China’s Bruised Middle Class Has Bad News for Global Brands
- College-educated professionals are saving more, cutting back
- Consumer sentiment watched as bellwether for economy in 2024
Commuters in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
The outlook for China’s economy is somber. Exports have cratered, manufacturing is slowing and a property slump is weighing on consumer spending. Youth unemployment has skyrocketed, and these days, even high-earning professionals are feeling the pinch.
Interviews with 20 college-educated people across five top-tier Chinese cities show how the nation’s middle to upper class — a consumer powerhouse targeted by global brands — is pulling back.