Key Points
- China’s Golden Week holiday affirmed a trend in more cautious spending, while consumers put greater emphasis on experiences.
- “Low tourism spending per head and subdued services prices highlighted still weak domestic demand and continued consumption downgrading,” Goldman Sachs analysts said.
- “People become more cautious with spending. Also they opt for more affordable options of travel and affordable locations,” Kenneth Chow, principal at Oliver Wyman, told CNBC on Wednesday.
