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☆ A key source of America’s economic power strengthened last month
▼ + stars: | 2024-10-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +1 min

Retail sales were up across most categories last month, rising the most at specialty stores (+4%), clothing stores (+1.5%) and at health and personal care shops (+1.1%). Excluding those sales, retail spending was up a much stronger 0.6%. Consumer spending makes up about 70% of the US economy, with retail sales comprising a sizable chunk of that. The latest figures on retail spending represent another reassuring sign that America’s economy is nowhere near a recession. The Federal Reserve delivered a bold half-point rate cut last month, the first time the central bank has lowered interest rates in more than four years.

Persons: Jerome Powell Organizations: Washington CNN, Consumer, Federal Reserve

☆ Best Buy and Danaher are on the move Thursday — here's what is behind their different fates
▼ + stars: | 2024-10-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim said he has previously debated selling some Danaher shares around their current levels of $275 but now he has "cold feet." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Jim, Sartorius, Stocks, Jim Cramer's Organizations: CNBC, Nasdaq, Dow Jones, Commerce Department, Nvidia, Broadcom, Club, CSX, Elevance, AMD Locations: Blackstone

☆ Considering an electric vehicle? Experts explain how to pick one for your lifestyle and budget
▼ + stars: | 2024-10-16 | by ( Nora Naughton | Tim Levin | ) www.businessinsider.com time to read: +5 min

Used electric vehicles became more affordable after a new tax credit kicked in in January 2023. And as more models flood the market, you can get a particularly good deal on a used EV. Battery range will degrade over timeAnyone who's owned a smartphone knows that lithium-ion batteries wear out over time. The good news is that an EV's battery is unlikely to fail completely or render the car useless. Automotive retail analysts described it as a welcome change for EV shoppers on a budget.

Persons: —, Scott Case, EVs, Graham, Geotab, Nora Naughton, Jim Fish, Fish Organizations: Service, Graham Rapier, Environmental Protection Agency, EV, Opus, Automotive, EVs Locations: Florida

☆ Tostitos and Ruffles shrank their bags of chips. It backfired
▼ + stars: | 2024-10-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

The owner of Lay’s, Doritos, Tostitos and Ruffles chips will put more chips in some bags to claw back customers tired of higher prices with skimpier bags. A PepsiCo spokesperson told CNN that Tostitos and Ruffles “bonus” bags will contain 20% more chips for the same price as standard bags in select locations. PepsiCo is also adding two additional small chip bags to its variety-pack option with 18 bags, the spokesperson said. It’s a reversal of years of shrinking bags of Tostitos, Ruffles and other chip brands. Snack prices have gone up more rapidly than other store items.

Persons: “, Ramon Laguarta, Edgar Dworsky, Dworsky, ” Dworsky, PepsiCo’s, Chip, Robert Moskow, Cowen, Moskow, Joe Biden, General Mills, shrinkflation, Domino’s, Sandeep Reddy Organizations: New, New York CNN, PepsiCo, CNN, Walmart, Costco, Bank of America, Bureau of Labor Statistics, Consumers, General, ” Locations: New York, United States, outpacing, Mondelez

☆ Why your drug store is closing
▼ + stars: | 2024-10-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

What is going on with America’s drug stores? Meanwhile, increased competition and failed growth strategies, like acquiring primary care providers, continue to have reverberating impacts on drug stores. Shifting trendsDrug store chains are struggling because of lower reimbursement rates for prescription drugs, according to analysts who cover the industry. A customer walks to a Walgreens store in Wheeling, Ill., Tuesday, Oct. 15, 2024. Dollar General’s growth has also hurt drug store chains in rural areas.

