McKinsey update highights new era for Chinese consumer spending ...Middle East

A recent update from McKinsey & Company, “China Consumption: Start of a New Era,” reveals significant shifts in consumer behavior and corporate performance in China’s retail sector. The findings highlight a move away from the country’s previous high-growth era, with implications for both local and international businesses. A shift in retail growth and consumer sentiment China’s retail sector, long relied upon for double-digit growth, has entered a period of more modest increases. The third quarter of 2022 saw retail sales of goods grow by only 3%, a marked slowdown across various categories such as cosmetics, clothing, and appliances. Despite a 7.5% increase in retail sales in October, indic

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