As the head of China’s biggest jewellery retailer, Kent Wong has his finger on the pulse of consumers in the world’s second-largest economy — and they are wary.
Wong, managing director of Chow Tai Fook, said the chain’s customers have been pivoting from diamonds and other gemstones to gold, a store of wealth in tough times. “In the short term, people will continue to be more cautious no matter [whether it’s] consumption or investment,” he said, adding though that he expected consumer confidence to return in a year or two.
Wong’s subdued outlook for 2024, shared by many analysts, comes as policymakers in Beijing brace for a decisive year in their battle to restore the economy’s animal spirits and escape the threat of a debt-deflation spiral.
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