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UBS: CN Trade-in Subsidies & Consumption Vouchers Boost Consumer Goods Sector Growth Recovery from 3Q
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Christine Peng, Head of Greater China Consumer Sector at UBS Investment Bank, believed that Golden Week consumption may see a slight recovery compared to August, thanks to trade-in subsidies (for home appliances and cars) and consumption vouchers issued by local governments. For instance, Shanghai's retail sales grew 3%, surpassing the 3% decline seen in August this year. The Shanghai government has started issuing consumption vouchers worth up to RMB500 million since September 28. As of November this year, 72% of the consumption vouchers were for dining, while the rest were for accommodation, movies, and sports. Sportswear brand sales were booming during the National Day holiday because of cooler weather and increased discounts, according to UBS Investment Bank's channel survey. Peng expected the annual growth rate of various Chinese brands to range from single digits to high teens, showing a better trend than in 3Q. AAStocks Financial News |
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