In China, No Mood to Shop

©iStock/Derek Yung

In recent years, China has become the biggest market for a range of industries, from luxury goods to automobiles.  But last month due to China’s “zero Covid” policy, the world’s second-largest economy slowed sharply, hitting not only consumer spending but also employment.

Estée Lauder, which is home to Bobbi Brown and MAC cosmetics, now expects its global sales to grow between 7% and 9% year-on-year, down from a previous range of 13% to 16% outlined in February.

The crisis is a stark reminder of China’s outsized importance to global companies.  Read more about how China's lockdowns are taking a toll on global companies.