In China, the overall cultural and tourism industry has recovered strongly," said Jakobsen, adding that the Chinese market almost has everything needed for a market for a global company, including a business-friendly government, a growing middle-income group and increasing discretionary expense.

Jakobsen说：“在中国，整个文化和旅游业已经强劲复苏。

You have a business-friendly government, you have a growing middle class, you have increasing discretionary expense, and you have a market where people love theme parks," he added.

你有一个有利于商业的政府，你有越来越多的中产阶级，你有不断增加的可自由支配的开支，你有一一个人们喜欢主题公园的市场，”他补充道。

But she also noted that the impacts of the complex macro environment on consumer spending habits include stronger demand for staples and growing price sensitivity to discretionary products, which the Alibaba management views as "the key to the recovery of China's retail industry".

但她也指出，复杂的宏观环境对消费者消费习惯的影响包括对主食的需求增加，以及对非必需产品的价格敏感性增加，阿里巴巴管理层认为这是“中国零售业复苏的关键”。

As many Chinese people move into urban areas and become middle-income earners, they not only have greater discretionary income but also an interest in upgrading their spending to premium products.

The upgrades represent a clear move to corner the market for lower-tier city dwellers, whose growing discretionary spending has not yet been unlocked.

A striking 47 percent of the platform's 65 million users were born in the 1990s, a distinct demography that is comfortable with discretionary spending but is also getting sophisticated in their choice of goods, said Wang Jiaqian, a partner at BCG.

Ant said in a report last month that one in four consumers aged between 18 and 27 use pay-by-credit services Ant Check Later, translating into 45 million young adults using the "money of tomorrow" for discretionary purchases.

Shoppers are spending on necessities such as tissue, hand soap, instant noodles and pet food, while also trading down and buying less in discretionary or big-ticket categories such as home appliances and furniture.

Therefore, people's motivation for precautionary savings can be alleviated and their willingness to consume durable goods and discretionary products will be higher.

"The extent of pent-up demand release for offline discretionary consumer services exceeded our expectations modestly, due to the rate of COVID-19 infections nationwide peaking faster than expected.

More than 60 percent of the companies are in the consumer discretionary, industrials, energy, finance and real estate sectors.

Therefore, in addition to setting economic policies at the beginning of the year, we must make discretionary decisions in the middle of the year.

In 2020, female investors controlled 33 percent of total global personal discretionary wealth, up from 31 percent in 2016, and the figure is expected to further increase to 35 percent by 2025, according to a report from UBS Global Wealth Management.

Compared with other EMs, the communication services, consumer discretionary and healthcare sectors together account for above 60 percent of the MSCI China Index while only comprising 17 percent of the MSCI Emerging Markets ex China Index.

The article predicted that "consumption is still expected to recover and become the dominant economic driver this year, as the labor market continues to improve and discretionary savings fall.

Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, delivered a speech at the 2017 Central Economic Work Conference, emphasizing that macroeconomic adjustments require "making discretionary choices and issuing corresponding prescriptions".

This infinitely expanded the discretionary power of its law enforcement, and has a typical pan-political color, they added.

Chinese consumers pay lots of attention to discretionary categories such as fragrances, which are positioned to offer more emotional benefits and help express their individuality," said Alice Li, beauty and personal care associate director of Mintel.

By the end of last year, that dream not only became a reality but is continuing to have a positive knock-on effect on tourism, construction, transport, and other industries, generating thousands of new jobs, helping bolster economic growth and reinforcing general consumption upgrade nationwide－proof of the rising discretionary spending among the newly affluent middle-income Chinese.

As the middle-income group expands and grows its income and discretionary spending, parents in that group are willing to spend relatively more on modern education for their children.

Consultancies attributed such optimistic growth projections to an expanding middle-income group that has the capacity and willingness for discretionary spending.

Expanded symbolism for diamond jewelry indicating a wider range of "moments" in life will give rise to more discretionary purchases especially among the country's Generation Z, or those born after 1995, said Mabel Wong McCormick, managing director of Diamond Producers Association in China.

Such purchase repatriation is thanks to a combination of factors like discretionary millennials, a crackdown on the domestic gray market and digital channel promotions in China, Bain said in its annual China Luxury Report released on Tuesday.

One case in point is that 70 percent of China's millennials own their own homes, Lannes said citing an HSBC survey, a rate twice that of their US counterparts, thus giving them enough financial leeway on discretionary spending.

