Under the Banyan Tree by HSBC Global Research
There’s always a ‘but…’
Jun 13, 2024
Hosts discuss China's travel and spending post-Dragon Boat Festival, analyzing consumer habits, oversupply challenges, and the impact of tariffs. They explore upcoming economic policies, the property sector, and equity markets, highlighting efforts towards quality growth and improving US-China relations.
14:24
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Quick takeaways
- China's travel and spending numbers indicate increased domestic tourism but lower per trip spending, reflecting cautious consumer behavior post-pandemic.
- Challenges of oversupply pose concerns for China's economy, emphasizing the need for a balance between domestic consumption growth and export competitiveness.
Deep dives
Consumption Trends During Dragon Boat Festival
The Dragon Boat Festival holiday period showed increases in daily travel numbers and domestic tourism in China, with spending levels surpassing pre-pandemic figures. However, per trip spending remained lower than 2019 levels, indicating a possible hesitation in consumer expenditure. Factors such as changing consumption patterns, lingering economic pressures, and lower consumer confidence contribute to this trend, highlighting the contrast between increased travel and reduced spending.
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