Consumers in China remain cautious, even though the spread of COVID-19 has been under control in the country for much of the past year.

That’s offering clues for the kind of spending patterns that might emerge globally once pent up demand fades.

While China didn’t pump up consumers with stimulus checks, its aggressive control over the virus has allowed the economy to quickly reopen and drive real household income growth to 13.7% in the first quarter of this year.