The global pandemic of the coronavirus has now managed to erase $420 billion from the retail market in China this year, however an analyst does predict a rebound at some point this year.
“Despite easing lockdowns, immediate increase in consumer sentiment is unlikely in the second quarter of this year, particularly for discretionary goods, as consumers remain cautious about visiting busy locations such as shopping malls, A rebound in consumer sentiment can be expected from the second half, which will be translated into a faster sales pick up in the country. In fact, the rebound will be more positive than those we forecast for mature western countries such as Italy, Spain, the UK and the US, where consumer willingness to spend and financial stability will be weaker.” – Vijay Bhupathiraju, Retail Analyst, GlobalData
