Young people wait in front of snack stalls in a night market in Zhengzhou city, Central China's Henan Province, on April 2, 2023. As the weather warms up, many provinces and cities across the nation have stepped up efforts to boost their night economies in order to spur consumption growth. Photo: VCG

A number of international advisory institutions, including Boston Consulting Group, Deloitte and PwC, issued reports during the ongoing China International Consumer Products Expo (CICPE) that express optimism about the recovery prospects of Chinese consumption.

The reports were released at a forum titled "The third global consumption innovation, duty-free and travel retailing" during the CICPE, which kicked off in Haikou, capital of South China's Hainan Province on Monday and lasts until Saturday. 

Boston Consulting Group issued a report on China's fashion industry, predicting the market to continue growing in the next 10 years, particularly in terms of luxury spending.

It is believed that the luxury market will continue to grow in China, backed by the further expansion of the middle class and wealthy population and the continuous rise of their spending power, the report said.

After making forecasts for the demographic and income structures of Chinese consumers over the next 10 years, the report noted that the entire middle and emerging middle class in China will be larger than the entire population of the US.

Deloitte also expressed confidence and optimism for China's consumer goods and retail industries this year.

The pace of recovery in China's consumer market is accelerating, and growing household incomes and saving rates will continue powering its growth, according to the report.

Deloitte sees an obvious recovery in consumption in sportswear, cosmetics and jewelry. Demand for high-quality and healthy food will also promote spending on pet food and liquor, it said.

Ye Jian, vice chairman of agro-industry and food business CP Group, told the Global Times that in recent years, amid the consumption upgrading, Chinese consumers' demand for safe, healthy and nutritious food has become obvious.

"This gives enterprises a good opportunity for development," Ye said.

The report issued by PwC observed some new tracks in China's consumption market, such as sales of condiments and the consumption demand of the elderly population.

China's retail sales in the first two months of 2023 expanded 3.5 percent year-on-year following the optimization of the nation's COVID-19 response, data from the National Bureau of Statistics showed.