Brands like Starbucks, LVMH, and L'Oreal struggled in China last quarter as consumer spending dropped.
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Retailers, including luxury giant LVMH, L'Oreal, and Starbucks are all seeing lower sales in the world's second-largest economy, compared with past years.
Chinese customers are choosing to save their money and spending on experiences when they do fork out.
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Persons:
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Organizations:
Starbucks, L'Oreal, Service, Business
Locations:
China