Retail in Asia

On China’s Main Streets: a need to keep shoppers shopping

More potential bad news for the global economic outlook: Chinese shoppers, who largely propped up growth last year, are likely to trim spending this year; dining out less often, delaying smartphone upgrades and cutting out impulse buys.

A survey by ANZ bank published on Wednesday showed Chinese consumer confidence at a record low this month, and data from US-based research group’s China Beige Book showed fourth-quarter job growth and wage gains at 4-year lows.

Those surveys were echoed by shoppers canvassed by Reuters in Shanghai, who said they would keep their spending in check and more likely cut back.