Consumption: Vitality of Life

New Weekly

June 1

For the past six years, consumption has been the main driving force for China’s economic development, with domestic consumption providing a steady support for growth.

In 2020, the country’s consumption will continue to progress steadily. Retail sales of consumer goods are likely to hit 45 trillion yuan ($6.35 trillion) by the end of the year.

According to consulting firm Kantar, catering, tourism and leisure activities in China are likely to see a huge rebound in consumption once the epidemic is totally brought under control. Around 80 percent of consumers will return to dining out, 78 percent will resume traveling, and 77 percent of consumers will restart outings. CA