Persons: Tim Wentworth, “, ” Wentworth, Elizabeth Anderson, PBMs, ” Anderson, Nam, VIllageMD, Brendan Smialowski Organizations: New, New York CNN, CVS, Walgreens, Wall Street, IRI, CNN, Amazon, Walmart, Costco, American Medical Association Locations: New York, Wheeling , Ill, VillageMD, Washington ,, AFP

☆ Cheap, Secondhand Androids Are Now Cooler Than Brand-New Apple iPhones
▼ + stars: | 2024-10-16 | by ( Amanda Hoover | ) www.businessinsider.com time to read: +9 min

People are more aware of refurbished phones, thanks to ad campaigns and word of mouth. For $249 or 299 euros, customers could buy a refurbished iPhone or Android without knowing the model they'd get. AdvertisementPerhaps the biggest thing blocking people from buying more secondhand phones is the manufacturers themselves. Amy Marty Conrad, a 34-year-old who lives in the Washington, DC, area says she and her husband have each bought refurbished phones. But perhaps the biggest thing blocking people from buying more secondhand phones is the manufacturers themselves.

Persons: Steve Jobs, Ming, Chi Kuo, Apple, Glen, Thibaud Hug, Hug, Larauze, Hug de Larauze, He's, ChatGPT, Amy Marty Conrad, She's, it's, Tim Cook Organizations: Apple, Research, International Data Corporation, Vodafone, Recommerce, Zion Market Research, eBay, Samsung Galaxy, European Union, Apple Intelligence, Back Locations: Europe, France, England, Washington, DC, Oregon, European

☆ 8 details you missed at the first Victoria's Secret Fashion Show in 6 years
▼ + stars: | 2024-10-16 | by ( Amanda Krause | ) www.businessinsider.com time to read: +1 min

Victoria's Secret hosted its first fashion show in six years on Tuesday night. Go to newsletter preferences Thanks for signing up! The event, hosted at Brooklyn Navy Yard's Duggal Greenhouse, also marked the brand's first major show in six years, following a canceled event in 2019 and a documentary-style replacement in 2023. It's one of many attempts Victoria's Secret has recently made to bank on nostalgic shoppers. AdvertisementBut even if you watched the runway return, you might have missed some of the night's details.

Persons: Kate Moss, Lila, —, Cher Organizations: Service, Brooklyn Navy Locations: New York City

☆ Holiday shoppers plan to spend more, while taking on debt this season
▼ + stars: | 2024-10-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: 1 min

watch nowAmericans often splurge on gifts during the holidays. This year, holiday spending from Nov. 1 through Dec. 31 is expected to increase to a record total of $979.5 billion to $989 billion, according to the National Retail Federation. Even as credit card debt tops $1.14 trillion, holiday shoppers expect to spend, on average, $1,778, up 8% compared to last year, Deloitte's holiday retail survey found. Meanwhile, 28% of holiday shoppers still haven't paid off the gifts they purchased for their loved ones last year, according to another holiday spending report by NerdWallet. How shoppers pay for holiday giftsThe problem with credit cards and BNPL

Organizations: National Retail Federation, NerdWallet

☆ Aldi says its Thanksgiving meal prices will undercut Walmart as shoppers search for value
▼ + stars: | 2024-10-16 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Aldi is releasing its lowest-priced Thanksgiving meal deal in five years — and undercutting one of its largest rivals — as inflation-weary consumers shift their shopping habits to more affordable private labels. “With 25% of US households now shopping Aldi, we know grocery prices are still top of mind for customers,” said CEO Jason Hart in a press release. As of August, grocery prices were rising at a pace of 0.9% annually, landing in line with the average increase seen in 2019, according to Bureau of Labor Statistics data. The German company has a low-cost business model and boasts that its prices are up to 50% cheaper than traditional supermarkets. At around 12,000 square feet, its stores are much smaller than a typical US supermarket of 40,000 square feet.

