6.21-0.10 (-1.58%)
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Prev Close6.31
Bid6.21 x
Ask6.22 x
52wk Range3.80 - 6.39
Day's Range6.20 - 6.37
Avg Vol (3m)6,413,205
As of 3:59 AM EDT. Market closed.
  • Reuters4 months ago

    As China's consumers tighten belts, retailers cut jobs, offer discounts

    SHANGHAI/HONG KONG, March 16 (Reuters) - Retailers in China are shedding staff, slowing expansion plans and seeing stocks pile up in warehouses as shoppers tighten their belts - a major headache for a country that has pinned its hopes on consumers to drive economic growth. With that growth running at its slowest in a quarter of a century, China's consumption patterns are changing, with wealthy middle-class households trading down from up-market to more affordable brands, and poorer families paring back on even basic purchases. China's top 50 retailers saw sales fall 6 percent at the start of the year, and sales of basic goods from noodles to detergent grew just 1.8 percent at the end of last year, down from over 9 percent just three years ago, according to Kantar Worldpanel data.

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