China’s Top Brands Turn Cautious Over Economic Recovery
- Growing risks to Asia’s biggest economy may rein in spending
- Restaurant and catering sectors are one of few bright spots
A shopping mall in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese consumers are tightening their belts across sectors from beauty products to jewelry, though are still spending big on restaurants, as a list of headwinds signal growing uncertainty about the outlook for the world’s second-biggest economy.
The start-of-year reopening boom has fizzled as concerns about a property market slump to record youth unemployment prompt Chinese to be more circumspect in their spending, pushing household savings to a record.