'Rebound' consumption boom? Perhaps, not quite yet

Nayuki founder Peng Xin said the brand has been pushed out of its comfort zone and is now totally embracing the new channel. So far, about 98 percent of the group's 350 offline stores nationwide have gradually resumed business.

She said the group continues to boost its online business, launching its official e-shop on T-mall in mid-March and attracting tens of millions of visits.

Nayuki has also teamed up with livestreaming players such as Viya, with tens of millions of followers, and Luo Yonghao, the founder of smartphone brand Smartisan Technology. On Luo's livestreamed e-commerce debut on April 1, Nayuki sold more than 100,000 milk tea vouchers, reaping 9 million yuan in sales revenue. The group plans to come up with new products each month and will explore overseas markets this year, Peng said.

First- and second- tier cities on the mainland have seen some "rebound consumption", but Yu Bo, an analyst with market consultancy iResearch, believes it has yet to become mainstream.

According to a research report by iResearch, about two-thirds of people surveyed said they will increase spending or have not been affected by the pandemic, while the others said spending may have to be cut even after the virus is gone.

The report predicted it might take six months or so for consumption confidence to return to 90 percent of pre-pandemic levels.

From a long-term perspective, Yu expects consumption in the exercise, healthcare and education sectors to even exceed levels before the outbreak.

He said the pandemic has exerted a huge impact on consumption habits, structure and channels, and it will continue. The crisis has heightened a sense of risk control among enterprises, which will now pay greater attention to creating a brand image and opening up new marketing channels.