Consumers tighten belt amid China's economic slowdown
Consumers' appetite for spending last year was lower than in the pre-COVID year of 2019. (Photo by Kohei Fujimura)
January 16, 2025 02:38 JST
SHANGHAI -- An 80% majority of Chinese consumers feel they have slipped into a "consumption downgrade," based on a new survey that underscores sagging sentiment amid the country's slowing economy.
Consumption downgrade refers to a trend in which consumers tighten their belts and live below their accustomed standards. The activity is exemplified by larger customer traffic at discount stores and a surge of shoppers hunting for pingti -- affordable alternatives to brand items.
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