Multinational groups from Volkswagen to AB InBev and L'Oréal have sounded the alarm about demand in China, with the effects of a slowing economy exacerbated by shrinking appetite for foreign brands and intensifying domestic competition
In results this week WPP, the London-listed advertising giant, cited a near one-quarter drop in Chinese sales in the past three months, a poor outlook in the country and signs of consumer caution.
“People expected China to turn a sharper corner after Covid than it has,” said WPP chief executive Mark Read.
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