Chinese consumer spending has been impacted by the lingering effects of the Covid-19 pandemic
China has not provided stimulus checks to its consumers, limiting their purchasing power
The pandemic and regulatory changes have led to the elimination of around 30 million service sector jobs in China
The soft housing market in China, influenced by the pandemic and government regulations, has affected consumer confidence and spending
China's economy is showing signs of recovery, with a predicted 9% rebound in consumer spending this year
The growth prospects for Chinese consumer spending indicate a 4.8% increase next year, slightly below pre-pandemic levels
International brands like Starbucks face challenges in the Chinese market
Local competition has increased, resulting in market share loss for multinational corporations
Local brands such as Luckin Coffee, Cotti, and Tim Hortons have gained popularity and intensified competition
Starbucks remains a key player in China's coffee market, with projected growth of around 7% in same-store sales this year