November 24, 2023
Drew Bernstein, co-founder and co-chair, Marcum Asia published an article on Forbes.com regarding China’s economy.
With Chinese Consumers Missing In Action, What’s Next For China’s Economy?
Forbes
Oleh Drew Bernstein, Pengerusi Bersama, MarcumAsia
Petikan
Heading into 2023, many economic forecasters predicted that China was primed for a tsunami of revenge spending by consumers who had been cooped up for three years under the world’s strictest COVID containment regime.
After all, China had contributed more than 20% of global luxury spending in 2021. And thrifty Chinese savers had socked away $2.6 trillion in 2022, or about one-third of their household income. Global fund managers expected that the urge to splurge would power robust growth in China’s GDP, and they bid up consumer stocks accordingly.