Chen said the encouraging results are largely attributable to people's pent-up demands for travel as restrictions were loosened during the year and the propensity to pay a premium for first and business class seats which pushed up margins.

陈说，这一令人鼓舞的结果在很大程度上归因于人们对旅行的压抑需求，因为今年放松了限制，以及为头等舱和商务舱座位支付溢价的倾向，这提高了利润率。

The propensity to share among internet-savvy consumers has been prompting Disney fans to present their purchases via social networks and even in their own livestreaming sessions.

Leveraging the company's proprietary customer insights derived from consumption big data as shoppers purchase from its mobile app and 300 physical stores nationwide, the company aims to help merchants create and customize offerings that have a high propensity to "go viral", according to Hou Yi, president of Freshippo.

Dai said people's growing propensity to embrace immersive experiences was a major factor.

He said the country will continuously expand employment and increase the household incomes, especially take-home pay levels of low-and middle-income earners with a high marginal propensity to consume.

Consumption is the ballast stone of the economy, playing fundamental role in economic growth, especially in 2023 when the global economic recession holds a high probability and external demand further shrinks, said Wen Bin, chief economist at China Minsheng Banking Corp. "Therefore, in order to restore consumption, it is necessary to increase the income of residents, especially the income of low- and middle-income residents who have a high propensity to consume but have been greatly affected by the pandemic.

That is, their marginal propensity to consume is higher than that of the high-income group.

Second, efforts should be made to increase the public's marginal propensity to consume by cutting interest rates.

The best way to increase the marginal propensity to consume in the short term is, in fact, by reducing interest rates, which frees up credit.

By raising incomes through distribution of money and lowering of interest rates, it is possible to increase the general public's marginal propensity to consume.

Therefore, to increase the public's marginal propensity to consume and to stabilize consumption, we should cut interest rates.

Gan Lin, deputy head of the SAMR, said platform companies' earlier propensity to unfairly compel merchants to make either-or kind of choices, or force them to pick one option from just two on offer has "basically disappeared", after strict regulations kicked in.

As Zhu Haibin, JPMorgan's chief China economist, said, the country's nominal growth in retail sales may normalize to the pre-pandemic levels of around 8 percent year-on-year this year, thanks to the continuous recovery in residents' income level and the reducing propensity to save as COVID-19-related shocks fade.

Although the decline in the growth rate is largely a short-term result caused by sporadic outbreaks of COVID-19, there may be some long-term factors behind the slowdown in consumption growth, such as a lower propensity to consume.

Income levels, consumption rates and propensity to consume in developed economies are higher than that in China, and we can enhance income distribution policies to stimulate consumption expansion among middle-income groups and increase the public service expenditure for the over 300 million-strong floating population in cities, thereby promoting steady and long-term consumption growth.

Other unique attributes of Chinese shoppers include the significantly higher penetration of digital shopping among senior citizens, the propensity to buy emerging Chinese brands, and the growing willingness to pay for brands that are environmentally and socially conscious.

And housing that necessitates high spending also ends up reducing people's propensity to consume.

In other words, recent regulatory measures can potentially bolster consumption as they are targeted at the three factors that determine an economy's aggregate consumption: population, per capita income and propensity to consume, which measures the fraction of spent income.

Basic economics shows that lower-income groups have higher marginal propensity to consume, which means they are more willing to spend when their income rises than higher-income groups, highlighting the need for reducing income inequality.

Rising patriotism, together with a propensity to purchase through digital means, has contributed to the stellar rise of several local brands with an extensive online presence.

Companies' profitability has been improving and so is people's propensity to spend.

Zhu said that the Chinese economy is poised to regain momentum in the rest of the year as efforts in growth stabilization begin to bring results and household spending propensity shows signs of improvement.

On the other, he continues to play his role as a "mentor" to the youngsters through short videos, exerting a subtle influence on people's values and therefore their propensity of choice of goods.

Relentless efforts have been on to rein in the housing segment's propensity to grow haphazardly and against the spirit of regulations.

"Their use of natural ingredients, sourcing of fresh tea leaves and top-quality cheeses, as well as adopting natural sugar substitutes, fall in line with people's propensity for healthy beverages," Xiao said.

"We are definitely seeing a customer propensity for learning about ingredients rather than being lured by pure marketing stunts like excessive packaging," said Pu Chunhua, chief marketing officer at Shanghai Jahwa, a Chinese skin care brand known for its use of herbs.

Dai also noted people's growing propensity to embrace immersive experiences.

The proportion of luxury hotels in China could eventually expand to nearly 40 percent from the current 20 percent, thanks to rising disposable incomes and a growing propensity of travelers to find places to stay that fit their personalities, said Chen Xin, an analyst at UBS Securities who specializes in the hospitality industry.

The potential buyer in the lower-tier city markets is younger with purchasing power, a strong sense of national pride and a propensity to shop around.

Adopting a neutral stance on A shares, Kuang said factors including global election activities, uncertainties surrounding China's exports and high savings propensity among Chinese households could limit market performance, though policy support and signs of improving China-US relations could offer a cushion.

"Low-income individuals, in general, have a higher marginal propensity to consume when their income levels improve, meaning that boosting their incomes can generate a considerable expansion in consumption," Gong said.

"Consumption growth will likely pick up on the back of rising disposable income growth, especially that of lower-income households that have higher consumption propensity," Liang said.