China’s Golden Week holiday signals persistent consumer caution

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.

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