China’s consumer sentiment is showing early signs of improvement after months of being hit by anti-virus restrictions and a downturn in the property market, surveys showed on Friday. Marketers and retailers in China have been hit by months of reduced consumer spending as Beijing’s zero-COVID strategy led to restrictions on movement in dozens of cities, while a crisis in the property sector has also led to reduced consumer confidence. A survey from market research group NielsenIQ showed a modest uptick in consumer sentiment in May as China lifted some COVID-19 restrictions, compared with a month earlier. NielsenIQ’s China Consumer Confidence Index rose from 90.1 in April to 90.8 in May. A separate survey by McKinsey & Co found that, while Chinese consumers remain cautious about spending, they are becoming more optimistic about the future. McKinsey’s survey, conducted between May 20 and June 10, found that 55% of respondents said they were more optimistic about the economy over the next six months, up from 47% in February. However, the firm said that actual spending remained weak, with 62% of respondents saying they had reduced their discretionary spending over the past month. .
China’s consumer sentiment starting to improve: surveys
