1CHINACONSUMERMARKETQUARTERLYWATCHQ22024ISSUESources:NationalBureauofStatisticsofChina;Choice;Literatureresearch.Note:Marketforecastscomefromeightdomesticandforeignfinancialinstitutions,includingGoldmanSachs,MorganStanley,UBS,CICC,HuataiSecurities,BankofChinaResearchInstitute,ChinaMacroeconomicForum,andOECD;datacoversthefirstquarterof2019tothefirstquarterof2024.Exhibit1-GDPGrewby5.3%Year-On-YearinQ12024,HigherThantheAverageProjectedbyEightResearchInstitutionsForewordChinaConsumerMarketQuarterlyWatchisaBCGcontentseriesinwhichweprovideforward-lookingconsumerandindustryinsightsforbusinesses.Inthefirstissue,weana-lyzedtheannualgrowththemesofChina’sconsumerindustryandthechangesthathavetakenplaceinfourconsumersectorsin2023.Inthisissue,weexamineemergingtrendsforthefirstquarterof2024andzeroinonstronggrowthopportunitiesinbrandglobalizationandtherestaurantsector.TheMacroeconomicContextOnApril16,2024,theNationalBureauofStatisticsofChinareleasedareportshowingmacroeconomicdataforthefirstquarterof2024,whichrevealsthatGDPincreasedby5.3%year-on-year,aratethatis0.4percentagepointshigherthantheaverageforecastofeightwell-knownresearchinstitutions.(SeeExhibit1.)6.15.25.3-10010202.38.13.06.2%6.0%8.3%5.2%5.2%ActualofficialdataUpperrangeofforecastsLowerrangeofforecastsForecastaverage4.9%201920202021202220232024Q1ConstantGDPpriceac...
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