Last week the company announced it is expecting a “consumption” boom in China as lockdowns ease and around $1.5-$2 trillion of excess household savings are freed up.
After almost three years of a “zero-COVID” strategy, Beijing dropped restrictions almost completely in early December. In January, China’s cabinet said it would boost imports and promote a consumption recovery to boost the economy.
As Chinese consumers have limited options where they can invest their savings, with the housing market not a viable option, Unilever Chief Executive Alan Jope said: “We are expecting to see a little bit of a consumption boom in China. If you look at things like air flight bookings, travel and hotels, cinema occupancy, China’s coming back quite quickly,” Jope said.
