China's Luxury Slump Is Trickling Down To Other Consumer Companies

mberg@businessinsider.com (Madeline Berg,Huileng Tan), Business Insider
Thu, 11/07/2024 - 8:17am

Starbucks reported a double-digit drop in sales last quarter in China, reflecting overall consumer softness in the country.Cheng Xin/Getty ImagesChina's luxury slump is spreading to more consumer brands.Companies like Starbucks, Estée Lauder, and Nike have reported falling sales in the region.Consumer confidence continues to be weak, leading to an overall tightening of belts.For the better part of this year, China has experienced a slump in the most opulent of sectors.

Topics: cheng xin/getty imageschina nike lvmh richemont burberry gucci western mingyii lai beijing-based daxue consulting budweiser spiros malandrakis euromonitor brian niccol ceo l'oréal apple lynn song october china starbucks estée lauder beijing september business insider ab inbev greater song consumer companies sales region quarter spending reported results year reporting sector country growth brands announced tightening leading revenue declining drop week company stimulus weak softness confidence alcohol market told giant struggled coffee economy environment research wider beauty fashion government beer products earnings late

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China's Luxury Slump Is Trickling Down To Other Consumer Companies

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