ChinaConsumerSector2020outlook:FindingalphainalessvolatileworldConsumerDiscretionarySectorForecastFigure1.2020keythemesandourtoppicksSource:CreditSuisseResearchModerationwithlessvolatilityandmildrecoveryindurables.For2020,weexpectoverallconsumptionsentimenttoremainatahighlevel,whichshouldsupportamorestableretailsales(at~8%YoY),withmildrecoveryinlarge-ticketitems.Wereckonsomenear-termheadwindssuchascalendar-shiftoftheChineseNewYearanddiminishingimpactoflastyear’staxcut,butexpectconsumptiontoberemarkablyresilientthisyear,supportedbyseculardriversandalessvolatilemacroenvironment.However,giventhestretchedvaluation,investorsmighthavetotakethebottom-upapproach...