![]() While manufacturing in China came back first, by September, so had consumer spending. On Singles Day, November 11, the country’s two largest online retailers racked up record sales. ![]() ![]() China’s consumers are relieved-and spending accordingly. The first country to be hit by the COVID-19 pandemic, it was also the first to emerge from it. China was an exception-it has an older population but is conspicuously optimistic.īut China’s profile proves a larger point. McKinsey’s most recent consumer survey, published in late October, found that countries with older demographics, such as France, Italy, and Japan, are less optimistic than are those with younger populations, such as India and Indonesia. That isn’t to say that consumers will act uniformly.
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