An increasing number of Chinese individuals are reluctant to splash their cash. According to the latest annual survey on brand consumption by Yi Magazine, 38 percent expressed a diminished desire to shop. The National Bureau of Statistics reported a significant 9.6 percent drop in the year-on-year growth rate of retail sales of social consumer goods from May to June, despite online shopping promotions. Facing constrained incomes, Chinese consumers are tightening their belts while displaying a willingness to spend more on travel and concerts. Rather than indulging in extravagant shopping, individuals are placing greater emphasis on the reputations and ethics of producers, readily spurning brands if they feel offended. Emerging retailers and e-commerce platforms like Xiaohongshu are experiencing a surge in popularity as they cater to these consumer values.
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