高盛：中国消-动态追踪-2024 年第四季度有触底迹象但前景仍需谨慎；政策与关税需关注

8 April 2025 | 10:35PM HKT China Consumer Pulse check: Signs of bottoming out in 4Q24 but outlook still prudent; policy/tariff to be watched While we are yet to see meaningful rebound and volatility remains in the recovery path, there has been signs of bottoming out since 4Q24 with sequential growth improvement (average 14% vs. 7% in 3Q24 for reported sales, with easier base) and post CNY holiday consumption pull back has been better than feared. Post intensified price competition in past two years, from 2H ...