entertainment venues from cinemas to KTVs reopened in August. In November, e-commerce platform Tmall, owned by Alibaba Group’s BABA.N, is said to expect over 2,600 foreign brands, an all-time high, to take part in the annual online “Double 11” shopping festival, with sales set for another record in its 12th year.
Source: Reuters
