Sign up for CNN’s Meanwhile in China newsletter to explore the country’s rise and impact on the world. In previous years during China’s go-go period, young couples with bouquets of roses were a common sight during the Qixi Festival. However, this year’s festival was different as people complained about the lack of gift-giving due to a sluggish economy and tough job market. The sentiment was reflected online with hashtags like “consumption plummets on Chinese Valentine’s Day.” The drop in spending aligns with a weak-consumption trend over the past years, affecting global businesses and the Chinese government’s efforts to encourage marriage to combat falling birth rates. The general pessimism is also evident in trade data, with imports of jewellery-grade diamonds declining and foreign direct investment into China dropping. This has led to a challenging outlook for businesses in China, with companies like L’Oreal and WPP reporting significant revenue declines in the country. “Espero que para todo el año (los ingresos) bajen de dos dígitos.
Volkswagen y Mercedes estaban igualmente pesimistas en su evaluación de la economía de China.
“Creo que todo el mundo sabe que desde que salimos de las restricciones por Covid a principios del año pasado, el sentimiento del consumidor, no regresó,” dijo el presidente del Grupo Mercedes Benz, Ola Kaellenius, a los analistas el 26 de julio. “No sabemos cuánto tiempo tomará, qué se necesitará para que los consumidores chinos recuperen esa confianza.”
Angelica Chiara Yazbeck y Shawn Deng contribuyeron con la información.
Para más noticias y boletines de CNN, crea una cuenta en CNN.com”