Retail

Asia Covid resurgence drags down consumer spending

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View of Pasar Baru Traditional Market during the Covid-19 Emergency Restrictions in Bandung.

Algi Febri Sugita | SOPA Images | LightRocket via Getty Images

As consumer spending in China continues to lag in its economic recovery from the pandemic, a similar weakness in retail sales is being witnessed elsewhere in Asia.

“For most parts of Asia, we’re still seeing private consumption recovering but it is slow and it remains below the pre-pandemic levels,” said Lloyd Chan, senior economist at Oxford Economics.

Chan said the “bumpy and rather uneven” recovery in consumer spending in the region can be largely attributed to the ongoing pandemic, as sporadic outbreaks continue in multiple Asian…



Source cnbc.com

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