China's luxury slump is spreading to more consumer brands.
Companies like Starbucks, Estée Lauder, and Nike have reported falling sales in the region.
It's hitting Western brands particularly hard, as reflected by companies across the consumer sector reporting muted sales in China in the most recent quarter.
Consumer spending in China never fully recovered after the government started lifting COVID-19 curbs in late 2022.
AdvertisementAdidas managed to buck the trend, reporting sales up 9% in Greater China in the third quarter.
Persons:
Estée Lauder, —, China's, MingYii Lai, Brian Niccol, L'Oréal, Lynn Song
Organizations:
Companies, Starbucks, Nike, Service, Burberry, Daxue Consulting, InBev, Carlsberg, Apple, Adidas, Heineken, Greater China, ING
Locations:
China, Beijing, Greater China, Greater