In particular, the bill gives a wide definition to "any country of concern", which would infinitely expand the discretionary power of its law enforcement, they added.

"Even as consumers remained cautious in their spending and held off on some discretionary purchases, 5G smartphones and pro-camera features encouraged some end users to purchase new smartphones or upgrade their current smartphones in the quarter.

According to Liu, the most notable earnings recovery is mainly seen in leading players in the discretionary consumption sector and the internet industry based on second-quarter financial results.

This will benefit discretionary consumption companies and property developers.

The recovery in consumer confidence will also boost discretionary buying, including gold.

Third, inflation and exchange rates reduced their role of acting as constraints, and it is time for a more discretionary monetary policy.

Onshore Chinese shares exposed to domestic activities, including those in the consumer discretionary, industrial and healthcare sectors, will present the most opportunities, he said.

The rise in commodity prices could also hurt the consumer discretionary sector by impairing the purchasing power of consumers and weigh on the valuation of tech stocks by fueling inflation, said Zhou from Neuberger Berman.

Similarly, JPMorgan also holds "overweight" on the A-share market for this year, saying investors should give more attention to stocks of companies specializing in information technology, materials, energy and discretionary consumption with clear growth forecast.

A-share companies in businesses related to discretionary consumption, data services, environmental protection, health and wealth management may be worth a closer look, said Yeo.

Compared to companies trading at the STAR Market, especially those specializing in information technology, discretionary consumption and healthcare, companies listed on the Beijing bourse are at an earlier development stage, said Jiang Qijia, senior analyst of Shanghai-based financial services provider Noah Holdings Ltd.

For the next stage, macro policies are likely to make discretionary choices to offset possible changes in external demand and ensure steady economic growth.

Consumption of necessities and high-end luxury products among Chinese people has already seen a recovery, but consumer discretionary products, a category that includes insurance, are still struggling, said Chen Fu, chief analyst for the non-banking financial sector at GF Securities.

Under such circumstances, they would choose to save money over discretionary consumption.

In view of a further recovery in 2021 and rising regulatory and stimulus exit risks, more "old economy" sectors will benefit from a late-cycle recovery, particularly industrials, consumer discretionary goods, information technology and financials, he added.

Lynda Zhou, chief investment officer for equities in China at global asset manager Fidelity International, said the A-share market may outrun global equities this year amid continued foreign inflows, with cyclical shares that are the most sensitive to economic recovery and consumer discretionary sectors likely to be among the big winners.

A policy tracker of the International Monetary Fund indicated that since the pandemic outbreak, China has announced an estimated 4.8 trillion yuan, or 4.7 percent of GDP, in discretionary fiscal measures.

Therefore, investors can focus on discretionary consumption and manufacturing industry such as new energy vehicles in the subsequent months, they said.

We think such a shift is happening to some degree, primarily among cyclicals and consumer discretionary ones that are poised to deliver stronger-than-expected revenue and earnings growth.

Related to the marginal shift in investment style and fundamentally driven by earnings growth outlook, shares of select industrial, materials and consumer discretionary sectors have risen strongly so far this year as they benefit from China's resilient infrastructure investment growth as well as a housing completion cycle that has boosted demand for shares of companies that produce related materials.

Will the current investment-style shift from growth to select cyclicals and consumer discretionary shares spread to macro-sensitive sectors currently trading at depressed valuations, including banks, energy, infrastructure constructors, property, and telecom services?

It targets hundreds of millions of young, mobile-active consumers in China who need access to small credit for their discretionary spending but are underserved by traditional financial institutions due to lack of traditional credit data.

"We are overweight on consumer discretionary .

The consumer discretionary and communication services sectors, both rose more than 2.0 percent.

"We are bullish on companies riding the wave of consumption and manufacturing upgrade, so leading players in the consumer staples and discretionary sectors remain our top picks.

Brendan Ahern, chief investment officer of Krane Funds "Advisors, noted that the stocks being added have the largest sector weight in financial, industrial, consumer staples and consumer discretionary sectors.

"Consumer discretionary, consumer staples and healthcare are likely to benefit more from foreign inflows, as we find that foreign investors have persistently favored these sectors in their positioning," said Gao Ting, head of China Strategy at UBS Securities.

All related departments should enforce rigorous adherence to their discretionary power over administrative penalties and scale up rectification of arbitrary and unwarranted fines, it was stated at the meeting.