Persons: ”, Jason Hart Organizations: New, New York CNN, Aldi, Walmart, of Labor Statistics Locations: New York, Ukraine

☆ Victoria's Secret could be the next brand Gen Z brings back from the dead
▼ + stars: | 2024-10-15 | by ( Amanda Krause | ) www.businessinsider.com time to read: +11 min

Victoria's Secret seemingly has a plan to attract Gen Z shoppers and revive its relevance. AdvertisementDuring a recent visit to Victoria's Secret, Julia Quang bought three things: Bombshell perfume, flavored lip gloss, and whale-tail thongs. Piper Sandler even named Victoria's Secret as the third most popular fragrance brand with young people in its 2024 Gen Z survey. The Victoria's Secret comeback isn't official — yetRewind a few years and Victoria's Secret seemed to be on uneven footing. AdvertisementA Victoria's Secret representative says the brand — which boasts a board of directors of 89% women — is working on that.

Persons: Sabrina Carpenter, —, Julia Quang, Ed Razek, Z, Fitch they've, Piper Sandler, lacy, Elizabeth Lyons, Kimmay Caldwell, It's, Tyra Banks, Adriana Lima, Behati Prinsloo, Candice Swanepoel, Jasmine Tookes, They'll, Paloma Elsesser, Devyn Garcia, Ashley Graham, Caldwell, Christopher Polk, Rolling, Suni Lee, influencer Alix Earle, Victoria's, They're, who's, Savage X, Hillary Super, J . Lee, FilmMagic Lauren Sherman, Chantal Fernandez, Fernandez, she's, Sherman, Joseph Altuzarra, they're, they've Organizations: Service, Abercrombie, Angels Locations: Quang, New York City

☆ Target shoppers' excitement over the 'Wicked' Stanley cups shows buzzy partnerships are the way forward for the water bottle brand
▼ + stars: | 2024-10-15 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +5 min

On Sunday, Stanley and Target released a collection of "Wicked"-themed Quencher cups. AdvertisementTarget and Stanley released their latest limited-edition collaboration on Sunday, delighting water bottle enthusiasts and musical fans alike. The videos were reminiscent of those that appeared after Target and Stanley released their Valentine's Day collaboration in January. Savvy marketing can help StanleyThe enthusiasm over the "Wicked" Quencher collection comes after a banner year for Stanley. Courtesy of StanleyBut as the excitement around the "Wicked" collection indicates, Stanley can maintain its popularity with buzzy collaborations.

Persons: Stanley, —, Alicia Briggs, Oz, Briggs, Quencher, Elphaba Quencher, Love, Piper Sander, Olivia Rodrigo, Barbie's, — Stanley Organizations: Shoppers, Service, Target, Business, CNBC, Influencer Intelligence, LoveShackFancy Locations: Target

☆ Americans love TJ Maxx. Here's why big brands do, too
▼ + stars: | 2024-10-15 | by ( Ryan Baker | ) www.cnbc.com time to read: +1 min

TJX Companies, which owns Marshalls, HomeGoods and T.J. Maxx, has nearly doubled its annual sales over the past decade, reaching $54.2 billion in fiscal 2024. One way that T.J. Maxx accomplishes this is by making designer brands unsearchable on its website. It's not a T.J. product. It's that brand's product. Watch the video to learn more about why both consumers and brands love T.J. Maxx.

Persons: It's, Neil Saunders, Simeon Siegel, Maxx, Siegel Organizations: TJX, BMO Capital Markets, Maxx Locations: HomeGoods

☆ China's luxury market has been in a slump, and we're about to find out how bad it really is
▼ + stars: | 2024-10-15 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

China's luxury market could face its worst quarter in four years, amid aggressive stimulus measures. AdvertisementLuxury brand investors are bracing to see if China's aggressive stimulus measures could be enough to pull its faltering luxury market out of the woods. While Beijing's recent moves to inject liquidity and lower interest rates have sparked some hope in pulling Chinese shoppers out of their spending slump, experts are skeptical of an immediate revival of China's luxury market. Related storiesWhile China's poor economic growth had deterred luxury spending for some, others continued their luxury shopping sprees — outside China. AdvertisementAlthough the outlook for China's luxury market remains bleak in the short run, Jefferies analysts are expecting a recovery as soon as 2025, Reuters reported.

