Why are China's consumers spending less? [Yahoo! Finance]
PDD Holdings Inc. - American Depositary Shares (PDD)
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Source: Yahoo! Finance
Since 1978, China's GDP growth has averaged over 9% annually, and the World Bank estimates that this saw almost 800 million residents lifted out of poverty. With wealth came spending, and retail thrived alongside the wider economy. However, a myriad of factors has plunged China's economy into turmoil of late, and deflationary pressures mean that economic growth is slowing. It was recorded at 5.2% in 2023 and is projected to be 4.5% in 2024. Mark Williams, chief Asia economist at Capital Economics, tells Retail Insight Network : “China's consumers seem to be losing confidence in the economic outlook. A large share of their wealth is tied up in a housing sector that is collapsing. Income growth has slowed dramatically, and the geopolitical situation leaves the future looking a lot less bright than it used to, with Western governments putting barriers up against imports from China.” Consumers are saving, not spending The challenges have impacted China's consumers, many of whom a
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PDD
Earnings
- 5/22/24 - Beat
PDD
Sec Filings
- 5/22/24 - Form 6-K
- 4/25/24 - Form 20-F
- PDD's page on the SEC website