"Chinese consumers will spend as they have plenty of savings and personal debt in China is actually quite low," Joe Ngai, senior partner and chairman of McKinsey & Co Greater China office, said. "In the last couple of years, there has been a slight confidence issue because of plunging real estate prices, but as the market stabilizes, Chinese consumption will continue to grow."
He added that the contribution of the consumption segment to the country's gross domestic product will grow, but it will take time to gauge how fast the segment will expand.
Source from China Daily, https://www.chinadaily.com.cn/a/202606/24/WS6a3b33e2a310986e2b4618f2.html
