To get a detailed view of China's consumption sector performance in 2024, I want to bring back Bruce Pang, Adjunct Associate Professor at the Business School of the Chinese University of Hong Kong.
1. With total retail sales of consumer goods growing by 3.5% in 2024, what role does consumption play as a vital component of domestic demand in driving China's economic growth this year?
2. New consumption trends have emerged in 2024, including rural tourism, the ice-and-snow economy, and new Chinese-style cultural products. How are these trends influencing consumer behavior?
3. Sales of household goods have seen significant growth in 2024, with categories like home appliances and sports equipment experiencing increases of 12.3% and 11.1%, respectively. How effective has the 'trade-in for new' policy been in stimulating this growth?
Thank you. That's Bruce Pang, Adjunct Associate Professor at the Business School of the Chinese University of Hong Kong.