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Significance Services including healthcare, entertainment and travel flourished while the share of housing in overall consumption fell, reflecting property-market troubles. Markedly lower consumer confidence and the secular slowdown in GDP growth cast a cloud on the consumption outlook. Impacts Consumer-facing businesses will need to be more targeted in their investments. Foreign firms can benefit from rising middle-class demand but will have to compete against increasingly competitive local firms. Weak market confidence could prompt consumers to put their extra funds into savings instead of property. Sellers of high-priced consumer durables could struggle in a market where consumers are less confident about the future.
A Mon, study studied this question.