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China consumers driving economic rebound: Survey

Published on Dec 26, 2012 7:14 PM
This picture shows a woman looking at a piece of jewellery at the China International Jewellery Show in Beijing. Free-spending Chinese consumers have so far proven a blessing to big-name labels trying to buck global woes. Sales of personal luxury goods in mainland China surged a spectacular 56 per cent last year to US$9 billion, after a 35 per cent climb in 2010, data from CLSA Asia-Pacific Markets showed.

BEIJING (REUTERS) - China's consumers are leading an uneven recovery in the world's second biggest economy that has retailers expecting stronger sales in six months, early results of a national survey showed on Wednesday.

The China Beige Book survey of more than 2,000 executives revealed that the retail sector had the strongest revenue growth and business expectations in the fourth quarter of 2012.

The survey broadly detected a mild economic recovery with the hard-hit sectors of real estate, mining and manufacturing - to a lesser extent - joining retail at the head of the upswing.

"The revenue growth pick-up was notable in luxuries and durable goods - furniture, appliances, and autos," said the survey, conducted between Oct 26 and Dec 2 by New York-based CBB International and based on the US Federal Reserve's economic report of the same name.

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