Persons: bellwether, —, Markus Hansen, LVMH, Patrice Nordey, Trajectry, Nordey, Marc Jacobs, Hermès Organizations: Service, Burberry, Reuters, CNBC, Jefferies Locations: China, Asia, Japan, Paris, Shanghai, LVMH

☆ CNBC Daily Open: The economy and inflation might stay strong
▼ + stars: | 2024-10-15 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Data on employment, inflation and economic growth have signaled that the "economy may not be slowing as much as desired," Waller said. A soft landing is the scenario in which inflation drops to the Fed's 2% target while economic growth and employment remain healthy. A "no landing," on the other hand, is when the economy continues expanding as inflation remains high.

Persons: Jefferies, Kelly Ortberg, Christopher Waller, Waller, Fed Governor Waller, Henry Allen, Ohsung Kwon, BofA, Kwon, –, Jeff Cox, Sarah Min, Lisa Kailai Han, Yun Li Organizations: Shoppers, Miami Design District, CNBC, Grand View Research, Boeing, P Global, U.S . Federal, Fed, Deutsche Bank, Bank of America Securities Locations: Miami , Florida, U.S

☆ Amazon is using tech from a Khosla Ventures-backed startup to run robot warehouses at Whole Foods
▼ + stars: | 2024-10-15 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +4 min

The video makes no mention of Fulfil's technology, but the system appears identical to the contents of a demo video on Fulfil's website. Amazon declined to comment on whether it's using Fulfil's technology. The Information reported earlier on Amazon testing Fulfil's technology. Prior to working with Amazon, the company was testing its technology with California-based retailer Lucky, which is owned by regional grocer Save Mart, and is also an Amazon grocery delivery partner. The system being piloted in Plymouth Meeting will let shoppers order items from Amazon's website and its online grocery service, Amazon Fresh, while browsing Whole Foods.

Persons: Anand Varadarajan, Mir Aamir, Tony Hoggett, Hoggett Organizations: Khosla Ventures, CNBC, Amazon, Eclipse Ventures, DCVC, Save, Foods, Research Locations: Philadelphia, San Francisco, Nashville, California, Plymouth Meeting , Pennsylvania, Plymouth

☆ Google Shopping just got an AI makeover
▼ + stars: | 2024-10-15 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

Google Shopping has added a number of new features in recent years. Google Shopping now has AI Overviews-like briefing to provide more context to users on what they're looking to buy. The shopping feed considers inputs from Google surfaces including your shopping activity on Chrome, Search, YouTube and Discover, a Google spokesperson told Business Insider. "We can show you the best of what Gemini and the Google shopping graph have a recommendation for you." Google previously introduced a virtual try-on feature to Google Shopping and recently extended the tool to dresses.

Persons: —, Lilian Rincon, Rincon Organizations: Google, Service, YouTube, Google Google Locations: Seattle, Pinterest

☆ Halloween shoppers are cutting back — and Spirit Halloween, the spooky season giant, is betting big on Christmas
▼ + stars: | 2024-10-14 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Halloween spending is forecast to drop by 5% this year, as inflation hits household spending. AdvertisementHalloween shoppers are tightening their wallets this year, but the season's biggest retailer is eyeing America's next big holiday — Christmas. As consumers are forecast to spend less on Halloween, spooky season retail giant Spirit Halloween is seeking to capture a slice of the much-larger Christmas market. AdvertisementSpirit Halloween CEO Steven Silverstein said on Wednesday that the company, which has over 1,500 Halloween locations, is opening "Spirit Christmas" stores. AdvertisementWhile inflation looms over Americans' Halloween budgets, winter holiday spending is expected to rise by 7% this year, per a PwC report.

