Price Wars Break Out Among Consumer Brands in China as Growth Slows
- Aggressive discounts from local players pull in global brands
- Low-price strategy is expected to remain a key trend for 2024
This article is for subscribers only.
A $3 KFC combo featuring a chicken sandwich, fries and soda. A $1.20 beer from a German supermarket. A new chain of grocery stores that stocks only deeply discounted soon-to-expire foods.
These are some of the deals foreign and domestic brands are rolling out to woo Chinese shoppers trying to stretch every penny as consumer confidence in the world’s second biggest economy fades. Across Chinese high streets, discounts and special deals are being advertised from clothing to cosmetics, a reflection of an alarming shift in consumption attitudes that has sent retailers scrambling.