China needs silver and young spenders, plus policy support, for consumption growth: HSBC

South China Morning PostCenter-RightEN 2 min read 100% complete by Zhu WenqianJanuary 26, 2026 at 08:33 AM

AI Summary

short article 2 min

HSBC reports that China's consumption growth will be shaped by young consumers' spending on entertainment like anime and games, and older consumers' wellness expenditures. The upcoming Spring Festival is expected to boost the food, hotel, and tourism sectors, particularly benefiting snack food and dairy products. While 2026 growth is not projected to exceed 2025, renewed policy support is anticipated to maintain steady growth, as current stimulus measures wane. HSBC expects further policy support for domestic demand to be announced at the "two sessions" in March. Companies like Laopu Gold, Guming Holdings, Pop Mart, and Miniso are identified as having strategies for growth despite a high base, though Pop Mart's future growth faces uncertainty if the Labubu trend slows.

Key Entities & Roles

Key Player Opposition Context

Laopu Gold 40% Guming Holdings 40% Miniso 40% National Bureau of Statistics 50% Hong Kong ×260% Spring Festival 60% Pop Mart ×260% Lina Yan 70% China ×280% HSBC Holdings ×290%

Keywords

consumption growth 100% policy support 80% young consumers 70% retail sales 60% spring festival 60% hsbc 50% domestic demand 50% food sector 50% economic stimulus 40%

Sentiment Analysis

Positive

Score: 0.20

Source Transparency

Source

South China Morning Post

Political Lean

Center-Right (0.50)

Far LeftCenterFar Right

Classification Confidence

90%

Geographic Perspective

China

This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).

Topic Connections

Explore how the topics in this article connect to other news stories

No topic relationship data available yet. This graph will appear once topic relationships have been computed.

consumption growth policy support young consumers retail sales spring festival hsbc domestic demand food sector economic stimulus

Explore Full Topic Graph