China’s consumer confidence remains low, even when its largest e-commerce platforms offer massive support, says business analyst Shaun Rein at the Hill. Rein said that consumers were less likely to spend more during 618 as merchants had already been discounting heavily for years because of the pandemic, and deals were not that much better compared to previous months.
China launched its first homemade cruise ship, as this part of the tourist industry struggles to stay afloat. But consumption expert Ashley Dudarenok sees a bright future for cruises from China, as this industry is still in its infancy in a country where many look for alternatives, she tells at state-owned broadcaster CGTN.
The baby industry used to be a winner in China in the past, but the falling birth rate is hitting international companies in this industry hard, says Shanghai-based business analyst Shaun Rein to Reuters. Part of the industry is now refocusing on India, which overtook China in population growth.
Even during the current economic headwinds, private brands continue to get the trust of China’s consumers, says Hurun chairman Rupert Hoogewerf, among the 2022 China Hurun Brands’List, where Shanghai-listed Kweichow Moutai even outranked the technology giants as Tencent and Alibaba, reports the South China Morning Post.
The crowds might be back in China’s restaurants but they are not spending as much as they used to. The economy is not back on track, the labor market is bad and salaries are being cut. Business analyst Shaun Rein has sent his researchers out, and they did come back with bad news, he tells CNBC.