Retails sales data for March showed a decline of 3.5% year on year. Food spending data confirms the trend of consumers in China switching their food consumption away from restaurants and to their homes, either by choice or due to lockdowns.
Catering and restaurant spending fell sharply, down 16.4% on the year. This is the lowest monthly spending since April 2020 when most of the country was just coming out of the initial lockdowns following the outbreak in Wuhan.
This data is likely to be even w...