Chan said the bumpy and rather uneven recovery in consumer spending in the region can be largely attributed to the ongoing pandemic, as sporadic outbreaks continue in multiple Asian countries.
China, often referred to as the first in, first out of the Covid crisis, has been largely successful in keeping resurgent waves of the coronavirus at bay. Still, the country s economic recovery has been held back by sluggish retail spending despite government efforts to boost spending.
Meanwhile, waves of resurgence elsewhere in Asia likely had a negative impact on consumer sentiment as well as mobility, said Taimur Baig, chief economist at Singapore s DBS Bank.