Despite overhearing conversations on the streets lamenting that “the economy is not so good”, the throngs of locals and some foreigners dressed as princesses, empresses and court ladies (plus a random few photographer boyfriends and husbands dressed as emperors or officials in tow) parading in and around the Forbidden City in early autumn was a sight to behold. As far as domestic tourism is concerned, experiences are still sought after, with a whole lot of youth “employed” as wang hong (Mandarin for internet celebrity) to post on Xiaohongshu or Douyin — the original TikTok.
As the world spun from one season to the next and Singapore settled in for a wet November, Chew on This spent Halloween together with a local corporate finance firm’s staff in period costumes in Beijing to assess the commercial and consumer mood on the ground in China. While its citizens are not quite Livin’ on a Prayer, it was quite clear that China’s economy was not back to its halcyon days as suggested by the year-to-date rallies of over 32% in the Hang Seng China Enterprises Index and 21% for the Chinese Securities Index 300.
For instance, the popular shopping street of Wangfujing was not teeming with international tourists, nor were there the usual local crowds spending generously on their day in the capital. Likewise, The Malls at Oriental Plaza, which takes up a prominent spot along Wangfujing, saw thin traffic in the very high-end shops. I was surprised to see a mix of mid- to low-end brands and services, even on the prime first floor of the once-luxurious mall from the 2000s, when ostentatious conspicuous consumption, perhaps fueled by corruption, was rampant.
