From McDonald’s to Mercedes-Benz, executives are saying that many consumers in China and the U.S. are pulling back on spending. China’s doldrumsInflation isn’t a problem in China, where companies have struggled to raise prices for several years due to weak demand. China’s retail sales growth, a gauge of consumption, slowed to 2% year over year in June from 3.7% in May. Richemont, the owner of Cartier, reported a 27% drop in sales in China, Hong Kong and Macau. Birkin handbag maker Hermès said sales growth momentum continued across all regions except for Asia.

Source: Wall Street Journal August 05, 2024 06:27 UTC