消费者与中国宅经济报告.docxVIP

Mapping the New Normal Consumers and Chinas Stay- Home Economy We see three trends ahead for Chinese consumption after Covid-19: reshoring, consolidation, and upgrading. We expect reshoring to lift domestic consumption by about US$100bn per year in 2021-23, boosting the key luxury, beauty, sportswear, and travel and leisure categories by around 10%. Robin Xing, Jenny Zheng, and Zhipeng Cai are economists and are not opining on any securities. Their views are clearly delineated. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. MM Mapping the New Normal Consumers and Chinas Stay- WHome Economy W e see three trends ahead for Chinese consumption after Covid-19: reshoring, consolidation, and upgrading. We expect reshoring to lift domestic consumption by about US$100bn per year in 2021-23, boosting the key luxury, beauty, sportswear, and travel and leisure categories by around 10%. Steady consumption recovery amid the rise of the stay-home economy: We expect Chinas private consumption  Industry View In-Line  brand awareness. (3) More MNCs adopting an in China, for China strategy, in view of the nations booming consumption market with additional support from reshoring, as well as policy- to resume its pre-Covid growth trend of 8% YoY by year-end, and reach exception