SHANGHAI — An 80% majority of Chinese consumers feel they have slipped into a “consumption downgrade,” based on a new survey that underscores sagging sentiment amid the country’s slowing economy.
Consumption downgrade refers to a trend in which consumers tighten their belts and live below their accustomed standards. The activity is exemplified by larger customer traffic at discount stores and a surge of shoppers hunting for pingti — affordable alternatives to brand items.
