Consumer spending trends are starting to emerge within the experiences economy as the year gets underway, and stock analysts are picking out the names they expect to be winners. While the consumer staples sector likely doesn’t have much room to run this year, there are more opportunities in discretionary and services spending — such as food and beverage, said Charlie Chen, head of research at China Construction Bank International Securities. He noted that services-heavy sectors also help support employment, in line with government goals, and local authorities may release more vouchers to spur regional tourism. But overall, consumption is still recovering this year and its growth won’t be a driver of national gross domestic product, he said. China’s goods retail sales grew by 4% in 2025 as of November, while that of services rose by a slightly faster 5.4%. Full-year figures are due out Jan. 19. Bank of America goes beyond the sector approach to comparing Chinese retail plays to convertible bonds. “While consumer growth has been muted in general, most leading consumer companies still enjoy strong net cash positions and cashflow generation,” the BofA analysts said in a Jan. 6 report. “Many consumer stocks now enjoy 4-6% dividend yields… which can offer some downside protection,” the analysts said. Their two favorite China consumer stocks are hotel chain operator H World , for growth …
