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TOPIC

Consumers

Consumers
News about consumer spending and shifting shopping habits from around the world with a focus on developments in Hong Kong and mainland China.
A BYD Seal is displayed at the Brussels Motor Show on January 9, 2026. Photo: EPA
Electric & new energy vehicles

Chinese EV makers’ outlook overseas improves as Europe levels the playing field

Europe’s 33 per cent EV sales growth outpaces the mainland in 2025, while Germany launches a US$3.5 billion subsidy programme.

Smartphones

Exclusive | China’s Xiaomi, Transsion slash 2026 smartphone shipments as memory crunch bites

China consumption

China’s consumers refuse to open their wallets. Is ‘luxury-phobia’ the problem?

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Hong Kong stock market

Labubu maker Pop Mart surges after buy-back in show of confidence

Repurchase signals management’s confidence and healthy balance sheet, analysts say, though stock remains 40 per cent below last year’s peak.

Investors have welcomed Pop Mart’s move. Photo: Xinhua
IPO

China’s Busy Ming to test investor appetite with Hong Kong IPO

Snack and drink retailer aims to raise up to US$428 million, but listing plan comes amid weak mainland domestic demand.

Singapore

Singapore’s retail ownership data sparks debate about foreign chains’ influence

Some observers warn that public perception could be warped since popular foreign chains in places with high footfall may be more visible.

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Electric & new energy vehicles

Chinese automotive suppliers speed up localisation to boost global market share

International carmakers’ orders from Chinese vendors are an endorsement of the quality and competitiveness of their products, analyst says.

BYD’s plant in Zhengzhou, central China’s Henan province. Photo: Xinhua
China property

Mainland China’s home prices extend slide, deepening property downturn

New home prices fall again in December, with declines across most cities, as second-hand values plunge year on year.

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Labubu

Explainer | What is mystery shopping, made popular by Labubu?

The Pop Mart craze is spreading to other retailers like Le Creuset and E.L.F. Beauty as ‘blind shopping’ takes off around the world.

Hong Kong economy

Can new tricks save Hong Kong’s restaurants from ‘irreversible’ Shenzhen trend?

Business models are being overhauled as food and drink sector tackles ‘irreversible’ trend of Hongkongers spending their money elsewhere.

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Illustration: Henry Wong
China economy

Opinion | Too few Chinese finish secondary school to sustain growth

To shift to a new growth model, China must redirect its focus from skyscrapers and infrastructure to raising educational attainment.

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Students study at a high school in Renxian county, Hebei province, on May 7, 2015. Photo: Xinhua
Electric & new energy vehicles

China’s subsidy change adds to EV makers’ stress, while petrol cars gain

Typical subsidy on an EV drops by around US$1,150, changing buyer calculations and exacerbating the sector’s profitability woes.

China economy

Opinion | China’s new property pivot is coming. Expect full stabilisation ahead

As property curbs to boost spending hit practical limits, a push to stabilise assets is now being seen as a prerequisite for consumer confidence.

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China travel

‘Structurally hurt’: why are Chinese tourists spending less abroad than before?

China’s outbound travel sector has bounced back from the pandemic, but the era of duty-free shopping sprees appears to be over.

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Customers shop for skincare products at a duty-free shopping mall in China’s southern Hainan province. China has opened up to more duty-free retail in recent years, reducing the need for Chinese tourists to splash out while abroad. Photo: Getty Images
Hong Kong society

HK$5 million plan to install anti-terrorism bollards near Hong Kong’s Sogo store

Authorities plan to place bollards and crash barriers at road crossings near Sogo in Causeway Bay and at the nearby Paterson Street pedestrian precinct.

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An artist’s impression of how the pedestrian crossing at Sogo will look with safety bollards installed. Photo: Handout
IPO

Chinese chain Qdama, known for its night discounts, plans Hong Kong IPO

The leading seller of meat and fresh produce on the mainland plans to open 1,400 stores in the next five years using proceeds from the IPO.

Mergers & Acquisitions

Johnnie Walker maker Diageo mulls options for China assets including sale: sources

Goldman Sachs and UBS are reviewing Diageo’s operations and are sounding out interest from local strategic buyers and private equity firms.

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Malaysia

‘Who can we trust?’: Nestle formula recall rattles Malaysian parents

Despite assurances that local stocks are safe, wary parents are scouring ingredient lists and doing their own ‘due diligence’.

Health warnings related to baby milk formula recall have been issued by dozens of governments, from Europe and Australia to Brazil, South Africa, Hong Kong and Singapore. Photo: Shutterstock
India

Gig workers’ strike in India spurs debate on human cost of delivery race

More than 200,000 gig workers recently staged protests across major Indian cities, prompting concerns about the necessity of quick commerce.

Artificial intelligence

Ant International teams up with Google on use of Universal Commerce Protocol

The endorsement of Google’s open standard comes as companies globally accelerate the integration of AI agents and e-commerce.

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Retailing

Foreign, Hong Kong retailers shut mainland China stores amid fierce competition

High-profile store closures included those of Lane Crawford, Ikea, Triumph, Zara Home and Zara.

Lane Crawford plans to close its store in Chengdu after February 28. Photo: agirlaboutdesign.com
China’s private sector

Changing tastes: China’s new affluent consumers seek quality not extravagance

Rise of upper middle class reshapes China’s retail market, driving demand for quality goods and creating a battleground for global brands.

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The success of US retailer Sam’s Club in China is attributed to its “premium-value” offering sought by upper-middle-income consumers. Photo: Eugene Lee
Hong Kong society

Nestlé Hong Kong recalls another baby milk formula batch as tests get all clear

Swiss food giant has added a batch of formula with best-before date of June 16, 2027, to its recall list.

China’s private sector

China to probe food delivery platforms under anti-monopoly law

State Council announcement cites ‘excessive subsidies’ and ‘price wars’ in document unveiling market assessment for online delivery services.

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China inflation

China’s consumer prices stay flat in 2025 amid focus on price wars

Beijing has been intensifying efforts to combat industrial overcapacity and fierce competition in key sectors, aiming to stabilise the economy and support growth.

A shopper browses shelves at a supermarket in Beijing. China’s consumer prices stayed flat in 2025, official data showed. Photo: AFP
Hong Kong property

Repeat buyer tucks into another McDonald’s Hong Kong shop for US$15.2 million

Evergreen Capital Partners added the Causeway Bay shop to its portfolio after acquiring two other outlets from the fast-food giant.

McDonald’s offloaded a retail property in excess of 10,000 sq ft in Causeway Bay. Photo: Handout
Artificial intelligence

Dose of uncertainty: experts wary of AI health tech gadgets at CES trade show

Technology and health experts question the accuracy of these products and warn of data privacy issues.

US-China trade war

BYD’s win, Tesla’s defeat, Ford’s pivot: the widening gap in US-China EV markets

From wavering policy to cost gaps, analysts say decades of state backing have given China a decisive edge over US rivals.

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