Persons: —, Steven Silverstein, Silverstein, Kym Sarkos, Erica Weisgerber, Plimpton, Jerry Murray Organizations: Service, National Retail Federation, The New York Times, New York, Debevoise, Plimpton LLP, Bloomberg, University of, Business Insider Locations: Cheddar, Atlantic City, Albany, Poughkeepsie , New York, The

☆ Budget brands are winning in China as people turn to cheap food and fashion
▼ + stars: | 2024-10-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Companies like Japan's Saizeriya, Yum China, and Fast Retailing have recently reported strong sales. There are similarities between Japan's "Lost Decade" of economic stagnation in the 1990s, after the country's asset and credit bubbles burst, and China's economic downturn now. The ethos has benefited companies with budget offerings, including Yum China, which operates KFC and Pizza Hut in the country. Intense competitionHowever, China's market is a fast and furious one — even for winners — and the country's economic downturn has created cut-throat competition with aggressive price wars. As China's economic malaise deepened, boba tea went from premium pricing around $3.50 to $5.50 on average to as little as $1 or less over the last few years.

Persons: —, Hideharu Matsutani, Matsutani, Saizeriya, MingYii Lai, Lai, Uniqlo, boba, Jason Yu, Kantar, BI's Matthew Low, Allison Malmsten Organizations: Retailing, Service, McKinsey, Tokyo Stock Exchange, Daxue Consulting, Shoppers, Yum, Fast Retailing, — Locations: China, Japan, Beijing, Greater China, Yum China

☆ I've visited over 150 Trader Joe's: 3 reasons the store is so successful
▼ + stars: | 2024-10-13 | by ( Nicolas Vega | ) www.cnbc.com time to read: +4 min

For the better part of the last four years, Julie Averbach has been visiting as many Trader Joe's supermarkets as possible. Averbach visited more than 150 Trader Joe's locations while researching her upcoming book. "At Trader Joe's, the private label products are affordable luxuries." Trader Joe's turns shopping into an experienceShoppers who enter Trader Joe's are met with a display of fresh flowers. By turning each store into an eclectic, interesting place to browse, Trader Joe's encourages shoppers to look around and find something they might like.

Persons: Julie Averbach, She's, I'd, Averbach, Joe's Organizations: Yale, CNBC, Joe's, Shoppers Locations: Boston

☆ New Croc clogs mean matching togs for your dogs
▼ + stars: | 2024-10-12 | by ( Erika Tulfo | ) edition.cnn.com time to read: +3 min

CNN —From cowboy boots to fried chicken-scented charms, foam footwear maker Crocs has a reputation for quirk. This month, Crocs is putting its best paw forward: The quirky-but-comfortable footwear maker is releasing a line of clogs for dogs. Pet Clogs are part of a partnership with pet supply company and subscription service BARK as part of Crocs’ annual “Croctober” campaign, when it releases a fan-inspired product. And sales of the footwear brand soared in 2020, thanks to the rise of casual fashion during the pandemic. “In many instances these will be fun purchases which people will share on social media, helping to amplify the Crocs brand,” he said.

Persons: Crocs, Andrew Rees, “, Justin Bieber, Bad, ”, Neil Saunders, Lightning McQueen, Saunders Organizations: CNN, Labor Statistics, American Pet Products, Disney, DreamWorks Locations: Crocs

☆ 'The choice of the people': How Modelo and Corona maker Constellation Brands won the loyalty of Hispanic consumers in the U.S.
▼ + stars: | 2024-10-12 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Riojas is part of a base of Hispanic consumers that has become a focal point for Constellation Brands' beer business, which also includes products such as Corona and Pacífico. Hispanic- and Latino-identifying customers accounted for 32.5% of Constellation Brands' sales in 2023, according to data from consumer research firm Numerator and investment bank Jefferies. "Hispanic consumers are the single most important consumer group for our beer business," said Mallika Monteiro, executive vice president and managing director for Constellation's beer brands. The company officially acquired the U.S. beer business of Groupo Modelo, which included Modelo and Corona, from Anheuser-Busch in 2013. "Time and time again, you see that there's that strong bond that consumers form emotionally with brands," Aguirre-Rodriguez said.

