In the first half of 2025, China's economy presents a complex and often contradictory picture. Consumer confidence remains low, the property market is under sustained stress, and households continue to save at historically high levels.
Yet beyond these headlines, consumers appear to have quietly moved on, as reflected in data we published in May 2025. Indeed, a comprehensive look at the first half of 2025 confirms this trend: Retail sales are climbing in key categories, air travel has surpassed 2019 levels, auto exports have risen to the top globally and Chinese pop culture is gaining an international foothold.
In this edition of the China Brief, we examine the broader macro signals—and then zoom in on five surprising new developments that highlight China's next consumer wave. These are not simply niche trends; they are harbingers of structural shifts in mobility, culture, capital and consumer behavior.
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