STRONG MACRO FUNDAMENTALS SUPPORTED THE CONSUMPTION MARKET RECOVERY
Shenzhen’s GDP grew rapidly during the past decade with a CAGR of 9.3%. The economic resilience continued into 2023, with the GDP growth rate reaching 5.4% as of Q3/2023, which ranked second among China’s fi rst-tier cities. This, along with the city’s growing TMT industry, attracted an infl ux of highly educated young migrants, especially high-net-worth IT specialists to the city, pushing up Shenzhen’s permanent population to 17.7 million by end-2022, up 47.7% from 2012. Due mainly to this, Shenzhen managed to maintain the youngest demographic structure among all Chinese cities, with over 70% of its population falling into the age group of 20 to 35, reinforcing the city’s consumption capacity and supporting the rebound of local consumptions during the postCovid period.