Chinese consumer sentiment is on the upswing, signaling a positive turn for the nation’s economy. Recent surveys and official data reveal that more people in China feel optimistic about their financial future compared to last year.
In a recent poll reported by Bloomberg, 54% of Chinese respondents said they feel financially better off this quarter. This shows a significant boost in confidence, indicating that people are ready to spend more on things that matter to them.
A survey by American consulting firm AlixPartners earlier this year found that many Chinese consumers are shifting their spending toward products and services that enhance their well-being. Health products, groceries, clothing, and travel are topping the list as people focus on wellness and valuable experiences.
Reflecting this trend, HSBC has upgraded its GDP growth forecast for China to 4.8% for 2025. Jing Liu, HSBC’s Chief China Economist, said, “On top of the service consumption recovery, we also expect the goods consumption recovery to pick up.”
To keep this momentum going, the Chinese government announced new measures on Sunday to stimulate domestic consumption. These initiatives aim to increase wages and provide support for emerging sectors, encouraging people to spend more.
Backing up these positive signs, data from the National Bureau of Statistics showed that retail sales grew by 4.0% year-on-year during January and February 2025, up from December’s 3.7% growth.
With consumers feeling more confident and willing to invest in their health and happiness, China’s economy looks set to continue its upward trend.
