COVID-19 Report: No Significant Rebound in Chinese Consumer Spending
Three different datasets are showing stability but no significant recovery of the Chinese consumer after COVID-19 lockdown. Online transaction volume (GMV) is up in March but does not represent a large snap back from January and February. Chinese cosmetics sales have recovered but South Korean duty-free sales to Chinese travellers in April, which are largely cosmetics related, have relinquished gains from early March. Lastly, hotel booking activity in Chinese cities remains at February levels. Sales for cosmetics companies like Estee Lauder and Revlon are holding up relatively well, while online sales for western brands like Tapestry, Capri and Apple are seeing some pressure.

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