What one key business indicator is saying about China’s consumer recovery

• Marketing revenue rose in the first three months of 2023 for several Chinese internet giants — but not Alibaba, the largest of them all by dollar value. That’s on a year-on-year basis.
• Rather than 2023, “the general consensus in the industry is that 2024 is going to be the year of growth and rebound,” said Ashley Dudarenok, founder of ChoZan, a China marketing consultancy.
• Among major U.S.-listed Chinese internet platforms, Pinduoduo saw the biggest year-on-year increase in revenue from ad sales in the first quarter. The company operates a group-buying app known for bargain discounts.

https://www.cnbc.com/2023/06/12/ad-sales-in-china-are-pointing-to-a-soft-recovery-for-the-consumer.html