Persons: Mario Tama, Rio Riojas, It's, Modelo, Bud, Mallika Monteiro, we've, Alexandra Aguirre, Rodriguez, Constellation's Monteiro, Monteiro, FIU's Aguirre, Aguirre, Kaumil Gajrawala, Gajrawala, William Newlands, Tom Fullerton, bode Organizations: Modelo Especial, Getty, Rio, Constellation Brands, Corona, Modelo, Constellation, Jefferies, Anheuser, Busch, Groupo Modelo, Florida International, University of Texas Locations: Los Angeles , California, Lansing , Michigan, U.S, Mexico, Corona, York, America, Modelo, El Paso, Americas

☆ Bath & Body Works apologizes for candle that shoppers say resembles a KKK hood
▼ + stars: | 2024-10-11 | by ( Kaitlyn Schwanemann | Kaitlyn Schwanemann Is An Intern For Nbc News. | ) www.nbcnews.com time to read: +2 min

Retailer Bath & Body Works apologized for a candle promoted on its social media accounts displaying a snowflake, which some said appeared quite similar to a Ku Klux Klan hood. The candle is no longer available for purchase on Bath & Body Works’ website. Some social media users assumed the mistake was the result of a lack of diversity in Bath & Body Works’ marketing team. “This sort of thing can easily be prevented by hiring the so-called ‘DEI’ candidate,” one X user wrote. Others were quick to defend Bath & Body Works.

Persons: Critics, we’ve, “, ” Organizations: Body, X, Southern Poverty Law Center, NBC, Hollywood Locations: American, America

☆ Here's the next data point to watch as Wall Street eyes a 'no landing' scenario for the US economy
▼ + stars: | 2024-10-10 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

A big jump in retail spending would be the next data point indicating a "no landing" of the economy. A no-landing scenario occurs when strong economic growth fuels inflation and hinders rate cuts. Bank of America analysts expect September retail sales data, set for release on October 17, to show a 0.8% surge. "Monthly retail sales data can be volatile. If retail sales accelerate considerably, in our view, the narrative may shift further toward 'no landing' or even re-acceleration," they said.

Persons: —, Helene Organizations: Service, Bank of America, Bloomberg, Federal Reserve, Bank, America

☆ Costco saw 'abnormal' shopping behavior due to Hurricane Helene and the US port strike
▼ + stars: | 2024-10-10 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Costco shoppers stocked up on supplies in anticipation of the US port strike and Hurricane Helene. The quick resolution to the port strike will likely minimize the disruption to the flow of imports. AdvertisementShoppers turned to Costco to prepare ahead of hurricanes and the US port strike. In a quirk of Costco bookkeeping, the final week of the retailing month of September actually ended on October 6. AdvertisementThe stoppage was relatively short-lived, and those preparations could minimize disruption for Costco as the ports work through any remaining backlogs.

Persons: Costco, —, Hurricane Helene, Helene, Milton, we've, Ron Vachris, We've Organizations: Costco, Service, Shoppers Locations: U.S

☆ China economy: Stock markets’ holiday optimism doesn’t spread to Chinese shoppers
▼ + stars: | 2024-10-10 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Global investors went wild during China’s just-concluded Golden Week holiday by snapping up “everything” related to the country. But that optimism didn’t extend to shoppers and travelers in the world’s second-largest economy itself. “Low tourism spending per head and subdued services prices highlighted still weak domestic demand and continued consumption downgrading,” they said. Goldman Sachs added that anecdotal evidence indicates hotel prices and airfares during the holiday were lower than year-ago levels. According to official data, cross-border travel rose by about 26% to 13 million trips, compared with last year’s holiday period.

Persons: Goldman Sachs, ”, Xi Jinping, David Tepper Organizations: Hong Kong CNN — Global, Citi, Management, CNBC, Hong, National Development, Reform Commission, Ministry of Finance Locations: China, Hong Kong, Shanghai, Shenzhen

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