Economics
A Third of the World’s Consumers Are Suddenly Nervous to Spend
- Slowdowns in China, India are eating into consumer spending
- Global retailers could suffer after betting big on Asia growth
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Down the street from Mumbai’s grand colonial-era Royal Opera House, Deepak Gurnaney sits in his small electronics shop in front of rows of flat screen TVs flashing Hindi-soap operas, while his four staff play with their phones. There are no customers.
The 68-year-old used to need a machine to count the cash brought in by the business his father founded, and a warehouse nearby to keep enough stock. With business down 25% the past two years, he’s got rid of both.