Chinese e-commerce companies suffer as economy sours

Alibaba, whose Taobao mascot welcomes visitors to a hotel in Hangzhou, China, reported its first quarterly revenue decline (Photo: Bloomberg) — Alibaba, whose Taobao mascot welcomes visitors to a hotel in Hangzhou, China, reported its first quarterly revenue decline (Photo: Bloomberg)

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5 min read . Updated: 04 Sep 2022, 06:14 PM IST Shen Lu, The Wall Street Journal

Consumers cut back on apparel, cosmetics, while spending more on food, wellness and pet care

Chinese consumers are cutting back on discretionary purchases and becoming more thrifty as the country’s economic slowdown drags on, impeding the once-inexorable growth of the country’s e-commerce companies.

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