3 months, 3 weeks ago
Why Xi Jinping is staring into an economic abyss
The TelegraphHerbert Lun believes lockdown made Chinese consumers more frugal. The managing director of Wing Sang Electrical, which makes products such as hair dryers and straighteners, says habits have changed since the country’s zero covid policy forced millions to stay at home. “I do see consumer behaviour changing, including less spending on frivolous luxury goods,” he says. “In the past, luxury brands, and especially foreign brands, have done well in China, but since Covid I see a shift to more domestic brands that offer much better value for money,” he says. But the shift away from Western brands only scratches the surface of the changes taking hold in the world’s second largest economy.
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