People in China splashed out on dining, travel and luxury goods after emerging from three years of pandemic restrictions but are still not spending freely on routine consumer items, if first quarter corporate results are an indication.
Norman Villamin, group chief strategist at UBP, said consumer confidence will be restored gradually and over time.
Several analysts believe the first quarter will be the low point for 2023 and full-year earnings will reach double digits. "Investors may look past the first-quarter results and focus on the momentum of earnings revision for the second quarter," said Redmond Wong, Greater China market strategist at Saxo Markets.has risen 8% so far in 2023, although stocks retreated somewhat in April as corporates delivered a mixed bag of results.
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