Chinese consumers are very cautious now, said Shehzad Qazi, managing director of China Beige Book. Qazi notes consumers in China are pulling back from discretionary spending and really sticking to the staples, highlighting that industries like food and apparel fared better than luxury.
'The bulk of revenge spending took place in the travel and leisure sector, maybe a little in luxury earlier in the year but the whole revenge spending thesis was wildly optimistic and wildly unrealistic,' Qazi told CNBC's ' Squawk Box Asia. ' Qazi says policymakers in China appear to be confident in achieving the 5% growth target they've set for the year, and hence, there is not much pressure to inject additional stimulus into the economy.
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