UBS Group's Greater China consumer goods industry research head Peng Yanyan believes that consumer spending during the Golden Week may see a slight recovery from August, thanks to the subsidies for trading in old items for new ones (home appliances and automobiles) and consumption vouchers issued by local governments. In Shanghai, retail sales increased by 3%, higher than the 3% decline in August this year. Starting from September 28, the Shanghai municipal government began distributing consumer vouchers worth up to 0.5 billion yuan, until November this year, with dining accounting for 72%, and the rest for lodging, movies, and sports vouchers.

According to UBS Group's investment bank's channel survey, due to cooler weather and increased discounts, sales of sportswear brands were hot during the National Day holiday. Peng Yanyan expects that the year-on-year growth rates of different domestic brands will range from single digits to over ten percent, a trend better than the third quarter. The jewelry industry also benefits from active promotion by brands, consumers gradually adapting to high prices, and the positive wealth effect brought by the stock market.