McKinsey: Chinese consumers, brands ‘cautiously optimistic’ on tourism and spending ...Middle East

Consumers and companies have good reason to be “cautiously optimistic” about China’s post-Covid-19 reopening and economic recovery, according to McKinsey’s latest China brief.  Retail spending continues to be higher than pre-pandemic levels, despite talk of China’s economic slowdown. The value of the apparel and cosmetics segments grew 5.5 percent and 5.9 percent, respectively, during the first half of this year compared with 2021. A clear winner was the auto industry, which expanded 12.8 percent — with electric vehicles soaring 44 percent year-on-year in volume during the six-month period. While luxury brands continue to be popular, Chinese consumers are engaging in “smart shopping” — mean

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