Totem：2024年中国经济增长框架报告（英文版）

Going into the pandemic, there was a great deal of expectation for a recession. But, the downturn didn’t happen at that time. In fact, for a wide range of consumer brands (selling physical products), it was a massive boom. At that time, when people were locked down, demand for physical products, was pulled forward during the pandemic. Online gained further ground during this time, leaving physical retail and services, travel related consumption steps behind the trend.