China’s wobbly economy is pushing shoppers to trade down from L’Oreal and Starbucks to Uniqlo and KFC
Chinese consumers — once major buyers of global luxury goods — are tightening their purse strings as a real estate crisis and job insecurity hurt confidence.
![China’s wobbly economy is pushing shoppers to trade down from L’Oreal and Starbucks to Uniqlo and KFC](https://content.fortune.com/wp-content/uploads/2024/02/GettyImages-1853535144-e1709121457429.jpg?w=2048#)