The consumer needs of the he-economy are just starting to emerge – making this an incredibly exciting China market to watch. The pressure for fashionable, social presentation will continue, meaning that gaming and luxury brands (especially in beauty, sports and footwear) are expected to profit.

Sport and healthcare expenditure continues to defy gravity, as consumer spending is hit by flooding and small COVID outbreaks.

COTY reports that it sees double-digit growth in its fragrance business, highlighting robust demand for scents in China.