Chinese Consumers Grow Wary, Shift Spending Toward Value Purchases
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China's consumers are gloomy about their incomes and job prospects, hurting consumer confidence.
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Shoppers are being picky and price-sensitive, shifting spending away from makeup and fragrances.
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Consumers are strategically hunting for bargains, even returning luxury items after promotions.
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Spending is up on pets, sports, entertainment, restaurants, cars and phones.
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Young people lavish attention on pets instead of having children; "smart" pet products gain appeal.