The rise in sales was led by auto purchases, as household incomes returned to positive growth and employment conditions improved after being slammed by the coronavirus pandemic. The recovery made China a lone bright spot in the retail world and a major source of earnings for global consumer brands from Starbucks SBUX.O to Louis Vuitton.
With the easing of curbs gathering pace in the third quarter, the hospitality sector is poised to accelerate its recovery.
Already, its contraction in output narrowed in the third quarter versus the previous three months.
“The services industry had been the most affected by COVID. Now, with restrictions being lifted, the industry is gradually emerging from its downturn, which would provide a strong boost to the broad recovery in the consumer market,” said Ernan Cui, analyst at Gavekal Dragonomics.
“We expect growth would return to pre-COVID levels by the end of the year.”
FOLLOW BELOW FOR LIVE UPDATES FROM EXPRESS.CO.UK
Published at Mon, 26 Oct 2020 06:19:48 +0000